Is Steemit the world's first successful launch of a high-speed, low-barrier network, one that enables futarchy-type governance? Because voting is at the core of every piece of information available on Steemit.
Humans are rational creatures and will operate to maximize (individual and collective) welfare if distribution of information is antifragile enough (whatever that means). And prediction markets are there to dampen any dangers, or shocks to the system.
We may live in a world of scarce resources, but what if we build an environment of abundance? Social currency is programmable now.
Prediction markets may be a market approach that fixes the language of politics. Here's an excerpt from http://mason.gmu.edu/~rhanson/futarchy.html:-
Futarchy seems promising if we accept the following three assumptions:
- Democracies fail largely by not aggregating available information.
- It is not that hard to tell rich happy nations from poor miserable ones.
- Betting markets are our best known institution for aggregating information.
Anyway, rule here is a bit of a misnomer. There's a quote that says "The best way to predict the future is to build it". We predict as we build.
I'm writing a longpost titled "Redefining Money as Token of Abundance / Bootstrapping The Abundance Economy" and as usual, I don't have a conclusion in mind. Or may not even know what I'm writing about lol. But writing through the fog of war is something that I find enjoyable doing :)