Today in reward pool history 1 in 3 rewards went to the top ten voters. 31.93% to be accurate.
Total: 13,950.63sbd to 484 authors.
.0075% of the authors got 32% of the rewards.
I'd like to think that we could spread that out a little bit, except that 5 are vote sellers raping the reward pool, 3 are apps, and 1 is a gang, they are unlikely to vote outside their respective boxes.
@kpine is the only individual in the bunch, and none of his votes made it into the top ten.
Ten votes took 5.15% of the rewards available for 64k active users.
And again, 9 of those are unlikely to broaden their voting base.
64,671 active accounts in the last 24 hours and we got 10 accounts taking 1 of every 3 sbd rewarded in the last 12 hours, smdh.
Is it any wonder that we have a bad reputation?
It isn't undeserved.
How can we ever hope to attract the masses when they watch less than 50 accounts get the majority of the rewards?
I'm not asking much, ya'll can still vote the trending page to hundreds of dollars, but can you leave just a little to excite the small fry?
Maybe spread the attention around a little?
How do you expect to excite new users when the same users get all the love?
Day after day after day.
Why would anybody join the same game here that they get at work?
As long as the top keeps sucking the majority to themselves why would the small fry continue to contribute?
It isn't like stinc, et al, can threaten them with starvation, or life under a bridge, like the crapitalusts can in the broader world.
Think about that the next time you give out $100 votes.
You are cutting your own throat.
The people getting those votes are unlikely to buy into the coin.
Why would they? They are getting them for free.
Why would the small fry use steem as a currency while it rewards only the select few at the expense of inflation's dilution of their held stake?
Were we to chum the waters with 1000's of $10 posts we will then see some excitement from the masses.
Until then it's probably a good idea to keep building fences to keep the hungry masses out.
Have a perfectly peaceful day.
Keep working, stop paying. No war, but the class war!!
Solid post... just have to keep swimming. This will be fixed with future platforms... platforms I will be apart of. Keep an eye out, minnows will have their day!
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#SoBIT https://sola.ai/posts/ZjVhZWM
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So basically its a screwed no win system. May as well be on FB making someone rich there than making just 3 accounts richer on here. Needs to change if the platform is to grow into something useful.
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Well, I have made a little money here, so it's not a total waste of time, but yes, the math currently heavily favors the top.
It will eventually get better, the inflation going to authors will even out the distribution, but it will take many years.
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The Reward system just has to B changed to prioritize smaller accounts...
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The community needs to stop voting posts with payouts on them.
I only vote posts with less than a dollar, for the most part.
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#FirstThingToChange : Post #PayOutPeriod2BEternal.
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They say that messes with the blockchain, it is hard to be unchangeable when it gets changed.
I don't get it myself, but what I have been told is that it doesn't make sense to alter a block from way back for .001usd votes.
I liked the 30 day window, that gave a person time to find older posts.
It seems to be working just fine on golos.
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Any new rewards can always B written in the new blocks. ;)
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That's what I thought, too.
It may just be that allowing folks to get paid in perpetuity would redistribute the rewards too much for the liking of the whales.
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What happened to currie?
Minnowbooster's intermediatory role eludes you.
Their current business model seem smarter than leasing Steem, due to sparing the 1 week no man's property, but it mostly fails to deliver.
Still, I prefer minnowbooster so much more over a no refunds service, or a service in which the owner/operator sells votes to himself, his own wife, mistress, co-colluders, etc or weaponizes his bidbot once in a while on the expense of his customers.
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Ganging up to increase rewards is reward pool rape.
Just put out your content and your audience will find you.
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This comment has received a 2.70 % upvote from @steemdiffuser thanks to: @stimialiti. Steem on my friend!
Above average bids may get additional upvotes from our trail members!
Get Upvotes, Join Our Trail, or Delegate Some SP
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Nice, maybe one day I can be a top voter too!
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Most likely not. You and I will be smimming in the small end of the pool for a long long time.
Kinda sad. I didn’t think this was going on when I decided to join. I’m still having a good time. Frustrated when you see a post that took hours and a lot of hard work make pennies. While something tossed together with a picture and a paragraph make $500 in a few hours. I feel bad for the steemians that are busting their butt. : (
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We just got to stick it out, the bad actors are making themselves known, the community will reject them, eventually.
