Save the whales, or feed the minnows? Why we need to avoid creating a large income gap on Steemit.

in #steemit8 years ago (edited)

Steemit at the moment is starting to look a bit like the picture above. We're seeing the emergence of a lot of what I'm going to call 'natural whales' - those who have acquired a large amount of Steem entirely by posting, and seem to make thousands on every post they make by virtue of that reputation - and an increasing number of minnows fighting for the chance to be seen. A lot of us smaller fish write plenty of quality content that never gets seen, and while I understand that's how the system works a lot of the time and am not put off by it, I'm beginning to wonder whether upvoting the same post or author time and again, instead of directing some Steem to the rest of the community, is what's best for Steem as a whole.

Now, it would be easy to assume that I'm saying this out of jealousy, but on the contrary, I'm thoroughly impressed by those who have managed to leverage the Steemit network to the max, and have reaped the financial benefits - particularly where this has been done entirely on the basis of their well-written and interesting content. I've made a little money too and am positive about Steemit's future. However, I'm beginning to see the same names on the trending page again and again, and I know from spending time away from this page that there's plenty of other, often better content being created that goes unnoticed.

A possible pitfall

While it's somewhat inevitable (and in many cases, well-deserved) that a popular author will develop something of a following and be able to generate large amount of upvotes on almost any post purely by the power of his/her reputation, I worry that this may end up creating a serious income gap that has the potential to damage the Steemit economy. I've also noticed a disturbing trend of whales upvoting other whales, and being upvoted in return. If this continues, I fear we may end up in a situation where the 2% (the whales) continue to earn all the money while the rest fight over the scraps.

Sound familiar? I am, of course, talking about the global economy. Isn't the whole purpose of Steemit and cryptocurrency in general supposed to create a new financial system where this kind of thing doesn't happen? I certainly hope so. I suppose it's up to the users (especially those whales who have the best interests of the Steemit community at heart) to vote with their fingers on this one. Sure, let those who continue to create consistently high-quality content be rewarded for it, within reason, but if we want Steemit to achieve healthy growth and be a beneficial network for all dedicated users, we need to vote the same way we spend - consciously.

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Great post.

As long as the spirit of Steem remains: voting for the BEST CONTENT then all will be well. However, real life is not always played by the rules, so I am sure there will be whales doing exactly what you indicate in your post.

We will have to see what happens as Steemit matures.

Let's hope Steemit will remain a healthy environment where good content will win the day.

Couldn't agree more!

Maybe we should hide the author for the first hour to spread the wealth around. If it's still good after an hour then you can see author

I agree that it's a possibility this could get worse, but I think it's unlikely.

The whales who truly can make a difference have millions of dollars in their wallets often, I don't think they'd want to risk losing that for a quick profit here and there.

Cause if Steem "fails" all our investments are worth nothing I guess lol

Not entirely true, as whales can cash out at any time. What stops them from looking to maximise their profits in a short time by acting as I described and then doing so?

What do you mean, I thought steem power is locked for 2 years?

I agree. It's discouraging for new users especially when they get a lot of votes but there's barely any monetary reward because no dolphin or whale noticed the good content.

You make a very important point. Sadly just like everywhere else STEEMIT and cryptocurrencies are also ruled by a small number of people at the very top. I'm not really sure what can be done to stop it.

We should start a minnow swarm. They might have the size, but we can have the numbers! Lol :)

Since whales have a large stake in Steemit as curators, and can't cash out immediately, they pretty much have to make sure a diverse amount of good content rises to the top. It's probably possible for a few larger fish to make quick money by upvoting one another but, they'd dilute their stakes over the long term if enough people noticed they're voting up a narrow range of content which might not always be high in quality.

This is a good point. But are people paying enough attention to notice something like that? And how many would care even if they did?

I guess we'd have to hope enough people notice when the content quality goes down as the system readjusts itself like in Bitcoin mining.

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