The following conclusions were reached using the data compiled by @arcange who publishes daily posts about the state of this blockchain.
Many seem to think the reward system needs adjusting. They often complain that the Whales have too much power and STEEM will only succeed if the compensation program is changed to distribute the power in a more even fashion. To this I quote the Brits: "bollacks".
There is no need to change the reward system. It is working in an ideal manner and the stats are proving it. The Whales are not getting more powerful (ala the rich get richer mindset). This is not a bankster run system. Instead, this is blockchain with a system in place that ensures the distribution moves from the hands of a few to the hands of many.
To start, I must say that the Whales deserve what they have. For anyone to feel it unfair that Whales have so much SP when they bought into a system when it was far from guaranteed are only speaking from jealousy. Chat with some of the Whales about what the outlook was like when STEEM went from a few dollars to down to 6 cents. Then consider if you would have had the kahunas to buy at 6 cents when it looked like STEEM was going to sink. I am going to surmise that most reading would not have bought.
Therefore, those who were "lucky" enough to buy when the things were looking bleak deserve to be in the position they are.
That said, this is not going to be eternal. In fact, the last 90 days shows a shift is happening.
Here is a snapshot of the situation on Oct 26, 2017:
The total MVests were 390,055 at that time.
On a percentage basis:
Whales 71%
Orcas 13%
Dolphins 9%
Minnows 4%
Red Fish 2.3%
Inactive 0%
Do not ask me why the Inactive were zero at that time...perhaps @arcange did not use that category then.
The top two categories controlled 84% of the Voting Power.
Now let us look at the latest (1/25/18) breakdown.
The total MVests here is 392,754.
On a percentage basis:
Whales 65%
Orcas 17%
Dolphins 10%
Minnows 5%
Red Fish 1.2%
Inactive 1.6%
As we can see, even though the Orcas had an increase, the value of the top two categories went down to 82%; a 2% decrease in 90 days. This amounts to an 8% drop on a yearly basis.
The change over that time period is as such:
Whales -7.5%
Orcas +25.7%
Dolphins +12.2%
Minnows +24.2%
Red Fish -48.92%
Inactive Was 0% to start
What jumps out is that the Red Fish took a big hit. I am going to guess that many of these ended up in the Inactive account category. Also, with such a jump in the Minnows, I am going to guess many moved up.
The big takeaway from all this is the Whales saw their power significantly reduced. A large part of this might be from powering down. With STEEM heading up, some might have decided to cash out. Also, with SBD increasing, many Whales could have decided to cash that in while the other categories are taking this opportunity to power up at an increased rate.
We will have to see what happens going forward. Nevertheless, it does appear that as more people enter the system and increase their SP, this takes a larger part of the reward pool away from the select few at the top. Quite simply, they cannot post enough articles to withstand the onslaught brought on by the sheer number of newer people.
For all the complaining about the rich getting richer, it does not appear to be the case. There are more MVests in the hands of people under 50K than there were 90s days ago.
The distribution is leveling out a bit.
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