Cryptoeconomics: A Brief Discussion

in #money3 years ago (edited)

Despite having spent many years studying economics, I've long believed that "cutting your teeth" in cryptocurrencies is in many ways superior to studying economics at all. Granted, this is partly due to the dismal state of macroeconomics and the mainstream's insistence on building their macroeconomic models on top of microeconomic assumptions. And this is precisely why diving head first into cryptocurrencies has certain advantages.

Iatrogenics and Economics

In his book Antifragile, Nassim Taleb points out that, up until the 20th century, anything that prevented you from going to a doctor improved your odds of surviving. That's because for most of its history the medical profession did more damage than good. If this is hard to believe, bear in mind that deaths due to hospital-related errors are still the 3rd leading cause of death in the United States. This isn't to say that one should see doctors or use hospitals, just that sometimes doing nothing is actually better than doing something, even when that something is seeing someone people believe to be an expert.

In the same way, trying to understand investing by listening to economists is about as good an idea as treating syphilis with mercury. Instead "just doing" is often a better approach and cryptocurrencies are an interesting opportunity for doing that with relatively low risk. What I'm certainly not saying is that people should invest their life savings into tokens in the hopes they will "moon." One of my most oft cited reasons for loving steemit is that it enabled me to invest by contributing labor--by doing things I wanted to do anyway. The fact that you can learn, grow, and gain exposure while earning tokens that you can trade for other tokens is a paradigm shift that few yet understand or appreciate. I didn't sacrifice anything, I grew as a person and a creator, and in exchange for that I received money. You can then treat those tokens as "play money" that you use to experiment, learn, develop hypotheses, test your assumptions, etc. That's going to get you much farther than even a PhD in macro.

Understanding Money

More importantly, deep diving into cryptocurrencies forces you to learn about a phenomena that is rarely even discussed in the mainstream of economics: money. Mainstream economics effectively treats banks and money as if they don't exist. They are simple intermediaries like any other. For this reason, their importance is seen as insignificant. However, more and more people, especially ordinary people with common sense not what Taleb refers to as "Intellectual-Yet-Idiots," are coming to understand the fault in this logic. Many of these people founded this movement that we are involved in. We understand the importance of money, but not just that, we understand the importance of experimenting with it. Of experimenting with token emission rates. Of experimenting with hard caps and soft caps and what I refer to as "token distribution mechanisms." If you'd like to learn more about my views on money, check out the following video:

Smart Media Tokens

This idea of experimentation is also one of the things that excites me so much about our upcoming Smart Media Tokens protocol. Many make the mistake of thinking that the idea is for everyone to launch a Smart Media Token that immediately acquires massive value. Obviously that would be amazing, and we're going to do everything we can to set up developers for success, but that's not the same standard we apply to other tokens like the US Dollar. The US economy functions despite 90% of startups failing. Token systems (or as I like to call them "productivity point systems") are not designed to ensure success for all participants--at least not good ones.

Good token systems are designed to maximize experimentation. Every potentially productive enterprise should be able to integrate the token so as to increase their odds of success. The problem with the US Dollar is not the failure rate of startups, it's the limitations it has with respect to what types of enterprises it can be integrated into. Want microtransactions? No can do. Want fee-less transfers? No can do. Want to connect money to actions (like upvotes) no can do.

This also highlights what many people within our industry get wrong. If your goal is to replace the dollar, I think you're kind of missing the point. What's so revolutionary about what we're doing isn't that we're making a "better dollar" it's that we're monetizing entirely new things. We're creating money that can do things the dollar never could. We are not competing against the dollar inside the old economy, we are developing entirely new economies, monetizing value that had previously been ignored because the dollar was useless in that respect. This is why Smart Media Tokens are so potentially revolutionary: because they will give anyone the ability to launch their own hyper-efficient money, customize the most critical properties, and monetize entirely new behaviors and actions. Some efforts will fail, but the information we gain from those failures--in addition to the successes--will be priceless. And all of this is powered by the Steem blockchain.

