Well, just like the recent Captain Marvel movie, this new proposal seems to have proved quite divisive. Some champion this potential new economic model, others loathe it. So seeing as it's the hot topic of the moment and might lead to one of the most dramatic changes in the history of our blockchain, here's what I think of the situation.
First off, let's keep this nice and simple. Right now, our vote's worth is calculated according to the amount of Steem Power we hold. This is elegantly represented via several Steem apps, like "Steemnow.com". As your Voting Power declines, so does the weighting of your vote, proportionally. Everyone knows the exact value of their upvote at any given time. Nice, right? In other words, everybody can easily tailor how much they want to dish out according to our current "linear" model. Again, nice and easy to follow. In addition, this model helps in letting the "middle class" flourish. A key element that was otherwise missing under the older "n2" model.
So, let's rewind a little and go back to July 2016, when I joined. I remember thinking this platform was "phenomenal" and hence tried diligently to build up my stake through a combination of investing and blogging. Whilst things were working out quite well overall, one aspect back then proved a sore point and rightfully so. The worth of my upvote. Under the "old" system, even if you had 10,000 Steem Power, your vote was essentially only worth 1 cent! Oh yeah, you heard me right! I also remember how pissed people were because of this broken element of the economic model. The only way to gain any traction on your post was praying for a whale vote. Even building up your own account proved a fruitless affair, given how little you got in return.
Now, please correct me if I'm wrong, but this new "EIP" proposal is an amalgamation of both that older model and the one we have right now. But I say, what will this achieve? A fairer system for the "best" content to rise to the top? Lol, that's a laugh. Let me tell you something for free, my friends. I've been here almost from the very beginning and pretty much seen it all. And one thing you simply must understand. There was a "clique" of bloggers on here that always got the lion's share of the rewards. Everyone else, including myself, were considered an oversight. I say this from experience having been there at the time. So now we have the notorious bid bot posts trending. However under the new proposed system, it'll be the new "cliques". Trust me when I say this. And besides, nobody will ever, ever, ever, ever, EVER... Be able to explain to me the difference between "good" and "bad" content. That is as subjective as trying to figure out what religion is the right one. All of us will find certain content and authors better than others, be it a meme, some quantum mechanic thesis, a book or movie review, a photograph. It's all dependent on the person viewing it. Simple as.
Now, please allow me to be so bold as to say I would like to think my **Steem Power" holding will provide at least some level of protection for me with this new system. Well, I think so, anyways. But the middle class? How much will their vote be under "EIP"? Less than what it is now, that's for sure. I would go as far as to say the middle class and minnows trying to grow their accounts, are what will create "real" balance in this eco-system. Most people who cry that the system is unfair or complain about not getting recognized are those that have either already powered down or don't want to take the time, dedication and effort to grow their account. So it's within my right to choose to be harsh and say fuck 'em. We were all given exactly the same opportunity up in here. Some took up the challenge and rose up the ranks, other didn't. That's life for you. What do you think the "real" world out there is like?
Therefore, I'm pretty happy with the linear model. Quite a lot, actually. I mean, people who are just being introduced to Steemit are having a hard enough time figuring out the platform as it is. Imagine explaining it to them after the "EIP" model? Unless I'm fundamental missing a blatantly obvious concept, I can't help but seeing our current economic system as easier to get to grips with for noobies as well as being more "legitimate-Steemian friendly", if you catch my drift. And even if it gets implemented and things turn out bad, so we then hardfork back to linear again. How crap will we look compared to all the other crypto-related projects out there? We'll be seen as a platform run by developers who can't make up their mind what they want. We'll be a laughing stock. What a great advert for prospective investors, right? Already we get so much unnecessary FUD thrown our way, we just don't need any more. Keeping risky decisions to a minimum should be pure common sense at this stage.
So, there you have it. All I can say is that Steemit Inc. should be extremely wary in considering this proposal. Such sweeping changes can have disastrous repercussions if not handled properly. And that would be a crying shame seeing as the direction we're heading in now, appears to be such a positive one.
@ezzy