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)
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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.
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