{
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    {
      "author": "steemitboard",
      "body": "Congratulations @xerographica! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@xerographica/birthday3.png</td><td>Happy Birthday! - You are on the Steem blockchain for 3 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@xerographica) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=xerographica)_</sub>\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "author": "steemitboard",
      "body": "Congratulations @xerographica! You have received a personal award!\n\n[![](https://steemitimages.com/70x70/http://steemitboard.com/@xerographica/birthday1.png)](http://steemitboard.com/@xerographica)  Happy Birthday - 1 Year on Steemit Happy Birthday - 1 Year on Steemit\nClick on the badge to view your own Board of Honor on SteemitBoard.\n\nFor more information about this award, click [here](https://steemit.com/steemitboard/@steemitboard/steemitboard-update-8-happy-birthday)\n> By upvoting this notification, you can help all Steemit users. Learn how [here](https://steemit.com/steemitboard/@steemitboard/http-i-cubeupload-com-7ciqeo-png)!",
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      "author": "xerographica",
      "body": "Thanks for the welcome but I've  been here for 7 months.   Initially I participated a decent amount but the quality of the interactions wasn't high enough for me to stick around. \n\nMedium.com just launched a subscription option.  You can pay $5 dollars a month and receive some perks.  Interestingly enough, all the revenue will be routed to the most valuable writers.  Unfortunately, the value of a writer is determined by how many \"votes\" (recommendations) their stories receive.   So I posted this story... [Medium Is The New Steemit](https://medium.com/@Amplify/medium-is-the-new-steemit-6cf5ad1d2cf6#.tns271rgz).\n\nI got curious and clicked my bookmark for Steemit's  recent economic articles and found yours.   It was pretty substantial so figured I'd try and pick your brain on the topic.\n\nTo be honest I don't quite grasp the economic necessity of \"mining\" a \"stake\".   It doesn't seem to serve any real or necessary economic function.   And by this I mean that it doesn't seem to facilitate mutually beneficial trades.   \n\nMore often than not there is this incredible disconnect between technology and economics.   Whoever founded Steemit probably has a great grasp of technology but they definitely have a terrible grasp of economics.   Which is to be somewhat expected given that society is based on a division of labor.   However, it's exceedingly unfortunate that the founders of Steemit didn't seek the advice of a moderately decent economist.  \n\nThen again, you shouldn't really need to be a moderately decent economist to understand how and why a flea market works.   It's just a central place for buyers and sellers to make mutually beneficial exchanges.   Steemit should simply be a central place for readers and writers to make mutually beneficial exchanges.  Instead, it's mostly rigmarole.   It's not easy or straightforward to use money to communicate our valuation of articles.  \n\nMy new friend [Markus](https://medium.com/@markusmaiwald) is super into cryptocurrencies (CCs).   He's designing a virtual community based on a CC and shared his design ideas with me.   Unsurprisingly, there was also the weird mix of voting (democracy) and spending (markets).   I shared my thoughts on how voting should be entirely replaced with spending.  He seemed super receptive.   In any case, it's only a matter of time before a CC community is created that's based on solid economics.   I just wish that it will happen sooner rather than later.    If you happen to run across such a community, or know of people interested in developing a new community, please let me know!",
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    {
      "author": "ebryans",
      "body": "Hi there and welcome. It looks like you have just arrived judging by the 25 Rep score.\nYou are right in principle but the system is \"stake-weighted\" and the people who started off this time last year managed to 'mine' an awful lot of the stake available amongst very few people.\nThe rewards curve is, in effect, an exponential curve as the relative power increases as one's ownership of Steem Power increases, creating a scenario whereby very few hold the power and this has been shared amongst them selves to the extent that 98% of all rewards have gone to less than 4% of all the accounts on the platform.\nAs an economist, you would see that decentralisation is necessary. It is in fact going the other way or static at best.\nFollowing you. Ask anything about the platform should you need anything.\nNamaste.",
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    {
      "author": "xerographica",
      "body": "@@ -553,13 +553,15 @@\n our \n-story\n+article\n  wou\n@@ -613,13 +613,14 @@\n ort \n-stori\n+articl\n es b\n",
      "json_metadata": "{\"tags\":[\"steemit\"],\"app\":\"steemit/0.1\"}",
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      "author": "xerographica",
