We're all trying to get a bigger slice of a progressively smaller pie and that whole pie is worth less and less each day by design.
To me this is the biggest problem with the platform and unless we fix it, other platforms will come along and do it better, putting systems in place that don't encourage devaluation, and Steemit will become obsolete.
I completely agree with this. Something needs fixed, I'm just not yet sure how or what specifically needs to be fixed here.
With 176 votes, you receive $ 16.39 while others with 35 votes win $ 380. I digest bad!
Lol, thanks for the support. Literally right after you posted that we got a flood of upvotes, so now you can sift that decimal point to the right a notch!
Today must be a Stella Bella Day ;)
It isn't entirely accurate. Once the floor is reached (in two years?), the pie is designed to not shrink. The reward pool will increase increase slightly each day, maintaining a constant fraction of the total money supply. We are in the initial distribution aka early adopter phase where the reward pool is a fixed number of STEEM, and STEEM has often, though not always, tended to decline in value.
Simply describing it as being worth less and less each day by design is greatly oversimplifying.
I agree that it is an oversimplification, but 2 years is a long time on the world-wide-web. A lot can happen between now and then and the recent trend is concerning. We now have less people posting, voting and interacting with the platform than ever before. The market cap is tanking, the price of STEEM is now under 50 cents. The diversity on the trending page has gone way down, out of the top 10 right now, 5 are about Steemit-specific topics; and the diversity of authors on the trending page has gone way down. These factors will continue to compound. The less people make, the less work they will put in to the platform; which will cause the quality of the content to go down and less people to sign up. I love the platform and plan to keep using it, but the way things are looking right now, we just don't have 2 years.
Fair enough. It was an oversimplification. Good explanation, I was unaware there was a floor in 2 yrs or that anything happened in 2 years except for the initial distribution phase being complete. Guess I'll have to go back and red the whitepaper again.