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RE: BuzzSteem Ep 18 - @bethwheatcraft [Whale Wars, AndreasAntonopolous comes to Steemit and More!]

in #dtube7 years ago

Well just using @haejin as an example to your question...there is a two fold answer. @haejin isn't going to drain the rewards pool per se, but what he does drain is user interest in continuing to use the website. When people put out fantastic content and make a few cents, and this assclown puts out bullshit ten times a day and makes millions a year, it's pretty bad for general morale. We need morale because it keeps people posting. People posting means more people joining and more people joining means more Steem being created which helps grow the currency, its value and this platform.

As far as the whales like @sweetsssj abusing the platform, that is an actual reward pool rape scenario. If whales like her continue to use their standing to make fake accounts and drain the majority of Steem from its proper place on the website, it could make the currency collapse, and if Steem collapses, Steemit goes down right along with it. Between @haejin and @sweetsssj and a few other whales, their withdrawals make up a huge majority of all transactions that take place on Steemit, and Steem can't keep up with those kinds of withdrawals. Not enough new Steem is created to inherently keep up with the rate that whales and other higher up users are withdrawing it. Then when you couple in the thousands of tiny users who are shi tposting and immediately taking their money out after cashing in and the rampant abuse of bots, if people don't step up to #fight4steem, the people abusing the system will destroy it.

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 7 years ago  Reveal Comment

Ok well you definitely make a good point about the whale wars. Ultimately I like reporting on them more than anything, and have only recently sided with Bernie Sanders after I looked into how much personal money he has dumped into this platform. He does make a lot of money on his posts, but he also spends a lot of money too, and I thought his idea to downvote posts was quite clever. I do agree that tearing Steemit apart is not as constructive as contributing to its cohesion. But man Whale Wars do make for some juicy gossip!

 7 years ago  Reveal Comment