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@freebornangel (65) even in a decentralized media the centralization of wealth and power is still a problem maybe it is the problem 🎭 who is behind the mask? 🤣 I suspect it's method of the distribution of wealth that is the problem and I wonder that is purposely controlled by those in power 🤔 if that is the case then the joke's on us 🍦🐳⏳ how can this be changed? Must it would be a violent revolution as it has in the past? Or is there another way? Based on the decentralization of the network? I'm hoping for the latter🛎️🍺🐧🌲
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The inflation is going to level out the distribution, in time.
They had to set it up this way to prevent somebody coming in, gathering a lot of sp, and using it to harm the platform.
Look at the haejin dust up, if there hadn't been a large amount mined by Bernie the result of that would have been a feed back loop that only ends when haejin has all the steem created each day.
#rewardpoolrape has more examples.
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That's interesting, so our present situation on Steemit is that we're in a kind of intermediary phase and the inequalities will be erased over time by inflation? I wonder how that works exactly? I seen a little bit about the spat between hajun and Bernie only I can't say that I understood it very well up until now as your comments I have made it more clear🤔
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75% of the inflation goes to authors, unless the whales can devise a way to keep sufficient amounts of that to themselves, it will work to spread the rewards.
Vote selling and delegation renting are two very effective ways.
As long as enough authors get on the treadmill that enriches the already rich the distribution will remain the same.
I don't think they will stop the redistribution, not every author joins in the reindeer games, but they will stretch out the time needed to equalize things.
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@freebornangel (65) how interesting that the fuzzy math of bookkeeping has obscured true purpose 🔔🔊🎺 the comment someone made about how the network is indelible and actions in the present will be viewed in the future seems relevant🎙️🤔🥁🎶 a cheat in the now will be caught in the latter🕤🌗🛎️ perhaps no one's actions will go unnoticed but is that any form of restraint?
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Not really.
Killers kill despite knowing that they are likely to get punished for it.
It's just what they do.
Rapists rape, more if they get away with it the first time.
Here the greedy suck up as much as the can, they don't really care about the larger social ramifications.
Unless the price starts to collapse they likely wont change their ways.
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@freebornangel (65) the world is run by Psychopaths because throughout the Millennia they have the qualities of being able to act without guilt or remorse and so can lie and cheet their way to success🎭🎪💈 this is an old game and maybe their time is up I don't know? Throughout the ages people have overthrown those in power and then Fallen victim to the same behaviors they were trying to eradicate 🖼️🎨🎠 the Psychopaths Among Us so easily take control and Lead with lies🥁🎶🤔 remember Tolstoy Story how much land does a man need📝 the protagonist can have all the land from the tribe that he can walk around in a day and he sets out to walk according to his plan but as the sun grows High you thinks maybe he can take in a little bit more and a little bit more until come the Setting Sun he's running to finish and he dies they're at the finish line capturing the land but losing his life 🛎️🌗🎺 of course storybook morals always come out according to the plot line ☺️
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Rule by force is the underlying disease, who and how are symptoms, love is it's cure.
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If all those rewards were split evenly between the active 60,000 users that would be about $0.23. Now we know at least half of those accounts are probably bots and spammers. So let’s double that and go $0.46 per user. Now out of those 30,000 users probably 10% are putting out worthy content. So that would be $4.60 for 3,000 users who deserve to be rewarded. Nothing that would be a game changer distributed flat, but there could be 100 that get $49.60 and 1,125 that get $0.60. That’s a significant boost for 100 authors, a marginal boost for 1,775, a barely significant boost for 1,125, and nothing for the rest of the 57,000 active users. Besides the obvious reward pool rape, the reality is Steem is too low to support the amount of users we have. It needs to be $10-20 to make this worth the majority of users’ time. Hopefully when it does, we’ll see a massive sell off from these shitty ass whales who don’t give a fuck about the platform and their rewards will drop proportionately to all of us little guys. At max they should be at 10%, 30% as batshit crazy.
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47334.75sbd was the amount available in the last 12 hours, so double that for 24 hours and we are looking at 1.5sbd per active account.
272,399 posts brings it down to about .35sbd per post.
That makes for 3000 posts with no payout to make one 1000sbd payout.
So, when dlive gives out 3000sbd that means that 9000 posts get nothing, irrespective of content quality.
We do know that a lot of those accounts are bots and sock puppets, but if they are putting out 'good' content then they got rewards coming.
The problem I am seeing is that by renting delegations, selling votes, and ganging up to vote in a circle is short changing the 'good' authors that don't play along with those games.
Not to mention that the organizers of the gangs make out really well, the rewards are shifted from everybody to the most popular in the gang.
