This is exciting, and still, Tone Vays made good insigths a year ago... some things changed, like the period of powering down, which before was a 2 year commitment, and now 3 month... but anyways, i would keep and eye in how Steemit actually evolves with the reward pool, becouse SMT migth create a better model for their users, still, STEEM holders would benefit from that.
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The thing I did not appreciate is that Tone Vays called it a scam. That was rude, unfounded, and an over exaggeration. Sure Steem was new, and a good experiment (which obviously works). It wasn't a scam, and I lost respect for him when he said that.
That is true, anyways, it still has lot of problem incentivazing whales to create value and not just rape the reward pool. I just saw this video from this guy in the spanish community, he just invested 6.99 bitcoins in Steemit. And his whole idea behind is: "see? now my shitty posts makes 800 steem dollars, ha!, im going to be the biggest account in the spanish community and im sorry if you all dont like it".... and thats exactlly whats Tone Vays was seeing: the raping of the Whales towards the little guys who are investing 100, 200, 1000 dollars... hopefully we find a way to fix this, becouse the reward pool is limited and 90% of that is going to shitty content, being cashed out, then they make a post, rape the pool again, cash out and so forth... so.... we have to know whats happening and find ways to fix that...