Exactly. Subjective value theory all the way. Steemit is hugely disruptive and innovative and the incentives are extremely interesting. This experiment will be fun to participate in.
Whitepaper page 6: "The challenge faced by Steem is deriving an algorithm for scoring individual contributions that most community members consider to be a fair assessment of the subjective value of each contribution."
Whitepaper page 15: "Subjective Proof of Work presents an alternative approach to distributing a currency that improves upon fully objective Proof of Work systems such as mining. The applications of a currency implementing subjective proof of work are far wider than any objective proof of work system because they can be applied to build a community around any concept that has a sufficiently defined purpose."
Cryptos, generically speaking, scare the crap out of me , same goes for a few economists that I speak to from time to time.
There's a supply discipline flaw that we see in terms of governance since crypto's are derived by way of the expenditure of intellectual endevour. That's virtually limitless !
Any "color" of a selected "digital tulip" can be limited within a selected "digital tulip garden" (like Bitcoin) but the number of "gardens" is unrestrained. A tulip crisis seems inevitable.
We all agree that the block chain is a wonderful tool, but for currency creation .... h'mmmmm ..... I don't think so. My vote goes to bullion based currency now that its accompanied with real-time trade values.
Exactly. Subjective value theory all the way. Steemit is hugely disruptive and innovative and the incentives are extremely interesting. This experiment will be fun to participate in.
Whitepaper page 6: "The challenge faced by Steem is deriving an algorithm for scoring individual contributions that most community members consider to be a fair assessment of the subjective value of each contribution."
Whitepaper page 15: "Subjective Proof of Work presents an alternative approach to distributing a currency that improves upon fully objective Proof of Work systems such as mining. The applications of a currency implementing subjective proof of work are far wider than any objective proof of work system because they can be applied to build a community around any concept that has a sufficiently defined purpose."
He acts as if he were an elementary math teacher successfully debunking the Philosophiæ Naturalis Principia Mathematica .... (Principia)
Cryptos, generically speaking, scare the crap out of me , same goes for a few economists that I speak to from time to time.
There's a supply discipline flaw that we see in terms of governance since crypto's are derived by way of the expenditure of intellectual endevour. That's virtually limitless !
Any "color" of a selected "digital tulip" can be limited within a selected "digital tulip garden" (like Bitcoin) but the number of "gardens" is unrestrained. A tulip crisis seems inevitable.
We all agree that the block chain is a wonderful tool, but for currency creation .... h'mmmmm ..... I don't think so. My vote goes to bullion based currency now that its accompanied with real-time trade values.