I'm Out
After going through the process of setting up a witness and seed server, thus seeing firsthand the underlying technology, I have concluded that Steem is a) built on horribly inefficient technology and b) unsustainable — ridiculously so, IMO.
I predict that the Steem blockchain and thus ecosystem will not survive even half the current growth rate for another 12 months. Certainly not 24 months.
The the cost of running witness or seed servers will almost certainly become too much for all but the top few earners, in ever decreasing circles -- and all way too fast for improvements in technology and costs thereof to keep up.
Maybe the big earners will somehow manage to prop it up for longer, if and only if the newcomer growth continues and the masses keep handing them their hard earned cash. But I doubt it.
It is no wonder that seed servers have been dropping like flies. The reasons are now very clear to me.
Ponzi Scheme?
With that in mind, frankly, the whole platform is looking more and more like just another a Ponzi scheme, to me ...
The patterns of Ponzi schemes are clear for non-sucker to see. Schemes where only the people at the beginning (or relative newcomers, who already have a mass following -- usually leapfrogging their disciples from one scam to another) get any kind of practical reward for their efforts.
People are lured in by the massive monetary profits of those at the top, usually with some claim of good works or greater future for all involved. In some cases, there's even a message of a better world for everyone - freedom from oppression, a chance to get rich or whatever. This all continues until the underlying processes can no longer sustain and then it all comes down in a steaming heap.
Meanwhile, the folks at the top go on to do it all over again.
Is or will Steem really go that way, in spite of potentially benevolent beginnings? Time will tell. I for one cannot see any other possibility as an endgame scenario.
I invite the reader to believe whatever you want to believe. I shall take no offence and wish you all the best of luck.
Goodbye
I have just killed my Steem witness and seed servers. I will use the monthly saving to invest in more sustainable projects.
In peace,
Bryan J. Rentoul
Wellington
New Zealand