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RE: Whales, Dolphins and Minnows: Why Each User is Important and Has a Role to Play In the Steemit Ecosystem
Yeah I agree that both can happen, but Id like to think that whales are upvoting the content most people are enjoying so the site doesnt become undesirable. Ill do a post on this later but in game theory there is an idea that the people at the top could probably make more money rigging the system but if it puts the system at risk for collapse they are going to choose an alternative method that might make them less money but wont kill the golden cow.
It's like bitcoin mining, in a sense. If miners collude to attack the network then the coins they produce lose their value - so the attack vector to "gain", fails as a consequence of their actions which devalued the network.
yeah same idea. Satoshi knew his game theory well, thats why a lot of people think hes an economist of sorts because you can see it in so many design choices in bitcoin.