To learn more about Smart Media Tokens, check out the following video:

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As always @andrarchy, really enjoyed your post. Likewise, Taleb is one of my favorite authors; I was lucky enough to get introduced to him and his ideas before I even started my career in finance. as a very junior analyst at a hedge fund, i was tasked to read the black swan and fooled by randomness. never was short vol in any of my portfolio. it has been costly as of the last few years. i don't mind it.

as the concept of antifragility gets more widely known, here is a short video (from jimmy song) of it applied to Bitcoin that I think is quite well done. Was during a conference in LA in Oct 2017. that day, BTC crossed $7,000 and everyone was like celebrating. And now where are we at??

next up on the reading pile is "skin in the game". Will be released on February 27, 2018. cannot wait!

Additional point.

The barbell strategy is a method that attempts to secure the best of both worlds. It’s possible, the thinking goes, to garner substantial payouts without taking on undue risk. The strategy’s prime directive is interesting in that it’s not only counterintuitive to a populace weaned on the benefits of tempering risk and reward, it’s unambiguous: Stay as far from the middle as possible.

Nassim Nicholas Taleb [...] phrases the barbell strategy’s underlying principle as follows:

"If you know that you are vulnerable to prediction errors, and […] accept that most “risk measures” are flawed, then your strategy is to be as hyperconservative and hyperaggressive as you can be instead of being mildly aggressive or conservative."

Source:
https://www.investopedia.com/articles/investing/013114/barbell-investment-strategy.asp#ixzz53AmkiceV

When taking into account potential returns in BTC and crypto in general, one would conclude that the exposure is "hyperaggressive". As a result, it has a place in a portfolio constructed according to the barbell methodology.

Thanks for posting this video! Jimmy Song usually is an insightful guy to hear from.

Wow this is a brilliant post. One of the best I have ever read on the matter. You make this very complex and difficult topic so obvious and simple. I think along these lines, but don't think I could have explained it this well.

So glad I got to meet you and that your a part of the Steemit Team!

Full Steem Ahead!

Thanks so much! I really appreciate that

Your very intelligent, articulate and good on camera also.

Thanks homey! That means a lot coming from you! Hope all is well at the Garden of Eden

Life is really awesome here man. Just keeps getting better. I have been thinking a lot about starting a show A Live Truth Production of life in the GOE. May make a post about it sometime in the new year.

I am sure all your projects like @hardfork-series and Steemit it self haha are going well, but wish you and your team the best!

You should defiantly keep making more videos you have a really good skill for it.

SteemOn!

Do it! Thanks!

I can second that. I've read most of Taleb's books and while a lot of it is overwhelming and difficult to summarise in a single blog post, @andrarchy did a great job here.

@andrarchy, your postulation and ananlytical presentation on the subject matter you are discussing here is quite apt. Your knowledge of micro and macroeconomics is in no doubt.

Fiat money system was designed with the propensity to overly enrich only the elites at the huge expense of the larger population (the poor masses).
It's indeed unfortunate.

But, thanks to the arrival of crypto money system, where its functionality is based on tokens.

Tokens are really, really potentially revolutionary, given that they have the capacity and capability to give everyone the ability to launch their hyper-efficient money, control and be the bank to themselves. Fiat money jinx is broken by crypto tokens.

Here we are in the Steemit community where life is becoming more meaningful each passing day.
Bravo.

Thanks so much for the very thoughtful comment and kind words. I’m honored

Beautifully stated. So much so that I’ve become interested in your actual works and have begun following you.

The thing that appeals to me about the steem blockchain and steemit in particular is exactly what you mentioned above: trading labor for stake.

There is so much talk lately about guaranteed minimum incomes due to a chronic shortage of jobs. And much has been said about the cultural value of performing work to provide our subsistence. Right here is our answer. The longer I am here the clearer I see that this is a model for the future of economic activity, period.

I couldn’t agree more. Extremely well said

"If your goal is to replace the dollar, I think you're kind of missing the point. What's so revolutionary about what we're doing isn't that we're making a "better dollar" it's that we're monetizing entirely new things."

