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RE: Why Flagging Is Bringing Down The Value of Steem, As A Currency
The only contract is the smart contract written into the code which facilitates the payout system. That contract makes all stakeholders a party, as it is their stake which is diluted by the same mechanism. They get to decide how it is allocated, and the system allows for both support and opposition.
With all due respect, I think we're talking about different things here.