Anybody outside the gang has nothing at all coming.
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#JustReVerseDadPayOutPyramid424Hourz ;) #ToPushSumPoSitIveWAVES <3
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People don’t see they are getting continually fucked by renting delegations and buying votes. As long as people create a demand there will be greedy fucks ready to screw them out of their money and gain more power over the system.
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It's just good crapitalism,...and stinc has some of the best crapitalusts on the planet.
Gives me confidence in the security of the platform.
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Opposing forces at work, one that sucks to the top, the other that trickles down. If all Steem went to one person, it would be worhless. The value of a currency is it's ability to circulate.
Maybe I should re-do the Dennis Moore Fund....
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Let's think about paper money. You had to have people guarding that paper money.
Let's think back to gold. You at least had to hire people to guard that gold.
Let's think about grain or rice. You had to have people guard that grain or rice. You at least had to have some cats around.
Now we have witnesses and they pay themselves pretty well on the whole for the service they provide of keeping track of all of this. No one binds them to dole out what they make, and no one is really strong enough to stop any large SP holder from voting on whatever they like, with a few exceptions of some infighting amongst some whales.
I guess I'm saying that there's not really much friction at all in the form of losses due to waste, spoilage, theft, etc. (okay, hackers still exist I guess), taxes, and so on that could possibly automatically penalize just sitting on SP and producing huge amounts of SBD sent right back towards you and your friends. The lifeblood of an economy is really driven by how much of that friction lands back in the hands of people who actually need it to survive, but these new digital currencies, especially ones like this, are pretty darn frictionless save for server and energy costs.
And yes, there is not really much incentive at all to spread the wealth around if the price of the currency is not dependent on how things go here, so much as how tasty a pump opportunity the charts look any given day on a single exchange.
But I suppose that dynamic will not last forever, and if SP holders and witnesses are not willing to make this place more appealing to the masses then yes, market forces and real price discovery in a post-Tether/Upbit world will rapidly show us how much people on the outside really value our little social experiment.
Also, sorry I can't vote this post for more, I'm trying to save some voting power for my own nascent social experiement/UBI project, but I always appreciate your write-ups, freeborn.
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All in all, the platform is great, it's just with the distribution so top heavy it's unappealing to be a little guy.
That will change with time, if we keep putting out posts and getting what votes we get.
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Who is Dennis Moore?
I figure steem needs to be in a lot of hands before it can be considered currency.
How can sbd peg with the dollar when there are only 8m of them?
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The SBD peg is a long disproved experiment. I wrote an extensive comment about it here.
And by the way, I really appreciate your post. It articulates in a clear yet succinct manner everything that is wrong with the rewards distribution system of the blockchain as it is exemplified on Steemit itself as its first proof of concept.
It's just a sad state of affairs. I am not sure how much longer this imbalance can continue. The Witnesses know it's unsustainable. Steemit Inc knows it too. Continued inaction is inexcusable.
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I'm all for the sbd mooning, at this point.
Maybe if it comes back down would be the time to take more drastic action to peg it, but just maybe.
As it is, a guaranteed floor is all we are promising.
I don't see how we can complain when it is selling for more than a dollar, that is the free market valuing the floor at it's market value.
Or, it could be speculators that didn't bother to read the white paper, they shouldn't be speculating in that case and they will learn a valuable lesson while chumming the waters for the little guys, now.
If the speculators want to make posting on steem more attractive by overvaluing sbd that is on them.
As long as we keep it above one dollar, I think our obligation to the speculators is fulfilled.
I agree that it is sad that stinc, et al, find it more important to overreward already rich people while screwing the little people because they can.
That can come back to bite them when we mostly all go to Dan's next version of steem.
Maybe that is the idea, they already have theirs, and are tired of working.
One of the things I don't get is how they thought the peg would be possible with so few sbd in circulation.
We are inflating the crap out of it now, it has gone from 7m to 8m in just a blink of an eye.
That will come back on us, too.
Probably when we can least afford it.
Again, maybe the plan all along.
Time will tell.
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Exactly,...
Good thing they let the inflation do it.
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That's 10 accounts distributing 30% of the rewards, not receiving 30% of the rewards...
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Ok, it's still 30% of the reward pool being controlled by a tiny fraction of the voters.
The wider rewards are distributed the sooner the draw back to steem's being centralized is gone.
If folks are not investing because 70 accounts control 80% of the coins we need to address that, imo.
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