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RE: Steem Basics: Why Steem is an Application-Specific Blockchain
Right, because when someone brings up the ugly underside to Steemit -- hell no, he's gotta go!
I'm here to witness the implosion, if you really want to know. A cursory look at my last blogposts would've told you that.
I'm glad Steemit exists, it will be one of the many examples of why Proof-of-(mis)Stake is flawed. So even failure can be instructive.
Can you really say Steemit is rigidly PoS? The platform doesn't feel so rigid (IMO). The witnesses are there as a leverage and the team looks competent with frequent updates (HF) that encourage docility in operations to adapt to any changes needed for the growth of the community (or communities).
Should the community grow large enough (and/or maintain an active user-base), few policy changes can see Steemit implement PoW (if need be).
Don't you think they have enough assets for that?
If I FEEL my car's brakes are okay, but they're a dripping screeching mess, does that postpone the time when they finally fail?
As for transitioning to another mechanism, I doubt they could do so easily - especially with an inherently inflationary token like Steem.
After reading through your comments, I believe you are just misinformed. Steem isn't pos, its dpos. This has disadvantages compared to PoW which is still clearly the best solution in profit of decentralization. But it also has a lot of advantages, the biggest one being the lack of competition to mine blocks.
Also STEEM isn't inflationary anymore, it's very similar to other crypto currencies now. It's been changed about a year ago or something. It used to be ultra-inflationary, but it's not anymore.
It is still inflationary, there is no max supply. It goes down to 1% per year, then stays at 1% per year.
Right, still less or comparable to the currency you and I use everyday.
Just wanted to clarify.