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RE: The Circle Jerking State of Steemit - December 23rd - Minnows READ!
Steemit currently rewards not quality content but popular content. Popular content is almost always by early adopters of steemit with a lot of steem power. So yea just like in life, it's not a fair system sadly.
Steem, the platform, rewards by upvotes based on stake. Nothing to do with popularity, nor with quality, just stake, the more Steem Power you have, the more an upvote pays out.
The more sp you have, you can cast a self vote to boost the payout and people votes regardless of the quality of the content. So i call it a popularity contest. Just look at the hot posts. There are more votes than views. lol. btw steemit is the platform, steem is the blockchain.