There’s already an issue of people not sticking around. We’ve already got nearly 700,000 accounts but probably only 10% of those are active. I have no way to guesstimate what the numbers might look like going forward, but a more active blockchain should translate into more value.
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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?
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.