I was seriously worried about Steem's future after reading @dan's Medium article about the limits of crypto-economic governance. I was worried because I have seen and keep seeing Steem—an open-entry system based on anonymous participation—succumb to profit driven corruption for many months now.
Here's what Dan said.
"Open-entry systems built around anonymous participation will have no means expelling bad actors and will eventually succumb to profit-driven corruption." ~ Dan
What do you make of this statement? How do you see Steem(it) in light of Dan's remarks about crypto-economic governance of open-entry systems?
That may or may not be true.
There is a lot of corruption everywhere in the world, not only in open entry systems with anonymous participation, and a lot of them work without any problems, some better than others indeed. There are a lot of systems like these that work well also, like a lot of the open source developed softwares. @dan is not god, and even though it knows a lot, he can't know the future, he can just assume how Steem will perform, and from what I have seen by now, it has a promising development, even though a lot of people don't see it yet.
He's not wrong. Unless there's a way to identify everyone to keep them from registering multiple accounts and other ways around self-reward, there will always be people creating multiple accounts and gaming the system. It's really inevitable, it's just a matter of how much of the rewards are consumed by those individuals.
Nothing interesting in this statement, bad actors are everywhere in the centralized systems.
that's also true @chesatochi
the only thing is that many people are not aware of it
Yeah....There are and there will always be black sheeps...We are facing this problem on steemit for far too long.
Something needs to be done, like building inherent safety checks in open entry systems to curtail the abuse...
The black sheep are really with the top benefactors.
They consume for their pocket
Not alone will they not give to the community.
They will also extort them.
I have been a victim
Just looking up for favorable support.
It does make sense what he have said.
Steemit is going to do well as long as they dont have any serious competition. They do not deliver their promisses, their team is a joke, Ned is not very representative as a CEO etc. etc.
I treat Steemit as a temportary social media platfrom. something that will be replaced sooner than later
of course it will go ...especially when are done making profits.
Which i am not certain it will be anytime soon
It's all complicated but in reality, it has some very reasonable degree of truth therein.
Bad actors are definitely not going to give up on their agenda to enslave an dominate the finance space. They see it almost as their birth-right to be in control.
Nevertheless, the power that be is really not them but the almighty, hence let's expunge fear and focus on the evolving blockchain BIG trend and see how it all turns out to be.
It shall all be well eventually.
Congratulations @ilyastarar! You have received a personal award!
Click on the badge to view your Board of Honor.