STEEMIT BUBBLE BURST IMMINENT? “X” To Replace it?

A “bubble” comes to exist when there a considerable gap between the expectations and the needs!” and the bubble bursts when people realize that the expectations will never meet the needs!

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Steemit is amazing! No Words! It is really something that is starting to revolutionize the way people start using Social Media, just like how Bitcoin revolutionized the entire Financial System!

In the traditional Social Networks like Facebook, Twitter etc, there exists a kind of dictatorship, censorship and the violation of right to speak freely!

Consider Facebook as the world and the Facebook community as the subjects of that world. There exists the Facebook HQ who could be stated as the analogous to a King/State in the real world, who at the end censors what fits in and what does not. This creates a monopoly in the community, which is not really people would prefer!

In comes Steemit, with just what the people needed! “Right To Speak Freely”. There is no censorship, there is no King or State, at least according to what the visionaries @ned and @dan thought up. Steemit tries it very maximum to keep up with that ambition of what the creators wanted - “A social platform where everyone is equal and have a voice”.

But what happens here at Steemit is actually something that have deviated away from its initial goals! What we need is something with no central power over the system. Bitcoin failed at this, providing major control at the hands of the miners who decides the fate of the networks and the same thing is happening to Steemit.

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This single flaw of Bitcoin caused the uprise of thousands of altcoins that are trying the very best to become the next big thing. The flaw with Steemit is that it fails to distribute power among the members equally, the early adopters become the centralized heads here at Steemit and the have the power to manipulate the system and take advantage of it!

The single example that you need is right here @haejin. He is one of the early adopters of the network and has benefited from this flaw. He posts worthless analysis of cryptocurrencies and votes himself to gain a share of the reward pool that could otherwise go to many excellent minds that actually bring forth quality and value to the platform. I have seen many well-constructed articles go down that heap of articles that went unnoticed. This really takes a toll on the network as people often get demotivated if the see their quality work and time go unnoticed!

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According to the Steem Network concept, nothing could be actually done against this as such people hold the POWER and for a user with little Steem Power won't be able to flag or report such a WHALE user. This is just monopoly, with a simple twist!

I think this is where something else is going to come in, fixing this flaw! STEEM is an original concept, just like Bitcoin, but just like the simple flaw of Bitcoin handing out the power to the Miners, STEEM handed out the power to the early adopters! A system where every user gets share of the network only taking into account the value he/she brings to the community and not something like what Steem does now will come into existence sooner or later and will fight STEEM for that Social Media Crown, which I think eventually would go to the place where monopoly have no place!, STEEM just not cuts it though in my opinion!

I love Steem and hate to see something else take it position, to be honest. But as it becomes more centralized handing out the power to the Whales, the BUBBLE BURST seems imminent to me! I would very well love to hear your voices on this matter, please share your thoughts in the comments section below.