https://steemit.com/steemit/@igster/steem-distribution-top-0-1-of-accounts-own-76-62-of-all-steem-or-1-16-86-or-dolphins-5-64-or-minnows-0-88-or-aug-01-2017 Seems like the distribution isn't happening, more like concentration of wealth. The trend has been on going for a while and I suspect it won't change with the current economic structure in place - eventually the place will implode I guess or I'm missing something badly.
Since I was talking of a trend, the earliest record I have is from 24 April. Here is the data for everyone to see:
April 24th:
Top 0.1%: 70.37%
1%: 21.64%
Dolphins: 6.97%
Minnows: 1.03%
And now
Aug 1th:
Top 0,1% : 76.62%
1% : 16.86%
Dolphins : 5.64%
Minnows : 0.88%
Source for data from April: https://steemit.com/steem/@igster/steem-distribution-and-various-stats-1-april-24-2017
Fascinating numbers revealing ongoing wealth concentration, also entirely expected. Thanks for sharing them!
No problem, this kind of data is very important to keep track of to see the big picture and the health of the system. The difference is quite drastic and this has happened in just over a 3 months of time!
And it concerns me that Ned, CEO of Steemit, is planning on introducing even more tokens to this system, rather than making the current one more fair for everyone. If this same trend continues, the 0.01% will be holding around 80% of all Steem at the end of 2017.
Do you have any ideas for change?
Well the problem is that those who hold most SP get huge gains for every action or inaction compared to everyone else. As an example @pfunk is getting around 1 Steem Power per each upvote! (source: https://steemdb.com/@pfunk/curation). I'm almost a dolphin myself and am getting around 0.03 SP per mine.
So just by taking into account curation, the wealth will slowly trickle up. Then you add the inflation, big rewards for voting on own posts and you end up with this trend that we have now.
To add to this, whales are starting to sell their votes! Instead of figuring out a way to reward good content, they just sell it to anyone who wishes to throw money at them.
The rest of their voting power will probably go towards close inner circle, too much of money to pass by.
And final issue, since wallets of whales keep growing at increasing rate compared to everyone else, they can keep powering down every once in a while and still stay ahead of everyone else.
Most of these big wallets were acquired in the "instamining" phase when the site itself was not out yet. If the distribution would had been fair, Steemit would look a lot different and it would had been adopted by the rest of cryptousers, now it is struggling to do so.
I might be wrong and I hope so, I really do - but the very bad distribution is a issue that will keep Steemit in its shadow for a long time. Even if Steem fails, due to these issues, someone will copy the idea and make it work and for that I'm glad.
And how to fix this issue?
Burn all the Steem earned in the early mining phase or majority of it. Voilà. This is just a rough idea I saw suggested by someone else, I'm sure people could come up with far more sophisticated ones. Of course the whales wouldn't like it...
But it speaks volumes that I'm still here, and I will continue to do so until something better comes along - maybe that never happens? It's up to us all.
The percentage doesn't say much alone. If you could exclude inactive users from the stats they would be more meaningful I think.
meep
I agree with your input there @ionlysaymeep
meep
Yes they should give you more power because minnows like me just won't budge through this hard system.
meep
I also wonder what will be done with the millions of Steem in @steem account, that were reserved for making new accounts when this whole platform were designed.