      "body": "My grasp of economics  is far better than my grasp of cryptocurrencies.   Is voting somehow necessary for cryptocurrencies?  Or did Steemit just decide that voting would somehow add value to the process?\n\nFrom the purely economic perspective, here's how Steemit should work.  Say I put $5 dollars into my digital wallet.  Then I'd decide exactly how many pennies to spend on your article.  If I decide to spend 25 pennies on your article, then a quarter would  be automatically withdrawn from my digital wallet and deposited into yours.  The value of your story would increase by a quarter.   We'd be able to sort stories by their value.\n\nWith this system, writers are rewarded for producing *valuable* articles.  \n\nWith Steemit's current system... writers are rewarded for producing *popular* articles.   As far as I can tell, the more votes an article receives, the more money it gets.   The logical but unfortunate result is that there's a surplus of superficial articles and a shortage of substantial articles.",
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      "author": "xerographica",
      "body": "@@ -203,20 +203,16 @@\n efit of \n-the \n markets.\n",
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      "parent_author": "ladyofliberty",
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      "author": "xerographica",
      "body": "Why can't Netflix subscribers use their fees to communicate their valuations of their favorite content?  In other words, why isn't Netflix a market?   It's simply because people don't understand the benefit of the markets.  \n\nMedium recently started giving members the option to subscribe.  It costs $5 dollars a month... but Medium is going to channel all that money to the most valuable writers.  Except, subscribers can't use their fees to communicate their valuation of stories.  So how can Medium possibly know which writers are truly the most valuable?  It can't because... just like Netflix, Medium isn't a market.\n\nIf you truly want to support liberty and freedom then please help people understand the benefit of markets.  You'll know that you've done a good job when your audience completely understands the benefit of Netflix and Medium becoming markets.",
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      "author": "xerographica",
      "body": "I really don't see how Steem is more likely to do good than any other similar  website.   \n\nWhy did Hayek dislike the term 'society'?  Which term did he prefer?  \n\nWell... I'm just disgruntled with Steem because I got tricked... [The Economics Of Steemit](https://steemit.com/economics/@xerographica/the-economics-of-steemit).   I was hoping that it was fundamentally different from all the other places where I write stuff... but it really isn't.   It's just another popularity contest.  You have to dig and dig and dig to find valuable content.   \n\nYour story wasn't bad... but you're definitely not striking at the root of the problem.  Which is a shame because you seem bright enough.   The root of the problem is that people don't understand the importance of accurate value signals.   Mark Perry recently posted [a decent article about the importance of accurate value signals](http://www.aei.org/publication/whats-wrong-with-price-gouging-ii-nothing-market-prices-are-better-than-price-controls-to-address-shortages/).  Just now I posted [a blog entry trying to persuade a respected journalist about the importance of accurate value signals](http://pragmatarianism.blogspot.com/2016/08/jeff-jarvis-critique-of-pragmatarian.html).",
      "json_metadata": "{\"tags\":[\"economics\"],\"links\":[\"https://steemit.com/economics/@xerographica/the-economics-of-steemit\"]}",
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      "author": "lanimal",
      "body": "I certainly want the politicians to have less power, not more.  Steemit, by providing a free and decentralized forum, will I think do more good than harm, maybe even a great deal of good.\n\nIndividuals do routinely pay to publish  and advertise, which does effectively promote ideas and products.  As far as I'm concerned that is as it should be.  \n\nI'm with Hayek in disliking the term 'society'. \n\nYou can dislike the Steemit system as much as you please.  I only wonder why you bother to participate if you find it so undesirable.  Why not start a service selling space for publications an ads?",
      "json_metadata": "{\"tags\":[\"economics\"]}",
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{
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      "author": "xerographica",
