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RE: Make your Witness vote work for you!

in #witness-category7 years ago (edited)

Hey, just saw this post. Welcome to being a witness! I see a couple misconceptions in your post that I'd like to address. Especially as someone who is seeking to produce blocks for the Steem, I encourage you to understand how it works and what gives the network value.

Steem witness whales are not sharing their rewards with the Steemit community.

That's not true of all witnesses. And not all witnesses are "whales." I share over 1/4th of my current weekly SP income with @luzcypher's Open Mic contest for instance. Other witnesses contribute their own funds and their own time in many ways.

Witnesses mint thousands of dollars worth of Steem daily and the community isn't getting their cut.

This is a gross misconception. The Steem network that's being run by the witnesses has an emission based on inflation. Witness pay is 10% of that inflation while post rewards are 75%! So to say the community isn't getting "their cut" is inaccurate.

It also presumes that witnesses somehow don't deserve 10% of Steem inflation earmarked for witness compensation for faithfully keeping the network decentralized and secure. This can not be undervalued. No network security, no network! Obviously: no network, no post rewards!

@anyx recently made a post explaining why incentivized voting on a DPoS network is a net negative on its security and value. Check it out here: https://steemit.com/dpos/@anyx/how-vote-incentivization-degrades-delegated-proof-of-stake

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I'm in. This is my first witness vote. I have been holding on to them. Hope this works out for you. Best of luck.

I followed as well. Leta get this block mined.

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