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Correct, Could be a possibility, although I actually think referral could/should be done without any incentives, not build in at least. When launching a referral feature, I would for sure start without incentives, and see how people are using it and how the platform will grow.

I even would argue with the amount of funds Steemit Inc got (and I expect they got those funds super cheap), it should actually be part of their funds (ie already minted Steem instead of new Steem coming into the reward pool daily) that should pay for growth of the platform, whether this are individual users or companies. Drop the funds a new user gets when signing up, but use that to pay for the referral.