      "body": "The more popular a Facebook post is, the more \"likes\" it will receive.   So we can quickly discern how popular a post is simply by looking at the number of times it has been \"liked\".    What if Facebook gave more weight to the \"likes\" of the people whose posts were the most popular (received the most \"likes)?  \n\nElizabeth Warren is a congressperson.  Why?  Because she received more votes than her opponent.  In other words, Warren is a congressperson because she was more popular then her opponent.   And because Warren was more popular than her opponent... the weight of her vote in the public sector is far greater than the weight of our votes in the public sector.   We don't have votes in the public sector.  \n\nWarren was rewarded for her popularity.   The size of her reward (power in the public sector) provides an incentive for people to be just as popular as Warren.  \n\nWhat about Steem?   Does Steem incentivize the creation of valuable content?  Or does it incentivize the creation of popular content?    I don't know how it can possibly incentivize the creation of valuable content.   The only way to do so would be to allow people to spend their money on content.  We don't have that option.   Therefore, Steem incentivizes the creation of popular content.   Because... there's a shortage of popular content?   That's the problem with society?   The problem with society is that \"politicians\" (broadly speaking) need even more power and influence?  \n\nThere's nothing inherently wrong with votes or \"likes\".  The issue is when we can't compare the popular answer with the valuable answer.    When we can't see the valuable answer... then society is guided by the popular answer.   I don't want society guided in the most popular direction.   I want it guided in the most valuable direction.",
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    {
      "author": "lanimal",
      "body": "Thanks. \nYou raise a valid point. Indeed, the Steemit system of voting and rewards does not constrain the consumers' expression of their preferences as much as a true market economy in which currency (or real money, but that's so rare these days) is the medium of exchange. This of course means that signals conveyed by voting on Steemit will have more noise than the signals conveyed in a free market economy. \nStill, the value of a vote depends on how much Steem Power the voter holds, and frequent posting or voting temporarily reduces the potency of ones votes. In any case I think its interesting that Steemit at least rewards the posting of content valued by other participants, more so than for example Facebook, where the only rewards are comments, likes and shares (popularity).",
      "json_metadata": "{\"tags\":[\"economics\"]}",
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    {
      "author": "xerographica",
      "body": "It's really neat how you juxtaposed economics and ecology!   However, there are a few issues.  You say that resources can't be efficiently allocated without prices...  but then go on to praise Steem.... where we \"up-vote\" content.   \n\nA computer has a price tag.  And a price tag is a value signal.  Disaster relief, on the other hand, does not have a price tag.   The Red Cross doesn't sell boxes of disaster relief with price tags on them.  It's entirely up to you to decide how much, or little, money you donate to the Red Cross.  Although I'm sure there's some lower limit.   Even though the Red Cross doesn't have price tags...  it does have a value signal.  The amount of money that you decide to donate to the Red Cross helps to create its value signal.  The more money that people donate to the Red Cross... the brighter its value signal.  \n\nBut with Steem... we're not talking about spending... or donating... we're talking about voting.   I clicked the \"up-vote\" button for your story.... and what happened?  Was money withdrawn from my digital wallet and deposited into yours?   If so, how much money did I spend and why call it voting?  Why not call it spending?   But if it truly is spending... then why can't I decide how much I spend on your story?   Right now I don't have the option to \"up-vote\" your story again.  If I click the same button it will remove my \"vote\".  \n\nSo as far as economics is concerned... Steem is a super hot mess.   Why in the world would anybody want to combine voting and spending?   \n\nIf we actually are creating value signals here on Steem... then they will be really inaccurate.   Which means that resources will be inefficiently allocated.  People will waste their talent and creativity writing about less valuable topics.  \n\nThe efficient allocation of resources depends on accurate value signals.  And accurate value signals can only be created when the amount of money that people spend accurately communicates/reflects their true valuation.   \n\nRegarding diversity... humans are naturally super diverse.  Which means that demand is naturally diverse.   We can see this in the diversity of the supply in the private sector.   Diversity is a wonderful thing because it helps humanity hedge its bets against constantly changing circumstances.   \n\nThe problem is that we don't see the same amount of diversity in the public sector.   Which is only logical because we don't have a market in the public sector.   We have a command economy in the public sector.  We could easily create a market in the public sector simply by allowing people to choose where their taxes go (pragmatarianism).    We'd have a market in the private sector and a market in the public sector.   Whichever market created the most accurate value signals would win.",
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    {
      "author": "xerographica",
