In this opinion piece, I will elaborate on a rather sensitive issue surrounding the “abuse of the reward pool” or some like to call it the “Reward Pool Rape” that has recently haunted the steemit platform and why I think the issue will resolve itself over time.
The phrase “Raping the Reward Pool” or “Reward Pool Rape” is basically the act of a one user getting a bigger portion of the reward pool than the rest of the steemit community by “inappropriate” means, as deemed by the “vigilante” users of the steemit community.
So, now that we understand what this phrase actually means, let’s take a step back, and look at the mechanics that allow steemit to operate the way it does, to understand how, the steemit ecosystem deals with this “act of injustice”.
The Steemit ecosystem was built such that, it has a way of balancing itself out, and I say this because of the following reasons.
Daily Reward Pool Generation
There is new steem created and added to the reward pool on a daily basis, more information can be found on this greate article by @fatboyjames - Article Link. Now, what does this mean in terms of one user raping the reward pool over time? The answer to this is quite simple, as much as a user rapes and abuses the reward pool, the system will generate and add to the reward pool. But wait, does that mean the more the user abuses, the more lesser the rewards become over time? Well, that is in fact correct, but read on to see how it tends to balance itself out overtime.
The abuse starts with Investing in Steemit to begin with
In order, for a user to be regarded as “abusing” the reward pool, a user has to actually invest a considerable amount of money in steemit first. And I mean, really huge amount of money to be actually noticed by the steemit community. That is, by way of buying steem to power up and have more influence within the steemit ecosystem. Since, steemit is based on a proof-of-stake model, there is basically no other way to start abusing on here, other than to invest a huge sum of money to actually be seen as conducting acts of abuse by the community.
This act of buying steem for nefarious reasons, actually benefits steemit, as it is more or less considered an investment to the steemit ecosystem, whichever way, we may view it.
And how exactly does this benefit the community, one might ask? Well, the act of investing actually contributes to increasing the market cap for steem as tokens are traded in the open market. Users actually trade altcoins for steem or fiat for steem, which in turn, increases the value of our beloved steem and steem dollars. So it actually, balances itself when you take this into consideration.
Steem and Steem Dollars will only increase in value as more investments are made into the steemit ecosystem, regardless of whatever reasons the investments are made.
Flagging To Protect against Abuse
By all means, if we have an issue with abuse of the reward pool, we still have the option to flag a particular abuser. It however, makes no difference or sense, when you’re only a minnow in the steemit community, as your vote barely makes an impact against an abuser who has actually invested a considerable amount of money in steemit to begin with. However, if it is rather a passion to fight injustice that only means one thing and that is to invest in the steemit ecosystem, to actually have some impact against whale abusers. In this entire conundrum, the community again benefits as more investments come in this manner, as well.
It’s now or never to build on that steem power
Unless you’re like me, and see steemit for reasons discussed here. Then, it’s perhaps a crucial time to focus more on building that steem power, while we can. As steemit, for reasons discussed, is destined for greatness, whichever way we see it.
Better still, the investments or power ups will have to be paid in 13 weeks at max, and so it gives everyone ample notice if anything major is about to give. But then again, it does not stop the steemit ecosystem creating more liquid steem to the reward pool for all to benefit regardless.
The fact of the matter is that a lot of good minnows, will become whales one day, and that itself will ensure a good balance of influence within the steemit ecosystem overtime. The abusers by then will see no point in abusing anymore, as they will feel the full wrath of the vigilante whale community in that context.
So, yes it all does even out at the end, would you agree? Let me know your thoughts on this. And a big, big shout out to both @ned and @dan, who obviously have their own opinions about what I just discussed. I just reckon, steemit by far, is the best blockchain system with a good mix of give and take, and I am very thankful for that.