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RE: Maybe It's Time To Change The Rewards Algorithm In Steemit? Revisiting YAVAP, A Two Years Old Proposal
when I create content, I am creating Intellectual Property, that is an asset that I now own and is skin in the game. I don't need to be reaching into my pocket to have skin in the game.
I can choose to invest in more Steem and increase my skin in the game.
That's a very weak assumption. Not all intellectual property can have a redeemable value and it's not very clear if you really own that intellectual property or not (that's a very long discussion).
Whereas when you make a financial transaction in which you are assigning value to something, by spending tokens that goes from your pocket to another person's pocket, you pair the tokens you spend with that value automatically. The bigger the spending, the bigger the value. Works like that in all economies.
there is zero question that content I and others create is the intellectual property of the creator... on this platform if others find that IP to have value it is expressed through upvotes and my account then receives that value, that is skin in the game. If my IP receives zero upvotes then I have IP without value on this platform and lack of skin in the game.
That value grows to increase my skin in the game in the same way those who directly purchase their skin in the game. The ONLY difference is purchasing it is a faster way to grow the value and that difference is reflected in the stake weight voting which takes place on the platform. Those who purchase usually have a larger amount of skin in the game which gives them an edge. They are not however the only ones with skin in the game.
Like I said, this is a longer discussion.
Here's just one side of it (there are many more): this platform stretches across countries and there are no physical boundaries. But, in each country there are different rules regarding IP, who owns it (you, the creator, the platform, a.k.a Steemit INC or the witness who validated the transaction?), under what conditions and so on and so forth. How do you mitigate this? Which jurisdiction the content that you create falls under? Is it the place where you create it? What if you travel?
And there are many more sides of it: if it's property, then it is taxable? If it's property then it's transferrable? Who's the owner? If you copy & paste other people articles, are you creating an IP infringement? In what countries, again? For instance, in Iran there is not concept of intellectual property, as far as I know.
I repeat, I'm not saying writing and contributing content is NOT skin in the game, I say that this is a weaker assumption than an actual economic transaction on top of what one contributes. Money transfer, agreed by both parts, is the strongest evaluator of anything.