RE: A Controversial Way To “Fix” Steemit (Whales Will LOVE This)
You have to realize - the "whales" have spent a lot more time than you have, thinking about this. Have you read the whitepapers and the other discussions? Do you have good market data that they don't have?
I certainly haven't had the time. Just my first comment re: "Steem Power should be auto-converted into Steem at the end of each month." - that will just be easier to game and harder to curate, and it's already mimicked on a 24-hour basis with your actual voting power.
I think Steem is a work in progress - and you have to start somewhere and wage certain guesses. While it might be easy to copy, the irony is that usually competitors are so vested in their way of doing, it takes a real visionary to catch the wake-up call that is usually given by someone else... and then it's usually chaper or easier for them to just buy out the guys who have already done it, so they can do it for them.
I have read the white paper. I don't doubt the intelligence of the devs or the whales. They have done a fantastic job to bootstrap Steemit to where it is. I also helped strategize early on with the LTBcoin project which is around two years old now so I have spent hundreds of hours thinking on this concept.
Developments in crypto can start off with a bang and end in a whimper very quickly. I'd like to see Steemit be the exception rather than the rule.
As brilliant as the idea behind Steemit is, sometimes as a start up, you have to pivot. When you reach certain stages of growth, you have to make adjustments on the fly. As you say, often people are so vested in their way of doing, it takes a real visionary to catch the wake up call... perhaps this same concept applies to Steemit right now.
The question is whether or not Steemit will continue to grow under the current framework, or do we have to re-invent the vision as we go, based on what is working and what isn't?
I am just pointing out where I see clear weaknesses in this model going forward and I don't think I am alone in this observation (I'm sure a quick vote of all users would quickly demonstrate my point).
I think Steemit has worked far better than the devs ever expected, which is why I think the reward system needs to be reworked based on this success.