Reputation beyond Steem Power provides a very important metric. It is a way for users to at least my acknowledged for their contributions even if their posts don't always take off. A user that can regularly write a good post, even if it never makes the front page, can still increase in reputation. That feed back will go a long way towards letting minnows feel appreciated among a sea of whales. In addition, reputation is an instant form of feedback. Your reputation changes with each vote, not after a time delay. The dual reward system of instant reputation with long term monetary gains is a killer combination.
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