Wow. In three lines you changed my view on cryptocurrencies. Amazing statement.

I know your a fan of thinking from first principles, just wanted to say you do it really well.

There needs to be a definition on that "entirely new things" or it can mean anything. Vote manipulation for example monetizes a cheap way to make money and makes actual good content an afterthought.

Yeah but that is a bit of a strawman, especially if it makes you believe that is the actual goal of competing cryptocurrencies. I mean there are probably some people that say this, but a lot of the cryptocurrencies I've been into, they want to replace the whole system, not just the dollar, but banks, financial institutions, law institutions (with smart contracts), corporations/organizations (with DAOs), exchanges (with DEXs), they want to bring a solid money to the unbanked, and bring it to IoT devices, they even want to change the internet itself! And Steem is included in those.

So both options are available and thus everyone is right

"If your goal is to replace the dollar, I think you're kind of missing the point" I have to disagree with this point. There is potential for cryptocurrencies to replace the dollar AND to create entirely new economic systems, we just don't know yet which happens first (or if it actually happens).

I'm starting to learn a lot of these lessons for myself, firsthand. Thanks for being so pragmatic, transparent, and educational about this stuff!

My pleasure! Thanks for reading!

You had me with “not doing anything is often better than going to the doctor”....there is a balance in that, stay aware and know thyself. Working on Steemit I have grown and learned so much about myself and the new world we are creating. Ti can’t wait for smt, I truly cannot imagine what will happen, I’m going to dive in and find out! Thank you @andrachy🌀

My pleasure! Thank you!

Great stuff, Andrew. I've learned a ton just experimenting and playing around. When I started asking my "financial advisor" some of the questions I had, it quickly became clear he didn't really know what he (or I) was talking about.

I have Taleb's book as the next on my list in Audible. Already downloaded. I really enjoyed The Black Swan.

Haha I can only imagine how that conversation went!

Maybe when you’re done reading we’ll have a chat about it!

Yeah, that would be fun!

Up-voted, re-steemed, and followed. I really enjoyed this post. Below is a link to a column I wrote about the ideas of subjective value and the way money emerges out of our cooperative human instincts. The idea is to help SF writers think more clearly about economics, because they are essentially doing virtual experiments which could be really valuable if they understood more about what they were doing.
http://www.intergalacticmedicineshow.com/cgi-bin/mag.cgi?do=columns&vol=randall_hayes&article=002

For instance, Corey Doctorow addressed the "productivity points" arguments in Walkaway.
https://steemit.com/scifi/@plotbot2015/post-scarcity-punk-review-of-walkaway-by-cory-doctorow

Nice post. Anitfragile is the best books I have written bar none. You can implement lots of wisdom from the book into your life. I even wrote a post of Bitcoin being Antifragile:https://steemit.com/bitcoin/@janusface/bitcoin-is-antifragile-it-gains-from-disorder. Thanks for your good work at Steem/ Steemit btw:)

Sounds interesting! I’ve often thought about writing just such an article. I’ll have to check it out!

Thanks! It is very simplicitly written, because until recently very few people where aware of Taleb's works and the concept of Antifragility. I have a feeling that the man himself has starting to look at BTC as an Antifragile entity. Thus, he advices against shorting it.
Screen Shot 2017-12-24 at 03.42.23.png
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It will be very interesting how BTC will interact with the future/ derivate markets going forward. Perhaps BTC will be eating Wall Street for lunch:)?

I'm extremely excited to work on and innovate with Smart Media Tokens, and the post above really resonated with me. This is exactly why I joined and started posting on Steemit!

"One of my most oft cited reasons for loving steemit is that it enabled me to invest by contributing labor--by doing things I wanted to do anyway. The fact that you can learn, grow, and gain exposure while earning tokens that you can trade for other tokens is a paradigm shift that few yet understand or appreciate. I didn't sacrifice anything, I grew as a person and a creator, and in exchange for that I received money. You can then treat those tokens as "play money" that you use to experiment, learn, develop hypotheses, test your assumptions, etc. That's going to get you much farther than even a PhD in macro."

