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RE: Understanding Steem's Economic Flaw, Its Effects on the Network, and How to Fix It.

in #steem6 years ago (edited)

Aaaarghl ! I can't believe this ! Yet again I find myself fully aligned with @valued-customer ! :-D

Jeremy Bentham, is mostly right, to about 80%Yes ! That is the key ! The "utility maximization" - utilitariansim of @dana-edwards and before him,

But it's not enough, as John Stuart Mill has realized over the course of his philosophical journey

Mill did not reject utilitarianism as thoroughly as his contemporary Thomas Carlyle, who argued that only pigs would view the seeking of pleasure as the foundation of all ethics. Instead, Mill qualified it. Unlike Bentham, who thought that pushpin, a board game, was “of equal value with...poetry”, he maintained that some sorts of pleasure were superior to others. He denied that these nuances meant he was no longer a utilitarian at all. What may at first seem a purely virtuous act that engenders no immediate pleasure—being true to your word, say—may eventually come to seem essential to well-being.

We need an overlay of about 20% social values on top of the "utility maximisation", as a guiding light.

Utility maximization and "social rewards" that cannot be quantified, such as "The ability to post things that aren't popular (censorship resistance)" are not contradictory, quite the opposite, they can complement and strengthen one another, with enough thought.

It's not going to be simple, but it's largely worth it! We are building a whole new world here