I will quote from my lengthy rebuttal of Jeremy’s 25 points:
The whitepaper of Steem even admits that the “proof-of-brain” reward system depends on being able fool most of the users into doing more effort than they will be equitably rewarded. This psychological deception is quite clever and effective at fooling newbies and n00bs.
It is very important to understand that the cartels and whales generate asymmetrically, disproportionately more rewards than their share of the SP stake that they hold. So not only do they get outsized rewards, but they get more than their outsized share. This concept seems to fly right over the head of the community-at-large. It is much worse than capitalism and should not be conflated with free markets. It is a by-design power vacuum induced monopoly.
And quote from another comment I wrote:
And if you happen to be one the lucky bloggers that is upvoted by whale cartels, then you can be shining example that the scam tries to reward a few superstar bloggers to make everyone else jealous and manipulate their psychology to think that in the future maybe they can get high rewards too if they continue to give more effort to Steem than Steem gives back to them.
Combine that with the premediated by Daniel Larimer, sneaky instamine that @cryptovestor documented in his video which awarded some 80% of the money supply to STINC, which STINC now allegedly and plausibly employs in a sockpuppet scheme to obfuscate that they’re powering it all down into Bitcoin while capturing asymmetrically more than even their stake-weight share of the rewards.
RE: 25 Reasons Steem Will Replace Bitcoin as #1 Cryptocurrency by 2021!