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RE: Steemit's design flaw
I think you're wrong in your original post but not your reply to it.
The currency, STEEM acts as a proxy for a value stake in a new kind of organization that is decidedly not a corporation. I don't care about the legal bullshit, which is bullshit and designed to repress blockchains till incumbents can catch their breath.
I can hear the dinosaur corps panting-- should I slow down because they're getting winded?
As an underlying currency, there is nothing stopping other businesses creating a competitive market, just as businesses use fiat currencies in the old economy to service their profits and losses. From a business viewpoint, blockchains are a great opportunity for businesses that are willing and able to adopt them. Databases with immutability create transparency between businesses and their consumers, so much so that there is no longer a need for trust. Steemit can be thought of as a centralized organization with immutable transactions. there's nothing wrong with capitalization in a free market. Anyone can do what Steemit has done, though tokens will need to be burned if they wish to create a competitive currency market worth trading.