      "body": "Demonstrating preference?  Rothbard correctly diagnosed that the fundamental problem with government is that taxpayers don't demonstrate their preferences for public goods like they demonstrate their preferences for private goods.   Rothbard's fundamental error was assuming that taxpayers *can't* demonstrate their preferences for public goods like they demonstrate their preferences for private goods.   Voila!   Here you are!  \n\nIn order to fix the government... you simply need to convince Netflix subscribers that they would greatly benefit from the opportunity to use their monthly fees to demonstrate their preferences for the shows and movies that match their preferences.",
      "json_metadata": "{\"tags\":[\"economics\"]}",
      "parent_author": "jaredhowe",
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  "timestamp": "2016-08-21T08:18:24",
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{
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      "author": "xerographica",
      "body": "But you're forgetting about the subscription model... Netflix, Spotify, Amazon Kindle Unlimited, the government.   You have to pay taxes anyways... so why not allocate your taxes to the public goods that you value most?  I'm already subscribing to Netflix... so why not allocate my fees to the content that I value most?  It's not like I'd save money by allocating my fees to less valuable content.     \n\nImagine if Steem switched to the pragmatarian model.  Maybe each month we'd all  have to pay $1 dollar.... but we could choose which stories we allocated our pennies to.   Why not allocate our pennies to our favorite stories?  We'd all be able to easily find and read the most valuable stories.   The most valuable writers would be compensated accordingly.  We'd be giving them an incentive to continue writing valuable stories.   \n\nIf most members of Steem allocated all their pennies half-way through the month... then this would mean that the fee could be increased to $2 dollars per month.   A larger pie would attract more writers to Steem.... there would be a larger supply of more valuable stories... which would attract more readers.   A larger pool of readers would be able to support a greater variety of niche topics.   It would be a virtuous cycle.",
      "json_metadata": "{\"tags\":[\"life\"]}",
      "parent_author": "freddy008",
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  "op_in_trx": 0,
  "timestamp": "2016-08-16T22:23:00",
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{
  "block": 4141922,
  "op": [
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    {
      "author": "freddy008",
      "body": "But if content is paid to consume then the price immediately drops to 0.\n\nIf there is a singer that sells his music for free, and one that sells it for 1$, given that there is competition and they will be similar in quality, everyone will prefer the free stuff.\n\nNobody is willing to pay for something trivial, even if the producer has put tons of work in it. The value is set by the market not by the content creator.\n\nThis is why all content creators use 3rd party monetization tools, otherwise they would all go broke. Nobody is willing to pay 10$ for a youtube video, but if they see a nice T-shirt there they might buy it for 10$, and the producer gets a comission from that.\n\nSo it's not a problem about valuation, but the fear that the market would value abundant content like videos to 0$.",
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      "parent_author": "xerographica",
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  "op_in_trx": 0,
  "timestamp": "2016-08-16T20:49:36",
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{
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  "op": [
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    {
      "author": "xerographica",
      "body": "Bob grows poison oak while Samantha grows artichokes.  We need to pay Bob to grow poison oak in order to pay Samantha to grow artichokes later?   The point of paying people is to communicate our valuation of their use of society's limited resources.  The more valuably a person uses society's limited resources... the more money they'll receive... and the more money they receive... the more of society's limited resources they'll be able to use... and the more of society's limited resources that they'll be able to use... the more value that will be created.  It should be pretty intuitive that we want more of society's limited farmland to be used for artichokes than for poison oak.  \n\nWith private goods... like artichokes... you can only benefit from them if you pay for them.  But with public goods... it's possible to benefit from them without paying for them.  As a result, the value signals for public goods are less accurate than the value signals for private goods.   This means that lots of society's limited resources will be inefficiently allocated.   \n\nIn order for society's limited resources to be put to their most valuable uses... we have to know people's true valuations of all goods.   So it's a problem when your allocation to a Youtube video, Steem story, Facebook post, Twitter post or Flickr photo is less than your valuation.  \n\nallocation < valuation = problem\n\nContent creators aren't mind readers.   So if consumers don't use their cash to communicate their true valuation of content... then creators will not make truly informed content creation decisions.    The logical, but detrimental, consequence will be a shortage of valuable content. \n\n**Frank**:  I don't value your content *THAT* much (= lie = free-rider problem)\n**Samantha**:  Oh, so I guess I'll supply less of it (-> shortage of valuable content)",
