The distribution of the Steem Coin is a problem
Yes, you know how bad the starting distribution took place. It's barely better with the current model, with the bidbots raking in most of the inflation.
Imagine how this place would look if people stopped selling everything they make and adopt the right mindset
Even if people didn't sell their STEEM straight after earning it, and if the overall crypto markets were stable instead of bearish, STEEM wouldn't scale economically with the current model. The daily distributed value (i.e. printed STEEMs) doesn't scale with the userbase, actually its the opposite. Back when there was 50K users on this network, top posts made 10K+, and bitcoin was worth much less than today! Now we have 1M+ users and you cant make more than $100 without using a bid bot, even if you are top of the steem-ua list.
Steem UA seems like a good algorithm (from my perspective) but sadly it's not in the blockchain and isn't used for coin distribution, so that doesn't solve much atm.
this is why Steem is building the Oracle-SMT ;)
SMT + Oracle = Simplified (social) Smart contract
how long did the era of 10K+ rewards last? If noticed when I joined I perfectly remember the make up girl getting over $45,000 in upvotes....crazy... that was back when "top comment" was an option before "Promoted" even existed ....
I believe the rewards were so high due to the race to upvote for maximum curation...I don't remember the process exactly but I remember you were incentives hard to upvote...
I invested around 1.6 bitcoins for around 300ish steem power.... back then it took 104 weeks (2 years) to power down and the rate of steem inflation was 250,000,000 steem a year...so my 300ish steem grew to over 700 steem where they then reduced that inflation rate until it reached what it is now.... after all this I wish I would of just kept the 1.6 bitcoins but oh well lol live and learn...