I'm a little over halfway through the book that I just can't stop talking about -- Skin in the Game by Nassim Taleb.
There are so many ideas in this book that map to just about every facet of life... What I love about Taleb's writing is that he points many examples that are relevant and easily visible in our daily lives.
One of the ideas that Taleb puts forward is the Lindy-Effect. The Lindy effect is in reference to a restaurant (which ironically closed within the same week as Skin in the Game was published) refers to the lifespan of a given thing.
The basic idea of the Lindy effect is this: the future life expectancy of something that is non-perishable (meaning it doesn't give in to the effects of aging over time - technology, ideas, etc.) is proportional to its current age.
For example, if a Broadway play has survived for 100 days, then it likely will survive for another 100 days.
I always love to bring these ideas to life on the Steem blockchain because that's what is relevant and top of mind to all of us who spend so much time here.
As DApps and communities continue to formulate on the Steem blockchain, it is important that they build their sub-ecosystems in a manner that is antifragile -- meaning that they don't break easily when put under stress.
As the Steem ecosystem of DApps flourishes over the coming months and years, many DApps will come and many DApps will go. It's just the nature of the beast.
It's going to be important for Steemians to be able to pick the DApps that they believe will have long-term survivability and long-term viability going into an unstable future.
The future is never set and the future is very volatile. If we are to create a Steem ecosystem of DApps that is antifragile and that which stands the test of time, we must ensure that we understand and develop DApps in a sustainable and strong way.
I already believe that the Steem blockchain is Lindy. Meaning that as time goes on, the Steem blockchain is constantly growing stronger and increasing its life expectancy and long-term viability:
“That which is “Lindy” is what ages in reverse, i.e., its life expectancy lengthens with time, conditional on survival." - Nassim Taleb
The Steem blockchain is still relatively new in the grand scheme. It's only a few years old. The funny thing though is that in the Crypto space, a few years is like decades of time.
Steem has stood the test of this time with many ups and downs. Changes to the economic system of Steem, internal and external politics, people leaving the blockchain, crypto bear markets, etc.
Through all of these trials, Steem has continued to flourish. Steem is better today than it has ever been before and its continually getting better with each passing day.
As time goes on and Steem faces more trials in the future, I believe that it will prove itself to be antifragile -- no matter what happens here on the blockchain, the DApps and the whole ecosystem will continue to flourish and thus, will age in reverse and increase it life expectancy as it grows older and more mature.
“The idea of the Lindy effect is itself Lindy-proof. The pre-Socratic thinker Periander of Corinth wrote, more than twenty-five hundred years ago: Use laws that are old but food that is fresh.
Likewise, Alfonso X of Spain, nicknamed El Sabio, “the wise,” had as a maxim: Burn old logs. Drink old wine. Read old books. Keep old friends." - Nassim Taleb
With time, people outside of the crypto space will migrate towards the systems that exhibit the greatest degree of antifragility.
Steem, I believe, is one of those ecosystems. As the Steem blockchain matures, the DApps improve, the user base grows, the technology is improved, new protocols are released, etc... the blockchain will be far more appealing, trustworthy and strong.
Standing the test of time is the only thing that matters, especially in the crypto space.
“You can define a free person precisely as someone whose fate is not centrally or directly dependent on peer assessment." - Nassim Taleb
While many other cryptos out there are being judged, defined and ultimately rely upon the reviews of their peers, the Steem blockchain has an inherent value that is far different.
The Steem blockchain does not need to be "liked" by the rest of the crypto community. It is not reliant upon people "thinking" that the STEEM cryptocurrency is going to increase in price. There is an inherent value for users to join the Steem blockchain and use the DApps as a way to improve their life. Most cryptos cannot say the same.
Having Something to Lose -- Having Skin in the Game
As we see more DApps flourish on this blockchain, we must continually ask ourselves what they have to lose. It is my opinion that one of the best ways to measure a DApps potential is to see how much "Skin in the Steem Game" that they have.
And as we see more powerful DApps develop on the Steem blockchain, we will see the Steem blockchain gain more and more antifragility. The greater the number of DApps and the greater the number of users, the more robust this blockchain becomes and the longer it will survive. And as it survives, given my belief that it is Lindy, it will age in reverse and become even more antifragile and robust with time.
Do you believe that the Steem blockchain is Lindy? Do you believe that this blockchain is like a fine wine and increases in value as it ages?
This post has received a 20.00% upvote from @jmiller05!
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DApps, like corporations, are artificial persons have no skin in the game:
The developers?
The founders?
The VC?
The impresarios?
Brought in through fiat or non-delegated SBD, Steem, not from DApp issued tokens.
Sweat equity?
Reputation risk?
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After reading your posts about skin in the game I’ve started to read the audiobook. I completely agree that the concepts in the book are very good, but the quality of the writing is not as good as your posts on the subject. I think the Author should’ve asked you to re-write the book. Please continue putting your thoughts up on here as I think they’re very informative thank you. I’ve just reached the section that you reference in the article above, but if you have any thoughts on the 3% minority section of the book I think that could do with a bit more explanation.
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Haha I’m flattered, but Taleb’s writing is much better! He very clearly has a plan and meticulous way of writing. Though it can get confusing to navigate at times! Hopefully my writing is a little more “digestible” by being shorter!
Yes! The minority rule is a very interesting concept. We can see it in effect all over the world. For example, many beverages in the u.s. are kosher because of the minority rule (kosher individuals are the minority, but they set a rule and standard for the majority).
The rule also applies here on Steem. If we see 1 DApp (the minority) see great success and set a new standard for what’s possible (steem monsters raising 88k on Kickstarter), the they may set new standards of practice for the majority and how all the rest of us interact with the blockchain each day!!
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I would only keep "old laws" if they are still relevant, but agree on the fresh food.
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Congratulations @khaleelkazi!
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