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RE: Is Steem paying for Groupthink? The Game Theory of Steem, Part 3
Yeah, I'll be looking at that in upcoming installments. I have a feeling that it's going to prove difficult to analyze; it's akin to the arguments for the original Proof-of-Stake coins like PPC and Nxt: put system security in the hands of the people who have the most to lose.
It's one of those arguments that has a logical ring to it, but it's not obvious to me that awareness of long-term consequences always leads to good short-term decisions. I'll definitely take a crack at it, though!
Keep on burninating!
It lacks, I think, the direct circularity of proof-of-stake where who owns the coins is determined by consensus and consensus is determined by who owns the coins. There is a different sort of circularity though, perhaps more akin to proof-of-work where security goes to zero if value goes to zero and vice-versa. In any case, I look forward to your analysis.