Cool story bro... but that's all it is. It's NOT "decentralized".
Can u explain why the STEEM is NOT a decentralized endeavor, 2Kewl4Skool?
Thank u in advance.
~CfA~
Haven't you heard? The Larimers can shut it down anytime they feel like it and restrict people's access to their accounts, but they decide to keep it running to profit off the "Steem ladies" and the suckers.
It is confusing to me also. So far all wallets are on the forum. So has nothing to do with decentralization. is like all bitcoin would run on a one web wallet. That is why there are so much troubles with security and i think it will just continue.
i might be totally wrong, that is why i said i am confused.
Hypothetically you could create your own Steem(.io) client and not use Steemit.com, but the blockchain is proof-of-stake (DPoS) and the insiders control something like 80% of the stake, so yeah it is centralized control.
So far, the public keys are all on the blockchain and the user holds his own copy of the private key. This is why the security has been so bad, because users can't manage well secure passwords.
smooth points out that the stake may distribute out over time, but
I have also pointed out that it may not.
Edit: also in another
discussion with smooth about voting power effects where I argued that the power-law will dominate over time because afaik there is no algorithm preventing such a game theory strategy.
