First, appreciate the reply.
I have nothing against ETH, but I do believe it will need to make improvements to solve the issues of congestion as well as high gas prices that make running many Web 3.0 aspects not feasible longterm. RCs are actually an interesting way to over come those issues specially, and I think that gives Steem a good chance at being a base for the technology.
So it is not my intent here to debate or anything, but I notice that a lot of people on Steem/EOS believe that the "free" transaction thing is more scalable than the fee market system and, I'd like to say why I am confident that is not true.
We can look at how the two systems work:
ETH2 minting/fee system looks like this:
Validators > Users > Validators
Steem minting/fee system looks like this:
Witnesses > Holders > Users > Holders
No one experiences RC scarcity because RCs are extremely cheap, but that's not how it is at the mass adoption stage. The profit holders are hoping to make would be coming from people buying RCs from their RC generating Steem Power. This is a rent-seeking profit model, token holders perpetually earn value without putting new value into the marketplace.
Transacting on Steem only has the feeling of being free because new people are delegated 15 SP for free by Steemit Inc. in hopes that they will buy in later. But long term, Steem transactions are not free at all. Every action that requires RCs is not free at all and would require people to pay something to someone holding SP. It really only appears free because the Steem blockchain is not busy enough for RCs to be expensive.
One way or another you always have to pay for the security. But on Ethereum you only have to pay 1 party, on Steem there are 2 parties that make money off users.
RE: What I Really Think of Steem - Truth Talk