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RE: Real Talk: The Future of Steem
this 110%.
Top EOS BP was making $3M/year at one point. Top 20 Steem witnesses make $21K/year. Less than top 20? Then you are looking at $3,000 or less /year now.
Just the way Steemit has to function (selling ninja mined Steem to pay for development) is self-destructive to the price.
That's a bit of a strange comparison. The highest EOS earnings vs the lowest Steem earnings now.
Top 20 Steem witnesses were making $400k/year at one point. Maybe not EOS territory but far from shabby.
They still making almost 700K/year. Still dramatically different than 21K on Steem. Below top 20? The difference is 800% lower at best.
You get more than 21K working at Walmart. Most top 20 are likely spending at least $5,000 a year in hardware, expected to delegate all their SP to communities, host a full node for another $10,000+/year, not power down, pay 35-45% in taxes, and review and write blockchain code. All the while getting paid in a token you can't touch unless you power down.
Okay so 35-1. I didn't know the exact ratio but that's an even wider gap than I thought. Thanks for the numbers.
TOP 20 block producers on EOS are making 700+ per day. Top 21 - 80 are making between 368 to 100 EOS per day. (https://eostracker.io/producers)
Now, putting this in comparison with STEEM, TOP 20 witnesses make around 220+ SP per day. Top 21 to 50 make around 40 to 20 SP per day.
Regardless of the price, that's still much more in terms of pure currency. But since EOS has a 10x higher price to FIAT - the difference is actually much bigger than that.
EOS has 4x higher total supply so that is isn't a direct comparison. In fact accounting for that there isn't much difference (IIRC 1% annual inflation in EOS goes to BPs; in Steem it is 10% of total inflation so around 0.85%).
Still in terms of fiat value its a huge disparity, something like 35-1 which explains the difference in willingness and ability to fund development via that route.
change the market cap of steem to match eos.
then compare the witness vs bp earnings. thats the best way to compare them.
Do you see it as something that can be resolved or is steem fatally flawed?
I'm not sure what to make of that animated gif.
"I'm shocked you said something like that."