No, what the whales want to see does not dictate just what content gets seen on the trending or hot pages, but also creates incentives among other users to create material that is suitable to their primary target audience, which is going to be other supporters with high vested amounts of SP and not just ordinary people who might stroll in from outside of steemit, you know, the kind of stuff that might actually see the platform grow in user numbers. The problem is, in a dpos system where most of the wealth has been distributed, and future wealth's distribution is determined by existing stakeholders, those new eyeballs don't really mean shit so no one catered to them in earnest.
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