You make a good point re the "exchange" rate....butfor new users $2 / post would be a dream come true....try $0.02 / post and the time/value equation is more realistic.
Whales seem to wear beer goggles, and this is the reason for the departure rates of minnows IMHO
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I know many people are making way less. But I still saw people leave because they said "Hey, 2$ a post is not enough!". Why would we promote steemit with using way to low numbers?!
But thats the basic "sales" problem.
Under promise & over deliver works, the other way around does not.
If you set the expectation at $0.02 (currently realistic) then they are not disappointed.
The concept that whales/bots can fix this is short sighted IMHO.
FWIW my AuthorBOT and CommentBOT code is nearly done. Add it to the VoteBOT code and we can all go to the beach & leave the social site to run itself...... just a thought ;-)
The actual solution IMHO is a change in the mindset of steem re who earns
Maybe Authors (20%) and Commenters (80%) of the reward pool. (but 10/90 would be better for platform growth)