It seems like almost a congestion effect right there. The huge crowd squeezes into the little world with limited resources (e.g., whales), and only a few can get decent rewards. The more content the system is filled with, the less the average reward for each creator, unless there are many whale-like investors.

Also, the learning curve is quite large for first-time users. With all the voting, reward, reputation, punishment, and delegation systems, I just feel like the system is made too complicated for just a blogging platform. Even if someone wants to investigate the root problems (e.g., coalition), it is quite difficult to figure out where to start with. I am currently decomposing those systems and trying to investigate the economic dynamic little by little.

Moreover, if people join and expect the creator to be a full-time job, it simply won't work. It will end up with complaints of unfairness, etc. Because they rely too much on the token economy and care too much about loss and win. There is no enjoyment, no intrinsic values, no fun. Pretty much like nowadays' gig economy.