I expect the underlying problem is not just STINC. I expected the problem to arise in the game theory of a consortium blockchain combined with a flawed rewards model.
I warned the Steem community of this inevitable game theory outcome more than once since 2016:
Blog rewards CAN’T be widely distributed
Who pays for the blogging and curation rewards? (Part 2):
Who Actually Pays
The debasement of SP holders is not a complete picture of who pays, because the game theory for rewards indicates that perhaps hypothetically deviant whales could in theory offset any debasement and increase their share of the money supply. Although I haven’t developed a precise model, it appears that the more SP stake a holder controls, then proportionally some non-linear less debasement. Meaning I posit that the system appears to hypothetically economically favor concentration of the wealth to those who already concentrate the wealth in the deviant scenario.
“Consortium blockchains” (e.g. DPoS & Tendermint) can’t Internet scale
There’s a solution to the game theory problem, but not with the current model. And the vested interests here will never change the existing model.
Actually this problem at the generative essence abstract level is just another power vacuum paradigm. Those who are the most ruthless always win the battle for the void in the power vacuum.
RE: Steemit creates accounts for scammers... and nobody else?