Information asymmetry evolves into power asymmetry
People assume that markets work and are decentalizing forces. It is true that in theory markets are decentralizing forces but only in theory. In practice we have participants in a market who have much more or better information than the other participants. The market theory does not do a good job accounting for the fact that some participants in the market are "information rich" while other participants are "information poor". The cause of this is information asymmetry.
What is information asymmetry?
In a transaction if one party has more and or better information than another party then it is a situation of information asymmetry. The party with more and or better information can leverage this advantage. Quality information leads to quality decisions and misinformation, disinformation, or just low access to quality information, leads to bad or low quality decisions.
How does information asymmetry influence politics?
Voters may not always be self aware and well informed. In other words there are some voters who are information poor. Information poor voters are voters who do not have good sources of information from which to make high quality decisions. Garbage in garbage out, so when there is disinformation the voter patterns may reflect that. Of course there is a demand for disinformation so the market forces fuel the continued generation of disinformation to sway voters to make decisions which have consequences they are unaware of.
The same applies to buyers who also buy defective products due to information asymmetry and "fake marketing". The same will also apply to tokens and token sales. So of course people might buy tokens based on wicked bad information or simply low quality information without understanding the nature or function of the token if the token has any function at all.
References
Akerlof, G. A. (1970). The market for" lemons": Quality uncertainty and the market mechanism. The quarterly journal of economics, 488-500.
you are right.. and especially these fucktards that post everyday on the DEMISE of BTC and earn 33.33$ for each garbage post they produce... disinformed guru is what we are seeing in Steemit..... "IT WILL DUMP".... fear.... using ATH tools to sell peanuts leveraged.... they look at the ledger WALLS but fail to see the larger picture... the Blockchain will swallow every business.
I am not a Bitcoin maximalist nor am I religiously devoted to Bitcoin. If you don't like that I'm not devoted religiously to a token then why respond to my posts?
I evaluate the token based on what it can do for me (is it adding value to my life?) and what it can do for the world. Bitcoin has competition and it's not 2013 anymore.
As far as how much you can earn by posting? Post quality content consistently until you create demand for your content. Have unique and sometimes even unpopular opinions but always cite your sources so people can know how you arrived at those opinions. As long as whatever content you provide adds value to people's lives then you can receive upvotes.
the source is game is one of the biggest lie of all time. those so called academics are always behind the knowledge curve and for all non science they leech like mad on the internet and never ever quote that they got their ideas on the web... that would be a shame for all their pyramids of lies. They can only self reference the others morons who quote others morons...
So you have established that you do not like academia. Do you at least appreciate the scientific culture of building your knowledge from the knowledge of previous generations? We cite our sources to not only allow peer reviewers to trace our lines of thought but also to give credit to the originators.
I do not assume that the knowledge I discover or decisions I arrive at are based on anything more than the quality of information and or knowledge I have access to. My bad decisions are a result of garbage in garbage out.
If you think my opinions are bad or conclusions wrong have a look at the sources which I cite. You can then figure out how I arrived at my opinions and simply refute the evidence I used to support my opinion to invalidate all of it. But you haven't done that.
no there is all your mental generational framing that will interfere in your decision process. By this I mean neuronal paths that have been since your conception reinforced. Those may even have been designed to short-circuit your decision process in face of an outcome that the designers would want at all cost to avoid... scientific naivety is a just a cover that is used to scam, lie and loot.
If they were about knowledge and progress and civilization they would publish their work for free, no paywall, not stupid quote blah bs that an internet search can do in a few ms...
No they want something, they are just HUMANS... nothing more.
Why can't they quote the greatest scientist of all time : the one who mastered fire first and did some cavemen grilling ?
Open source will rule them all... and those who shall oppose will not even be able to do so.
machine learning will brutal for "science"... the earth is round right?
I never said I agree with the academic publishing model. I think it locks up knowledge and is evil. That said, I do think science is how we generate knowledge.
hi dana-edwards, exactly the danger is that they try to dumb us down (feed us false or fake or misleading data) to then have an hedge over us (to abuse us).
I am not sure that science generate knowledge, maybe luck or something way stranger. I read that the amazonians people have for some recipe with more than 20 different plants.
It asks how they found them... some say trails and errors (science) others say that there is something mystic that guided them.
I know one thing about academia, they only care about themselves. little worthless prick they are.
Personally I think the quote game is to foster compliance. As you know you can't chose freely your quote in academia, it has to be pre approved by the ones evaluating the work afterward.
As such their aims is to build self referential gate keeping.
keep your good postings, cheers.
An example that prove this theory wrong is KODAK. They had all the informations about digital cameras...
All that have fallen had positive information asymmetry, but it doesn't mean wisdom, luck and/or humility.
What the real question is: what is the aim of the author? I believe that beyond making money, gaining fame, power or pussies, there is most of the time a nefarious aim. My idea, is that the technocratic enslavers possesses a discutable information asymetry agaisnt the "we the deplorables" and as such "we the deplorables" can't vote, because not that we are too deplorables (dumb) but because we don't know.
The reference comments make me lol the most, totally typical of an academic drone who can't think by itself and has to reference the old and pathetic work of men and women unable to provide in a dynamic free market.
Either their information wasn't as good as they thought or they refused to act on it. This doesn't prove the theory wrong.
I'd like to see if you have a point to make besides pejoratives and ad hominem. My example on scams holds true, there are scams in the crypto space. There are many ICOs which leverage information asymmetry to get money. Information asymmetry is real whether you value my content or not. Of course I cite academic sources because my decisions are usually arrived at by knowledge I acquired at those sources.
Where are your sources?
I see you have some stakes in academia... I hope it's not debts :D.
For example universities use exactly what you describe to torch and burn students. they pretend that without them people are nothing, just worthless morons even unable to flip burgers. So they pump their paper award scams to the moon and of course attack all opponents of their controls of the job markets by the morons who did the hr courses, and those who impose "papers".
Where are my people? I have no idea... hehehehe :D find them :D
:)
never read the legendary story of jesse I guess?
as a kid he learned to move pieces on a board... theories? that's the way idiots who can't operate make their living... scamming dumber... the food chain anyway.
another example is 9.11... if you think about information asymmetry... I don't think there can be a bigger differential.
Thanka for sharing this va
Great post!
Please up vote and follow me!
Management of information access is a seriously well-developed tool of corporate manipulation - internally and externally. Watch out for it!