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RE: Does Steemit Inc Have A Conflict Of Interest?

in #busy6 years ago

You make an interesting point, and I reckon it lamentable that US law requires Corporations to seek the best financial returns for stockholders, as this obscures the original intent of corporations, and neglects other values more important to people. No one should argue that financial returns aren't important in the extant society. However, it should also be obvious that digits on ledgers can be utterly inconsequential to stockholders in certain circumstances, and completely valueless in comparison to life and limb, or even far less important matters.

A glance at the history of corporations reveals that their origin was based not on financial returns, but the prosecution of developments sought by society, centuries ago represented by monarchs. Profit was the carrot dangled before investors that rewarded them for doing things beneficial to society, and only after the perverse legal interpretation of corporate status as 'legal persons' were they restricted to the narrow purpose of maximizing profit.

Geopolitical realities reveal that mere mammon is often of little consequence to civilization and the peoples that are the actual purpose and cause of society. This view negates much rhetoric that conceals sociopathic impulses harming people - actual persons, rather than legal fictions - whose interests are of essence in effecting society and civilization. Are piles of lucre the purpose of our blood and toil, or are our lives and happiness? Dollars are not our beneficiaries, but rather the opposite.

Our sons and daughters, mothers and fathers, not our banks and service providers, are the point of our existence. Reality often intrudes on fantasies to good effect in my experience, and I suspect that Steemit, Inc.'s prosecution of business reveals such intrusions, as they themselves have noted your thesis that Steem should not be restricted solely to blogging interfaces and business endeavors. No few users have lamented the lack of focus on improving the lot of creators on Steem, and but a bit of consideration is required to observe that Stinc has more often than not looked to wider implementations of business on Steem than merely promoting it's original model for profiting from transacting in Steem.

In reality, Stinc will benefit more in the long run by building the blockchain into a venue for business that eclipses Steemit.com and blogging, and they themselves originated this view of Steem and Stinc. While there is a legal hurdle that must be negotiated - Stinc cannot be credibly accused in a tort action of neglecting to profit it's investors financially to the maximum degree possible, or undertake liability for violating US law - viewing the interests of it's investors as better served through increasing the breadth and depth of Steem's potential for supporting business endeavors reflects more closely the actual world we live in than restricting Stinc's efforts to whatever produces the largest digits on accounts this quarter, or the next.

Simple increasing digits is potentially of null value to it's investors, and corporate law is a reef of fantasy that might destroy Stinc's ability to deliver actual valuable returns to stockholders, as there are very good reasons people delay gratification. It has been my observation that Stinc does take a longer view of profit than mere quarterly returns, and has more than once been accused of defect by those whose grasp of their interests is limited to mere immediate financial returns.

Thanks!