Well, given Steemit's metric, SP, and it's concentration in the accounts of 35 whales at present (this has shrunk in the last several months from 38) and how they control Stinc and the top witnesses, who are manifestly dependent on the market (Steem) for their positions (Stinc either serves the accounts with the Steem, or those accounts support something else, and the top witnesses owe their positions to being elected directly by those accounts, VP being weighted by SP) that is a very small group (less than 100 actual people. 20 top witnesses, 35 whales, and Stinc) to have essential control of rewards distribution.
While organized into two institutions and the profiteers that control them, it is the equivalent of a highly dominant government. This is illustrated by the increasing concentration of rewards into the accounts of whales (why their number has shrunk, as those that have more get more, leaving those that have less to get less, and fall from their number) and the fact that 99% of rewards inure to those accounts.
Everyone else, you, me and @corbettreports included, shares 1% of the pool. This is the primary reason for the furor over @haejin, and why panderers have been successfully recruited to become cannon fodder in the flagwar. @haejin has gained about 5% of the rewards in these last few months, and 5% is a terrible hit to the ROI of the whales.
It doesn't matter to we minnows, because most of us wouldn't even notice a 5% change in our rewards. Since the whales absorb 99% of any rewards @haejin is compelled to forego, the minnows real stake in @haejin's profiteering is actually 1% of 5% of the pool--nothing but a rounding error given the median payout of .01 SBD.
Considered alongside the fact that the vast majority of votes on Steemit are cast by bots, rather than flesh and blood curators, it's somewhat of a moot point whether there is a state that controls Steemit's rewards system. SP is highly concentrated, and that is the control mechanism.
The diference is in simple terms; that this is decentralised social credit.
Not that a decentralised version of what China is doing is a good thing, but when people make choises on interacting with someone or not , or rewarding others or not for theyre efforts, thats how communitys function. It gives feedback on what the individuals in the community value. As opose to what a centralised entity deem "legal" and right.
The network traffic that we all create and use, is (or soon will be) ultimately controlled by the state. Net neutrality legislation in the US will make it possible to declare any unfavorable network traffic unlawful. In China, many types of traffic are already filtered, recently many IPFS gateways have been blocked by the GFW.
Well, given Steemit's metric, SP, and it's concentration in the accounts of 35 whales at present (this has shrunk in the last several months from 38) and how they control Stinc and the top witnesses, who are manifestly dependent on the market (Steem) for their positions (Stinc either serves the accounts with the Steem, or those accounts support something else, and the top witnesses owe their positions to being elected directly by those accounts, VP being weighted by SP) that is a very small group (less than 100 actual people. 20 top witnesses, 35 whales, and Stinc) to have essential control of rewards distribution.
While organized into two institutions and the profiteers that control them, it is the equivalent of a highly dominant government. This is illustrated by the increasing concentration of rewards into the accounts of whales (why their number has shrunk, as those that have more get more, leaving those that have less to get less, and fall from their number) and the fact that 99% of rewards inure to those accounts.
Everyone else, you, me and @corbettreports included, shares 1% of the pool. This is the primary reason for the furor over @haejin, and why panderers have been successfully recruited to become cannon fodder in the flagwar. @haejin has gained about 5% of the rewards in these last few months, and 5% is a terrible hit to the ROI of the whales.
It doesn't matter to we minnows, because most of us wouldn't even notice a 5% change in our rewards. Since the whales absorb 99% of any rewards @haejin is compelled to forego, the minnows real stake in @haejin's profiteering is actually 1% of 5% of the pool--nothing but a rounding error given the median payout of .01 SBD.
Considered alongside the fact that the vast majority of votes on Steemit are cast by bots, rather than flesh and blood curators, it's somewhat of a moot point whether there is a state that controls Steemit's rewards system. SP is highly concentrated, and that is the control mechanism.
Thanks for the explanation.
It is truly a ponzi scheme.
"You mean there is gambling in the casino?"
I was thinking exactly the same Thing!
The diference is in simple terms; that this is decentralised social credit.
Not that a decentralised version of what China is doing is a good thing, but when people make choises on interacting with someone or not , or rewarding others or not for theyre efforts, thats how communitys function. It gives feedback on what the individuals in the community value. As opose to what a centralised entity deem "legal" and right.
The network traffic that we all create and use, is (or soon will be) ultimately controlled by the state. Net neutrality legislation in the US will make it possible to declare any unfavorable network traffic unlawful. In China, many types of traffic are already filtered, recently many IPFS gateways have been blocked by the GFW.