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RE: Understanding Steem's Economic Flaw, Its Effects on the Network, and How to Fix It.

in #steem6 years ago (edited)

"Variation in reward for any given sp weighted vote is crucial to making it more difficult to mindlessly price votes for bid bots, favor good curation more, and generally helps content reflective voting behavior to out-compete content indifferent behavior."

This is absolutely true, but this only regards economic incentives.

I note that our interests aren't merely economic, and neglecting other metrics precludes competence at effecting other rewards that are more valuable than money.

I keep hammering on this point because I am confident that only by considering those more valuable aspects of society can we resolve economic imbalances caused by only considering economic factors. Finance is integral to society, but it is not the only metric that matters. Failing to use other metrics forces economic metrics to primacy, and thus profiteering is unavoidable, as when only economic metrics are considered, only financial profit matters.

I note that problems sought to be resolved involve non-economic factors, and those factors must be valued and rewarded to rationally address those issues. Effecting non-financial rewards is necessary to achieve non-financial goals. There are other valuable considerations, such as friendship, content quality, and societal felicity, that are necessarily exchanged in social interactions. Proposing only economic functions as solutions precludes successfully aligning the economic aspect of social media with the actual value of society.

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