Steemit-Economics: 1) The more steem you have - the more people hope you click them rich. 2) The more people hope you click them rich - the faster you get even richer.

Capitalism in a nutshell. Maybe even a hint of societie's future.

not sure it actually works like that.

Brave New World is an excellent book, but it's hardly a capitalist society. Like 1984, it's a dystopian future based on central planning, which entails communal ownership and the overbearing bureaucracy that entails.

As capitalism in a nutshell is about the private ownership of property and labour, coupled with voluntary association, Steemit is more capitalist than Huxley or Orwell's visions.

This was a very interesting read, thanks ;)

Shared to my Steemit Facebook & Twitter Group👍

Again, an excellent piece of writing: Great information, I love the bits of history in there too and a valuable comment on "ANTIFRAGILE". As always, much appreciated education and consistent quality.

I can't wait to see the monetizing tokens come on top of the Steem blockchain to have more of a grasp of the whole thing, that'll be simply amazing to our world.

Namaste :)

Amazing information...very true, Cryptoeconomics is rewriting how traditional economics works.

That's a good way of putting it! Thanks for reading and commenting!

Great write-up about money Steem and SMTs. Glad to be part of this new economy!

Very intersting the you bring up the Nassim Taleb book. It was quite a while ago that i read it, and I didnt really get it then either. But from what i understand, his main message was that "good systems are robust systems", and that too many " solutions" or "innovations" these days are merely bandaids to our societal/economical/environmental unsustainability /lack of robustness.

I think the decentralized consensus capabilities and organizational improvements that blockchains offer are going to change our lives in a similar way that a decentralized power grid / food source / internet service priveer would.

Great post. I have an old review of the talrb book that i may toss on my account if anyone is curious.

Really enjoyed your article. Even through I am of a different generation my son suggested I come on steemit to keep up to date with the world as it is today. Don't understand cryto currency but realize it is how gearing towards the new currency. With articles like this it really helps keep up with the times. I have even taken a leap of faith and invested in some crpto coins. Thanks for sharing.

Thanks so much for reading and welcome to our little corner of the internet (soon to be much bigger ). Glad you found it informative. Remember: never invest anything you can't afford to lose entirely. Cryptocurrencies are insanely volatile and risky.

El desplome que hubo el día de hoy en todas las crypto monedas era algo esperado ya que días atrás el aumento fue significativo pero en los próximos días se equilibrara esos precios a mi parecer

The tree main examples of antifragility given by Nassim Nicholas Taleb in his books are: airlines, restaurants and the silicon valley.

The airlines are antifrigile because when a plane crash, the other planes gets better. In other words, the company learns why the plane crashed and adapt the others planes to avoid another catastrophe.

In the words of the author, here is why restaurants are antifragile:
“restaurants are fragile; they compete with each other, but the collective of local restaurants is anti-fragile for that very reason. Had restaurants been individually robust, hence immortal, the overall business would be either stagnant or weak, and would deliver nothing better than cafeteria food."

The silicon valley is antifragile because it innovates a lot and don't fear the failure. They use the failure as information about their consumer and create better products based on that. Eric Smith, Google CEO, has once said:
“We celebrate our failures,”.

Thanks for pointing out these examples - very nicely put. Makes a lot of sense if you ask me!

Crypto economics focuses on the economic principles and theory underpinning the blockchain and alternative blockchain implementations.After concluding that we can’t yet predict how the blockchain will affect the economy, but we can expect a substantial amount of disruption
Steem earning investment

Cryptocurrencies are a mess and an inovation. There is a need for a proper education on what they are really about. There is also a need for more academic work.

Disruption, no doubt! Though cryptocurrencies are tied with economics theories. Bitcoin is associated with unorthodox economics like the Austrian School, while some others are more closely aligned with orthodox economics. Ripple for one is working with the status quo to ensure adoption and cooperation instead of Bitcoin's almost rebellious approach. I'm glad there's room for both.