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{
  "block": 4139383,
  "op": [
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    {
      "author": "freddy008",
      "body": "The free rider problem is not a problem, that is where the money comes from. You cannot expect everyone to pay every time. It's not about micropayments, although that could help a bit, the problem would still persist.\n\nSome people will pay some time, but not all people will pay every time. It's a random pool of users that we have with random behaviour, and the profit is growing out of that pool. It's like if you have a hat filled with rocks and diamonds, sometimes you pick the rock and sometimes the diamond, but not always the diamond.\n\nWe have to let the random process manifest itself, in other words let the rocks be picked, so that we can pick the diamonds later.\n\nYes Youtube has a pay-per-view subscription model, but very few people use it, because people figured out that the freemium model is the natural way to do business.",
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      "parent_author": "xerographica",
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{
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    {
      "author": "xerographica",
      "body": "Yes, people should send proper market signals.   But people don't want the opportunity  to do so because they don't understand the importance of doing so.   If you can help people understand the importance of using their Netflix fees to communicate their valuation of content... then it will be a lot easier for them to understand the importance of using their tax dollars to communicate their valuation of public goods.   And once people can choose where their taxes go... if the government trains a gun to your chest and demands something.... then it will be because your neighbors are paying the government to do so.   So you would be able to clearly see that the problem isn't the government... it's your neighbors.   \n\nAm I certain that your neighbors will be willing to use their taxes to pay the government to point a gun at your chest?   If I was, then I would be a socialist.  That's what socialism is.  It's the assumption of people's valuations.   I don't assume people's valuations.   I don't assume Netflix users' valuation of content.   I would not be willing to bet that horror movies would receive X% of the pie and romantic comedies would receive Y% of the pie and documentaries would receive Z% of the pie.   If I can't predict how Netflix users are going to allocate their fees then I certainly can't predict how taxpayers are going to allocate their taxes.   \n\nIn economic terms... right now we don't know the demand for coercion.   We know the demand for donuts, and sneakers, and laptops.... but we don't know the demand for coercion.   The demand for coercion is not known.... it is assumed.  Again, that's socialism.   So far all you know... the actual demand for coercion is vanishingly small.  Or it could be pretty large.   But in any case, in order to make an informed decision.... you have to have accurate information.  And right now you don't have accurate information because people don't understand the importance of accurate value signals.  \n\nMaybe, if we put our heads together, we could persuade Steem of the importance of accurate value signals.   Once we got the ball rolling... it would be unstoppable.   Sooner rather than later... people could choose where their taxes go and we'd see the true demand for coercion.",
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      "author": "laissezfairedr",
      "body": "@@ -179,16 +179,28 @@\n le with \n+involuntary \n protecti\n",
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{
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    {
      "author": "laissezfairedr",
      "body": "I should have reread and rephrased my reply before positing. I do not have a formal background in economics, so please forgive me if I use incorrect terminology or if I ever appear to be stand on a crumbling foundation, but I will try my best to understand and be understood. I do not believe there is *one solution* for this problem or any other that emerges from the convoluted actions of human behavior. \n\nI absolutely agree that people ought to be sending proper market signals to service providers (no matter how benevolent or ruthless the SPs are), just in case they happen to give a shit what their customers (or slaves) think.  Luckily it's unlikely Netflix or Steemit will ever train a gun to my chest and demand anything, so I at least have the opportunity to peacefully opt out of their services without fear. I'm not given the option of opting out when it comes to governance; the current occupying forces deny it.