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RE: Why Flagging Is Bringing Down The Value of Steem, As A Currency
You seem to be missing, despite clearly being aware of, the facility written into the system which allows any stakeholder to apply negative r-shares to a payout proposal.
I'm aware of that. What I'm saying is that the negative payout is breaching a previous contract between the recipient and all the stakeholders who voted until the downvote moment. The downvoter applies negative r-shares to a sum to which he personally didn't contribute. He has a say in something that wasn't part of. That's the part that, in my opinion, increases entropy.
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.