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RE: Introducing Steem The First Anarchy Mined Coin

in #steem8 years ago

Hi Sigmajin, thanks for your reply, I'll try and answer you in order.

First of all, anarchy and capitalism are a perfect marriage, all anarchy means is a society run without centralised orders. Capitalism is one that attempts to manipulate self interest for the greater good of the community.

Anarchy gives a truly free market, so for instance I can go and sell anything anywhere without punitive taxes which favour locals. So by marrying the two philosophies together (anarcho-capitalism) we have a society encouraged to endeavour, without being restricted.

The difference between a whale in this case and a whale who is a major offline company is that they can cut and run by selling. You mention Zuckerberg in the early days of Facebook; you have to remember that Facebook was worth nothing in the early days.

If Facebook had the kind of meteoric rise that Steemit has had, going from $2000 to roughly a $300 million market cap in a couple of months, there would have been nothing stopping Zuckerberg selling all or part of his stake to an interest individual or company.

Plus of course limited liability (an instrument of capitalism) allows major investors to walk away should the business fail whilst in debt, with the company owing millions. So in this case it is the government saying that it will give you instant liquidity, regardless of the state of the company, Ned and Dan do not have that luxury.

Lastly we talk about the founders and their $3 million of Steem I'm not sure where you get these figures; maybe you're talking about their SP?

You can only power down in 104 equal payments; so if they started powering down today, in 12 months time, 50% of their money would still be in the system. They could of course sell their stake to someone, by selling their accounts, however that person would still be tied to the system in the same long term way.

So 1 million a week cannot be powered down, that would imply that the founders had $104 million, which they don't, if they did, I would be a lot richer :-)

Cg

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