\n\nI choose little to no participation in involuntary protection rackets, because of the lack of this choice.  I agree that many of societies woes are rooted in the fact that often people do not properly relay important economic information to those they receive (voluntary or involuntary) services from.\n\nConsidering just how complex and dangerous the plantation is, I make my decisions concerning it on a case by case basis.  And concerning the morality of the matter, when confronted with enslavement, I will choose to opt out as often as I can stand to bear the violence of their reactions.\n\nAgain, you're absolutely right that service providers need to be made aware of how their patrons view and value their services by the very dollars they spend, but if I can refuse payment and participation from a violent monopoly altogether, I will do so, and I will find another way to send them just as bold an assessment of value.\n\nThanks for the fun and thought-provoking commentary, @xerographica!",
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    {
      "author": "xerographica",
      "body": "@@ -1024,23 +1024,22 @@\n .   \n-Democracy, like\n+Just like with\n  pro\n@@ -1055,24 +1055,35 @@\n ackets, \n-are just\n+democracy is simply\n  a manif\n",
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    {
      "author": "xerographica",
      "body": "The protection rackets are just a manifestation of the problem.   Can you blame protection rackets on the fact that Netflix users don't want the option to choose where their fees go?   It's not that Netflix users are immoral or that they love aggression... it's that they just don't understand the benefit of using their fees to communicate their valuation of the content.   That's the root of the problem.   Rothbard understood this.   He did an excellent job of explaining the problem of not knowing people's valuations.   Unfortunately, he got the solution really wrong (abolishing Netflix)... which distracted from his explanation of the problem.   \n\nI joined this site because I thought that it was like Reddit but with spending rather than voting.   I was wrong.  Can we blame the protection rackets?  Of course not.  It's simply because people don't understand the importance of using their money to communicate their valuation of the content.   Obviously we can vote for content that we like.   But that's democracy.   Democracy, like protection rackets, are just a manifestation of people not understanding the importance of valuation.",
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    {
      "author": "laissezfairedr",
      "body": "I'm all for choice, but my solution, of which I try to act on everyday would be this. Every individual, on their own accord ought to pragmatically participate as little as possible with protection rackets. And of course, first and foremost, honor the *non-aggression principle*, or whatever name you want to give the *golden rule*.",
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      "author": "xerographica",
      "body": "@@ -1643,16 +1643,17 @@\n t... the\n+n\n  he coul\n",
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      "body": "A popular Youtuber?   First you used \"his/her\" to refer to this person's video.  Then later on you went with \"his\" subscribers and \"his\" videos.  What happened?   At first you were uncertain about the person's gender... but then later on you figured out that the Youtuber was a guy?  \n\nIf you're going to invent a popular Youtuber then just take a second to give the person a name/gender.   When I'm feeling lazy I just go with \"Bob\".  If I'm feeling more inspired I go with \"Samantha\".   She's a hardcore pacifist who really loves biodiversity.   And, even though she's not real, I'm kinda attracted to her.\n\nSo Samantha is a popular Youtuber but her ad revenue is meager.   She switches over to pay-per-view and her followers unsubscribe.   Does Youtube even have a pay-per-view option?   In any case... there are a couple possibilities why her subscribers quit.  Either the price per view was too high...  or... they were free-riders.\n\nThe free-rider problem is why we pay taxes.  So, since we've been paying so many taxes for so long.... we should hope that the free-rider problem is a real problem.   Now, if you think about it... paying taxes is actually the subscription model.  Kinda just like Netflix, Spotify and Kindle Unlimited (KU).   You pay a fee and get the same big bundle as everybody else.   \n\nWhat model are we missing?  We're missing the micropayments model.  Imagine that there are coin buttons under Samantha's videos... 1 cent, 5 cents, 10 cents, 25 cents and 50 cents.   Then her followers could use the coin buttons to let her know how much they enjoyed her videos.    If Bob liked one of her videos only a little bit... the he could click the \"thumbs up\" button.  If he liked the video a little bit more... then he could click the 1 cent button.  If he did so, then a penny would be instantly transferred from his digital wallet to her digital wallet.   The more he liked a video... the more money he could give her.   \n\nOf course... there would still be the free-rider problem though.  But I think that.... once it's as easy to spend your money on a video as it is to \"like\" it .... then people will be far more inclined to do so.   What's a few pennies?  Not much!  But if you have enough people who kinda like your videos... then the pennies could really add up.  \n\nWith this in mind, let's take a look at Netflix.  You're already giving Netflix a lot of pennies!   What if Netflix gave you the option to allocate your pennies to your favorite content?   Would it be useful for subscribers if they could use their pennies to communicate how much they enjoyed their favorite content?  Would it be useful for content creators to know which content was the most valuable?   I sure think so.  I refer to this model as the \"pragmatarian\" model.  \n\nEach model is kinda like a different market.  And some markets are better than other markets.   From my perspective, the effectiveness of a market depends on the accuracy of its value signals.   Accurate value signals create accurate treasure maps.   I'm thinking that the pragmatarian model would create the most accurate value signals.   You're spending the pennies anyways... so you might as well use them to accurately communicate your valuation of the content.  Everybody doing the same would create accurate value signals for content creators to see and respond to.",
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      "body": "The problem isn't taxes... the problem is that we have socialism in the public sector.  Lowering taxes is good in the sense that it reduces the size of the problem... but as long as we have socialism in the public sector there will always be negative externalities... such as unnecessary wars.   The government will borrow money to fund these wars and then taxes will go back up.\n\nSo the solution isn't to lower taxes... it's to create a market in the public sector by allowing people to choose where their taxes go (pragmatarianism).  In a pragmatarian system... congress would still control the tax rate.   The difference is... taxpayers would control congress's funding.  So if taxpayers weren't happy the tax rate... then they could boycott congress.\n\n What do you think would happen to the tax rate?    At first I was pretty darn certain that the tax rate would decrease... a lot.  But then, after thinking about it... I came to the conclusion that the market in the public sector would actually be better than the market in the private sector.   Why?  Because the value signals in the public market would be more accurate.  \n\nThe foundation of the  private market is \"one price fits all\" (OPFA).  But does one price really fit all?  Does everybody who purchases a book for $7 value it  equally?  Of course not.   Everybody's different so one price really does not fit all.   As a result, value signals in the private market are inaccurate.    They aren't totally inaccurate but they are still inaccurate.    \n\nIn the public market though... the foundation really would not be OPFA.   Maybe I value space colonization more than you do so I'd spend more of my tax dollars on space colonization than you would.   So value signals would be more accurate and the tax rate would increase until it reached 100%.  \n\nIn any case, you're right that the current system cannibalizes itself.   But attacking the tax rate really isn't striking at the root of the problem.  The root of the problem is that we have socialism in the public sector.  As long as you condone some socialism... you'll always inadvertently undermine your case for markets.",
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      "body": "Underneath your story it currently says \"$0.00\".   Does this accurately reflect/communicate how much you value your story?   Does it matter how much you actually value your story?",
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      "body": "I love economics.  I LOVE economics.   When I first joined Reddit a long time ago I thought, wow, this is pretty cool.... but it would be infinitely cooler if voting was replaced with spending.   Why would it be so much cooler?  To put it as simply as possible... actions speak louder than words.\n\nactions > words\n\nactions = spending\nwords = voting\n\nspending > voting\n\nSo today I'm browsing around Medium and I decide to read this story ... [App Coins and the dawn of the Decentralized Business Model](https://medium.com/the-coinbase-blog/app-coins-and-the-dawn-of-the-decentralized-business-model-8b8c951e734f#.o0836erkv) by Fred Ehrsam.   Here's the part that really caught my attention...\n\n>[Steem](https://steem.io/), a decentralized [Reddit](http://reddit.com/) where people are paid to contribute news and content.\n\nAnd I got *super* excited because I instantly imagined that Steem was just like Reddit but with spending rather than voting.   To be honest though... I've never been exactly thrilled by bitcoin.  But this only marginally diminished my enthusiasm.  \n\nWhen I visited the Steem website I could see that the stories had dollar amounts next to them!  So so so cool!   I was a bit surprised though that the amounts seemed kinda large.  