A few weeks ago, I calculated the Gini coefficient for Steemit and wrote an article about it after stumbling over the Steemit Whales Service where all users are listed in detail incluing the overall account value.
(Image not shown due to low ratings)
(Image not shown due to low ratings)
(Image not shown due to low ratings)
Images were hidden due to low ratings.
This is definitely a concern, although how much of a concern it will ultimately be (in terms of the success of the platform) is not yet clear.
While we cannot yet determine how much of a concern it will be, it's nevertheless an issue. As in any community, a massive wealth gap is counterproductive, if not totally destructive.
From what I've read and heard in my 2 months here, it seems as if most whales are as focussed on building the network / platform as they are on earning Steem or Steem Power.
Of course, everyone wants to get rich, so even on Steemit, we may see an ongoing wealth gap. Instead of trying to stop the inevitable, maybe we should focus on ensuring the rising tide lifts many of the minnows' boats too. (An outcome that supply-side economics failed to deliver.)
That way, we can ensure that we have a long-term, viable platform that may not enrich everyone, but that does at least benefit everyone.
Essentially, that would mean that we have a meritocracy.
it would seem steemit is just like everywhere else.. there is always going to be a 1%. However there is at least some kind of trickle down economics with whales selling votes and upvoting comments. There are many whales just rewarding each other; which is their right to do because it is allowed. I try to put myself in other people's shoes. I am learning what creates a good following and it is to reward your regular commentors. But that's a minnow going up.. not looking down. Looking down is more consolidating power, comfort, and sometimes greed.
mostly not. They don’t care about new minnows (generally). I’m not so sure if I would either. I’m not even really complaining. I have no real steak in Steem. I enjoy blogging and meeting people. Those that have put their hard earned money in to become dolphins should really be speaking up. But like anything they need to do their own homework. They wouldn’t be happy about all the premined Steem that was distributed before the platform began. “instant millionaire” :) best ICO around.
I think the distributions of the future Smart Media Tokens will remedy this issue. Steemit, busy.org, dTube will have to work hard to design a fair systems of hybrid Airdrops/ICO's to make sure the distribution of tokens is more widespread. Unfortunately many Minnows need to sell their STEEM earnings to pay for living expenses instead of investing in STEEM Power, and this creates an environment where Whales can accumulate all of the cheap STEEM. Whales gonna Whale.
For example @mrviquez is living off of his STEEM earnings while he transitions to new employment.... another example would be @cryptopie who has a rare medical condition and fully supports himself from STEEM alone. Many other examples from what I've seen. With Smart Media Tokens coming next year we may be able to create an attractive environment for both investors and users who need to sell their STEEM or SBD to support themselves.
img credz: pixabay.com
Nice, you got a 6.0% @minnowbooster upgoat, thanks to @doodlebear
Want a boost? Minnowbooster's got your back!
The @OriginalWorks bot has determined this post by @doodlebear to be original material and upvoted(1.5%) it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
Now that's enlightening , thanks for researching this doodle!
I wonder, if the people who joined summer of 2017, will have the same results after a year as those who joined in the summer of 2016..
After reading some of the comments in stellabelle's post about the death spiral, the solution to decreasing the Gini coefficient is rather simple.
We need more genuine content. Less content about making money, less meta-posts complaining about certain flaws. Just more people writing about stuff they finding interesting. With more interesting content, that will attract more eyes and those new eyes will vote for what they enjoy.
The only issues from achieving this goal:
I will be looking more information before I make assumptions, but it worries thank you for the post it made me question a lot and definitely kept me interested
2 Questions:
Interesting to see how many of the top accounts bought there wealth?
Interesting to see how much of a chance a small minnow has in becoming a whale?
(Extra Credit) How does this wealth distribution compare to that of Youtube (I know off topic, but it just may be a function of the "business model")
Well, it probably got worse during October because most minnow users were frustrated with the system down times. That left the big fish being able to still make their posts and earn some during the slower content times.
I don't predict that things will be better in November.
I wonder if the gap widens in part due to the price drop of Steem.
lemme see if I got this right.
a group of investors pooled their money and started giving it away.
you're concerned because they're not giving it away FAST enough?
the money WAS all concentrated to begin with...now it is diffusing.
what is genie smoking?
my credit union account would be annoyed to discover that steemit is a closed system.
I haven't bought ANY steem.
Talk with @paulag, she regularly examines the Steemit blockchain for statistical analysis. She can tell you how to extract the data you require.
Wow helpful articles keep it up
img credz: pixabay.com
Nice, you got a 88.0% @barbara-orenya upgoat, thanks to @doodlebear
Want a boost? Minnowbooster's got your back!