Steemit seems to sell itself on egalitarianism, yet the scenario outlined your post seems to be a "rich-get-richer" situation. Why would the masses switch from traditional media (youtube, twitter, etc.) when there is only incentive for the most popular and oldest bloggers?
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What makes you think that? It seems to me that there is a huge incentive for noobs.
Really? To me, it seems to be imbued by anarcho-capitalism rather than egalitarianism.