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RE: Delegated Proof of Stake (DPoS) and Free Market are Incompatible?
Steem is a decentralized autonomous company (DAC) which is offering a few different services to the free market: Publishing platform, payment network and price stable cryptocurrency (SBD).
So to talk about free markets in this context seems to be quite weird. Steem is the organization which is operating in the free market. The question is: what is should do? How it should be serving its customers?
Currently SBD is a failed product because it doesn't work as it's supposed to work. It's financial instrument that tracks the value of US dollar but it's been failing for a long time now. It's clear indication that the design of the product is bad and needs to be fixed. Or, as I would recommend, remove it from the blockchain.
Thanks for the comment. To a certain extent, I agree that the design of the product (SBD in this case) can be improved. But I would definitely keep some protective layer (which SBD is, at the moment) if that is possible within the main design of the DAC.
My question regarding the coexistence of DPoS and Free Market was related to the comments I received, and you pointed out even better than me how things actually are. Well said.
A little bit better might be to say that SBD is a product that's half successful. The basic promise that Steem DAC makes when marketing the product, has two features: Price of SBD won't be less than a dollar, and it won't be more than a dollar. It has kept the peg downwards, but the upward peg has been more or less off too long time.
Usually companies/organizations are not successful in the long run if they offer failed products for the markets. That's why I think it should be removed. I don't think Steem community has enough skills to rewrite the system and make it work as promised.
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