In my view, to redistribute existing inflation is equivalent of an income tax. A tax that everybody pays, to implement things that only some wants. And I'm totally against this. People should pay only for what they want to get, and this is why I believe that development has to be sponsorship out of donations, like Steemit decided to pay for the development of the new system.
Ok. I've seen argued, and I believe it is most likely true, that a system based on donations is not self-sustainable. And the arguments for such a system say it is beneficial because it increases the overall value of Steem.
On the other hand, after HF20 the vote of small curators is zero, and their curation activities dropped significantly. If author rewards are also cut, this will be another major blow to activity on Steem.
Hard to say... This SPS has some benefits, several of them unadvertised enough.
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