This is the kind of thoughtful post that makes trawling Steemit well worth it. I'm very glad it has made it to Trending. Hopefully the writer will also be rewarded for his fine effort here.

I've saved this post and will refer to it when the topic of "What's so special about cryptocurrencies?" is inevitably brought up. Many of us have strong feelings that cryptos will be extremely important in the future. But can't quite elaborate on this. This post certainly helps with the process.

I’m glad you think so!

Well smart media tokens have yet to reach the level that we want to see. Cryptocurrencies will certainly bring the revolution.
That was a clear cut view about cryptoeconomics..hats off...

Nice post @andrarchy,
I guess very soon, Cryptoeconomics will be included among courses in the University and Colleges.

The example you used in steering towards; that of hospitals and doctors. I believe when trying to solve a problem, you create another. That's what we were taught in CMPC classes (community medicine and primary care). This is not secluded to medical science alone but also other forms of science and arts. It's sure that as crypto currencies are here with good intentions, it's also damaging our economies somehow.

Great post! Upvoted and resteemed.
I wrote a lot about money and economics in the past on other blogs.
But I always was an advocate of a gold back currency (before cryptocurrencies became widespread), but the more I learn about cryptos, I see it as far superior to a gold back currency.
Here's an article I wrote some time ago about the origins and functions of money:
https://steemit.com/money/@stehaller/essay-on-origins-and-functions-of-money

The Video is Brilliant.
Much better overview then I have found in other places.

Apparently the most voted publications are those that talk about "steem" "steemit" "bitcoin" "cryptocurrency" and etc, we will have to publish only about that. This platform has become a source of publications about itself. so boring.

many thanks for introduction. What is the future of crypto curencies? I mean with respect to regulations by the governments? Is there any danger?

Great post @andrarchy. I'm new to most to the world of cryptocurrencies, this post gave me a lot of little nuggets of knowledge to chew on. Thanks!

Awesome! Glad to hear it. Thanks for reading

Btc gone down, waiting for the recovery...

Great post .thanks for sharing us your good post.resteem it.

Great article! I love the past works of Dr Talea, and I will add this to my collection! I think that 'Fooled by randomness' is simply wonderful, and now I'm finishing the 'Black Swan'. Well done Sir, thank you!!

Steemit is flawed in a few ways, but the perfected goal of steemit could potentially create a great type of economic system

must agree that DOING crypto shit firsthad you learn immensely. you literally FEEL the supply and demand laws, and discover the subtleties and fun and craziness of it all by trading and checking charts. like george lucas predicted everyone will be making films soon and will able to produce top notch visual effects, crypto is also making a revolution - we will be our own banks haha :)

It was all “ virtual” $Billions”, wasn’t it ? ...Hokus-Pokus Now you see it, now you don’t

Excellent article. As much as there will be naysayers to any radical change from status quo, having more to do with primal instincts, change is inevitable to build systems to cope with economic entropy. I too believe that the norms for rationalising economic mechanisms and finance will be challenged, and wrestled into adapting to this new economy.

Nice post, thanks for sharing

Your post hits the nail right on the head. The cryptocurrency will teach any one everything they need to know about economic forces and how they can apply pressure to different asset classes. These markets allow simple economic principles, like supply and demand, to be magnified a million times over.

All values are contextual but you can't separate value from purpose. Purpose comes first and then values are identified objective for achieving the purpose chosen. This means that all rational values are objective based on a standard. But contextual to the whole situation. This is very different than subjective. Your emotions will not tell you what values will get you to your purpose.

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You are spot on I couldn't agree with you more. Current economic systems have made institutions like central banks, (central) investment banks the actual king and queen makers within the society with virtually no free will input from the given society. You are just told "this is the way it is" and the conversation is over with. That is at least until people like yourself introduce people to the actual truth and the possibilities that are available the masses that were previously thought to be unavailable. Great work sir keep it up!

very well described

I am reading the complains from economics but they get one thing wrong all the time: cryptocurrencies are not currencies, at least not in their curent form. So their analysis is biased since the first assumption.

