On Friday, a diehard Bitcoiner by the name of "AceofWallStreet" published a post on Medium called "The Ugly Truth About Steemit."

I haven't seen much talk about it on the platform but think its worth a discussion. It's a bit of an emotional rant, but underlying the emotion is valid criticism:

1.) The Steemit launch was not completely open and transparent and favored the insiders in the project.

2.) The top 247 accounts on Steemit own ~87.40% of the stake.

I strongly believe these are the major 2 failure points for Steemit and hope that the core team is working on addressing these issues. #1 still seems to be a problem that's not being addressed, as @dantheman continues to make quick changes in a way that's not completely transparent to all insiders. This needs to change.

Regarding #2, I don't think this is a long-term problem as long as the top 247 don't abuse their power. With power comes responsibility and if the stakeholders are smart and thoughful about rewarding content creatos, I'm not as concerned about this issue.

What do you think about the criticim's raised in "The Ugly Truth Behind Steemit"?