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RE: Two key differences between currencies and cryptocurrencies: interest and inflation decision-making authority

in #governance7 years ago

Steemit itself is a good example of growing the networks value by directing deflation to support organic growth. Every action that gets rewarded by the algorithm is tied to either curating content of other users or creating content. The problem is that the current system employed by steemit is gamed which is possible as the algorithm is public in contrast to the rules google uses to rate content. without good governance a automated reward system is in danger to allocate resources in the best interest of the network. governance is in this regard foremost the process of adapting the rules, just as the role politicians in parlamentary debates is to make a decision to implement or alter laws that in effect drive allocation of resources or punish misbehavior. I don't see this function taken seriously by the steemit witnesses.