I love the concept of reward for creativity and reward for experimentation. It reallyfeels like a new world order is arriving.

Really like your work here! Nicely done.

Very informative content. Watching and learning. Thanks for sharing this with us.

finally i found someone thinks like me ,, but but i have question But this question has plagued me since a period I considered it a philosophical question .. Can you help me in answering (what is the value ??)

Nice. I’ll have a check out of the video as I’ve been trying to get my head around how non-ICO SMT’s work. Was thinking that this route would be more applicable to smaller entities to help adopt this model on their sites.

What I’m thinking is how an enthusiast website, generally getting by on the good will of its contributors, can go from nothing onto the world of SMTs. Is it a case of pressing go and it just happens? I’m not sure right now.

We’re going to try to get it as close to that as possible! There’s a massive opportunity for designing a token launching protocol that is simple and fast to integrate and yet powerful as well.

It’s sounds fascinating, and I’m trying to put it all together in my head. Going through attempting to put together a piece in my head at the moment about how this will impact the enthusiast scene, so it’ll be great to see this roll out and the white paper apply to prospective adopters.

I remember I started experimenting with investing using a stock trading account in my senior year while sitting in class. I made some good money, but I lost some good money too. And in both instances I learned a lot about how I needed to invest.

Certainly am not an expert yet, but I'm always learning!

That's the right attitude IMO!

But understand that casino finance serves the "house" and not the general population.

So excited for the future! Awesome video, very informative

This correction of BTC was due since long but today BTC crashed so heavily that there is intense bear market.

I hope to see some recovery soon.

Thanks

A bear market is not assessed based on the performance of a single day

You are right let's hope for the best

Great video man.

My mind is blown! Great connections and insights. Makes me more excited than ever for SMTs.

Very exciting times we live in. However for many people access to cryptocurrencies is nonexistent. My mum for example doesn't even use a computer let alone buy her groceries with Bitcoin or create Dapps. We need a new system for all like fluidity. My book (self promotion as usual) that syas we can help those without direct knowledge still access the benefits of a new society/democracy. Fluidity - the way to true DemoKratia.

Great post @andrarchy. thanks for sharing

Just want to say thank you very much for the hospitality at STEEM Park.. Your bench was a great place to enjoy my New Years hangover :)

https://steemit.com/steempark/@jeffjagoe/visiting-steem-park-in-brooklyn-ny-an-epic-start-to-2018

Amazing post @andrarchy thanks for sharing

In the same way, trying to understand investing by listening to economists is about as good an idea as treating syphilis with mercury

Priceless (in any currency).

A great post, and elucidates what I was clumsily trying to get to, in my own head!
followed!

Excellent post !
Vous êtes clairvoyant!
Votre démonstration explique les succès futur de plateforme telles que WAVES ou IOTA.
WAVES pour la création de jetons personnalisés.
IOTA pour les micro transactions liées aux services de l'internet des objets.
Et il y en a d'autres à découvrir: allez voir la prochaine ICO de PM7, le projet a l'air intéressant.

Excuse the translation

Excellent post!
You are clairvoyant!
Your demonstration explains future platform successes such as WAVES or IOTA.
WAVES for the creation of personalized tokens.
IOTA for micro transactions related to Internet of Things services.
And there are others to discover: go see the next PM7 ICO, the project looks interesting.

Sa demonstration explique aussi le futur succès de Steem! Je ne comprend pas vraiment la platforme waves, pouvez vous développer votre idée?

Merci

"Intellectual-Yet-Idiots," was funny. Interesting you mentioned about ' not competing with the dollar', when most exchanges talks about the market capitalization value of cryptocurrencies based on...guess? Dollars. You mighty not compete with the dollar but almost everything around you, the market itself , if is not competing are taking the dollar market value as the basis for any new behaviors and actions success and/ or failure which in the end are very subjective issues.

