In the few days off I had - this crossed my mind a few times.
We all know the situation with 1 person running off with 2.3% of the total reward pool, backed mainly by 1 other account, note I say account not person.
2.3% is a massive amount for 1 individual, when you have the eco system that is steemit, and over 700,000 registered users, okay so the average daily posters are in the 30,000 region, that leaves 97.7% for 30.000 other people.
Add into the mix those who are guaranteed massive returns for anything they post, you know who they are, trending is full of them daily.
I digress, now back to how many bad actors does it take, to wipe out the entire rewards pool? not as many as you think, only 100 of them could wipe out the system on a daily basis if they decided to do, what others are doing. What do I base this on? allow me to show you.
1 - 10 x posts backed by 1 other persons 10x max power votes takes 2.3%
2 - 50 people making those 10 posts, backed by 50 other peoples daily 10x votes = 50 x 2.3% = 115% and eco system gone. (yes I know 100% is max not 115% but you get my drift, and I also know 25% curation to the voter)
2a - You can do the maths if you like & add in the 25% the up-voter gets in rewards, and the whole system comes crumbling down with (in reality) less than 50 x10 posters a day.
Another thing that crossed my mind - was how much damage is being done to the system now, with small account holders on mass trying to bring down 1 bad actor. Over 100 small account holders and 1 or two large one's are throwing away so much money downvoting just 1 bad actor, imagine if we had 50?.
What would or could fix this situation I have zero idea, it seems for ever that it has been talked about, I still see only 1 large stake holder who is willing to commit his power and time to this daily, where are the other actors/whales & when will they join in (will they even try?).
Ned seems to somehow think it is good advertising, I have seem him say almost as much, stopping just shy of admitting it, I beg to differ though, I would say it is damaging to this platform and to any endorsement of this platform. Why? because people came here to escape the crapitalist society and police states they live in, only to find corruption is rife here also, hardly a good advert for a decentralised society, in my humble opinion.
And that's just it, this is only MY opinion, all of it, and you may feel free to disagree with me, as long as we still have freedom of speech, maybe not as long as we think with the way society is heading. so can we at least get steemit back on course? the jury is out, can the captains turn the ships wheel Abaft the beam (hard fork) and get us back on course, or will it be gangplanks and overboard we all go to Dan's new dream?
Your thoughts welcome below as always.
Peace love & respect to all.
Written by deliberator.
Images courtesy of pixaby and open to fair usage.
No animals or people were hurt in the making of this article.
All opinions are my shared thoughts for free.
Should you wish to send me bitcoins send them to fulltimegeek instead.
Deliberator = Definition of deliberator
plural -s
: one that deliberates