You are viewing a single comment's thread from:
RE: What If Exchanges Won't Be Able To Quickly Regain All Their Powered Up Steem?
No one ever said it was a direct democracy.
Only two differences:
1 - It's not 1 person = 1 vote, more like 1 USD = 1 vote
2 - Community don't have to wait 4 years to change the politicians. The moment a witness lose enough community support, they are out of the governance.
I wonder how many persons voted for the so-called "elected" witnesses !
you can check here:
https://steemian.info/witnesses
It is not 1 Steem = 1 vote. It is 1 Steem = 30 votes.
I have strongly advocated for 1 Steem = 1 vote, and if this were the case today, our community witnesses would be far more strongly represented in the top 20, and the hostile takeover would be far less powerful than it is now.
I have elsewhere illustrated this mathematically, but it is important enough I will repeat that here.
User A has 1M Steem, which they use to vote for 30 witnesses. They vote for each witness with 1M Steem weight, deploying 30M Steem influence (1M x 30 = 30M). User B has 100 Steem, with which they do the same, deploying 3000 Steem influence (100 x 30 = 3000).
The actual difference in their stake is 999,900. The difference in the weight of their influence on witness elections however, is 29,997,000. Estimates of the stake Tron has purchased vary between ~65M and 100M Steem. Using a common figure of 75M Steem, Tron now wields ~2.25B Steem influence on witness elections.
It is easy to understand why making Steem witness elections 1 Steem = 1 witness vote will reduce the influence of Tron on blockchain governance from what it is presently.