Yup this is a valid point. That's because as it is right now, the dollar is far more useful than any cryptocurrency. Yes, this is due almost entirely to the fact that it is simply accepted more places, but that is a valid reason. People should be looking at the dollar value of these tokens because the dollar is really the currency (or token) of the global economy. I also think this is why the intent behind the Steem Dollar was a good one. It acknowledges the importance of the dollar in people's minds. Just as it is unwise to frame your entire business in terms of fighting the USD, it is also unwise to ignore it. Thanks for the thoughtful comment!

wow very very nice post

I agree - that Posting at Steemit & then using the TOKENS (experimenting around) will get one farther than even a PhD in macro !

Found yr Section on "Smart Media Tokens" enlightening. Thank you. I'd not thought about HOW limiting the dollar is .. yet it's true !

It of course can't perform the micro-transactions - after all, it's old fashioned money fm a more 'Old-Time' era ♦♦ It is so-o-o cool, I think, that we can use our investment into #STEEMIT to voice our Opinions through upvoting !

Ich finde die Idee super. Aus irgendeinem Grund komme ich nicht in den Chat. Klappt irgendwie mit der Anmeldung nicht. Mir geht es nicht primär um das Geld. Aber es ist eben schon hart, wenn man sehr aufwendige Beiträge postet und sie in der Versenkung verschwinden. Da muss man durch. Ich wäre schon für einen wöchentlichen Treff. Man muss ja nicht teilnehmen. Ich habe hinter mir ein paar weitere neue Mitglieder hinter her gezogen, die es noch wesentlich schwerer haben werden

Great writing. I agree with you that are are monetizing entirely a new thing.
Regular currencies are boring, their value barely moves and not even that. I think we need to get new currencies to our economy. which is Bitcoin and more alt coins.

in this video good information. @andrarchy. Thanks for sharing. i like your post and following.

Interesting insight and well organized content. Thank for sharing

The ability to directly monetize actions and work, or the ability to convert human creativity and communications, both highly valuable things that had to be hired, purchased, and commercially directed, is the revolution here. Like you said, I don’t think most people have even caught on to what this means for the future. This is incredible, I’m still trying to find the words, you did an amazing job here. So concise and clear. Thank you.

Hello, great work, i liked your post and reward it with upvote.

I'm running budget proposal campaign on Steemit for funding my future STEEM Windows and Android app - STEEMER. If you would like to contribute, please visit my post for details: https://steemit.com/utopian-io/@cryptomonitor/steemer-your-future-steem-blockchain-transactor-windows-android-app-funding-update-23-12-2017

Anti-fragile is on my Best Books list. This article is brilliant. Thank you!

Your videos always amaze me. Your ablility to explain complex matters is absolutely incredible.

I learned more playing with my steemit earnings on bittrex and reading posts about cryptocurrency on my feed than I did in all the economy courses I did in uni.

Good post! I enjoyed Taleb's books for the most part.

This is brilliant. Thank you for explaining everything so smooth and easy to understand.
followed.

I would like to hear your version on what is going on right now on Steemit. Where two kinds of people are trying to prove that they are right and the other side is wrong.

I'm talking about the fight that was started by Steemit veteran @berniesanders against the newbie @haejin.

Their business models can co-exist in real world, but looks like Steemit reward pool is too small and the newbie has grown too big , so the veterans are loosing money with their old way of dumping money through bots and self voting systems.

What do you think from economic point of view?

Excellent article, media tokens is the future.

What a great post, thank you so much for sharing. Here is a post i wrote about the future of virtual reality technology and how it can serve us as a community :)
https://steemit.com/spectivvr/@assaf.shiller/spectiv-vr-creating-a-beautiful-virtual-reallty

An excellent piece of writing, thanks!

What you said here also reminded of another great microeconomics book (freakonomics).
When i read It, my mind blew when i realized that there is more to economics than what we see on mainstreem media.