But I logically concluded that the stories must be pretty valuable.   \n\nAfter jumping through way too many hoops... I finally manage to join the website.   I noticed that the stories seemed to be sorted by their value... but then up at the top there was a drop down menu that said \"Trending\".   Well... which one was it?   Was it trending... or value?   I clicked on the menu to see the other options... and none of them said \"value\".   I saw \"Popular\" and clicked on it and could see that the stories were sorted by votes.  Yeah, that's right.  Voting reflects popularity.... not value.\n\nI decided to search for stories about economics.  Well... tried to search.   Somehow I could only \"search\" by tag... and evidently \"Economics\" wasn't one of them.  So I clicked on the \"Politics\" tag and near the top of the list was a story about anarcho-captialism that looked kinda interesting.   I clicked on it and it wasn't half bad but, unfortunately, I can't seem to find it again.  Anyways, after I finished reading the story I scrolled down a bit expecting to see some coin buttons above the comments.   I figured for the heck of it that I'd click the 1 cent button a couple of times and see what happened.   I was under the impression that some money had been deposited into my wallet when I joined.     \n\nI looked around under the story but I didn't see any coin buttons.   When I looked closer at the story's dollar amount... I noticed the ^ button to the left of it.  I hovered my mouse over it and the tooltip text appeared and said \"Upvote\".   \"Upvote\"???   \"Upvote\"?!!!!!!!!!!!!!!    Ughhhhh!!!! \n\nExpectations > Reality\n\nHow is a story's dollar amount determined?  I don't know.  But I know how it is NOT determined.  It is NOT determined by me and other readers.   Or, it is NOT *directly* determined by me and other readers.   Why is that?   Is it because there's some technical aspect of bitcoin (or whatever this is) that would not allow for a story's value to be directly determined by the spending decisions of readers?   Or is it simply because the creators of this website didn't think to consult an economist?   Or maybe they consulted a crap economist?  There are certainly plenty of those.  \n\nLet me try and put the problem as succinctly as possible...   *Right now I don't which story on this website is the most valuable*   \n\nThis is exactly the same problem that Reddit, and Medium, and all the other similar websites have.   None of these sites put their most valuable content up front.  They can't!  Why can't they?  Because they don't know the actual value of their content.  None of these websites give their readers the opportunity to use their cash to communicate just how much they value a story.   I sure hoped that Steem would be the first exception.... but *nope*.  \n\nSo here I am... feeling like I've been *really* robbed.   Like, I was just about to have the most amazing sex dream ever but then Jennifer Connelly was replaced by Nancy Grace.  \n\nIf you're here then you probably don't mind having sex with Nancy Grace.   Or, you don't realize that you're having sex with Nancy Grace.  I'm used to having sex with Nancy Grace but it sure doesn't mean that I like it.  At least not *that* much.    \n\nWell... while I'm here... I might as well tell you how this should work.   When you join this website there should be 5 cents already in your wallet.  Real cents.  Not fake cents.   You could search for \"economics\" and the results would be sorted by their value.   The story at the top of the list would be the most valuable story.   If you read it, and valued it, then you could let other people know exactly *how much* you valued it.   \n\nUnderneath the story would be some coin buttons... 1  cent, 5 cents, 10 cents, 25 cents and 50 cents.   If you clicked the 1 cent button... one penny would fly across the screen from your wallet in the upper right hand side of the page over to the story's value.   So your wallet would decrease by a penny and the story's value would increase by a penny.   Which means that the author's wallet would increase by a penny.   The owners of this website would get their very reasonable and fair cut when people cashed out.     \n\nOnce you valued the story... your username would appear beneath the story along with all the other people who valued the story.   Next to each username it would display exactly how much the user values the story.   The list would be sorted by value.   So you would quickly and easily see who values the story the most.   \n\nLet's say that SamanthaSunshine values the story the most.   You could click on her username in order to see her page.   On her page you would see all the stories she values sorted by her valuation.  So you would quickly and easily see which story she values the most.  There would also be a recent activity tab where you could see her recent valuations.   There would also be a tab where you could see her stories sorted by their value.  So you could quickly and easily see her most valuable story.\n\nVoila!  There you go!   I  imagine that it would be exactly like having sex with Jennifer Connelly.",
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