What you said alings with my belief that bitcoin may yet fall to the ground, but cryptos and blockchains technology and similar Will definetly thrive. We Just dont know yet in what shape.

Very impressive blog,which gives detailed information to new members.

Hey in this post I wish you nice dreams my friends 😘🤗😊😇 Help me little if you have time follow me upvote I will do same back just to make us happy let's vote for us❤❤❤💋💋https://steemit.com/life/@justynatina/sleep-good-my-friends-follow-and-upvote

@andrachy There is a lot of truth in your statement that we are not competing against the dollar but instead developing entirely new economies, monetizing value that had previously been ignored because the dollar was useless there . Lot of folks need to realise this and understand that SMTs are giving you a kind of flexibility that the dollar or any fiat can't provide..

Thanks for the great write up

Hello @andrarchy brother... The concept of money had been bothering me for a long time... Thanks for explaining it in such a simplified manner. My productivity points which I donate to you are very low but still I'll continue to visit your blog and support you... You're adding real value to the community.

Its bright and just stated Check our @busy and @dlive for #blockchain steem platforms.

The thing that appeals to me about the steem blockchain and steemit in particular is exactly what you mentioned above: trading labor for stake.

There is so much talk lately about guaranteed minimum incomes due to a chronic shortage of jobs. And much has been said about the cultural value of performing work to provide our subsistence. Right here is our answer. The longer I am here the clearer I see that this is a model for the future of economic activity, period.

Good post, I like Smart Media Tokens

Look at my chic post about the Konzhakov Marathon. I want to share this miracle with the whole world, but no one really looks. Share with your subscribers! For money, shit. I like to communicate!

@andrarchy Brilliant- "Learn By Doing" much like music. There is a Jazz teacher in Vegas who goes by that exact motto. Learn by doing. You can talk about scales, music theory, etc, but you have to actually PLAY. That's the way to work it all out. I took economics in college, and I remember exactly ZERO. They give lectures, you take notes, then you take tests-then hope you learned enough to pay your loans back. :-) More power to you and the new blockchain economy.

wow, its briliian.....

This is a good article. In My humble opinion, content generation is the new mining. I also resonate with your comment regarding risk. I like to gamble online occasionally and its a lot less risky gambling with 1 satoshi than with 1 dollar. Peace and keep up the good work!

Common sense I think that synthesizes many things in terms of cryptocurrencies.

That moment you where everything you wanted to say is covered either entirely or in part by the other replies. Good post . 👍

It sounds very idealistic, but to look on modern society there are more people who are not that smart and give value by doing or saying pretty bizarre things. Spreading that kind of "value" seems very degrading and getting even more popular by doing that, because again there are more not so smart people than there are intelligent. Do you think that should be regulated in any way so the dumber wouldn't get richer and spread their thoughts and messages across the globe and make everyone think that thats the way to live, because they are a huge influence in modern society. just a thought of going a little off the topic, but it is still related. Yeah this imaginary value we give money is within everyone choice mostly collective choice, but it does gets created by the same people and we as humans make the decision (judge) how much of value it will be... a Philosophical way to think of it.

Epic Reading @andrarchy! Thankyou!
I just found you after listening to a podcast you did with @anialexander Crypto Talks.
Came straight onto Steemit to say thank you for the info, and then found your blog is a treasure trove of valuable info! This one in particular is epic for a relatively new crypto explorer/trader. ;)

Love your work! Keep it up!
Mark

Hi! @andrarchy, I joined Steemit to see how a crypto-based platform could change my lifestyle as a freelance writer. I've been blogging for more than 15 years now and, as a new Steemian, I think Steemit is just the beginning of more Steem-based platforms to come. So keep on educating us about the Steem blockchain and on how new startups get monetized. Enjoy your day!

Excellent post!
You are clairvoyant!
Your demonstration explains future platform successes such as WAVES or IOTA.
WAVES for the creation of personalized tokens.
IOTA for micro transactions related to Internet of Things services.
And there are others to discover: go see the next PM7 ICO, the project looks interesting.

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