Who is "we"? Programmers making legal and accounting decisions? Ethereum is headed for either a huge bureaucracy or disaster.https://twitter.com/VitalikButerin/status/871263595593572353 …
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Exactly. A chain where innocent validators get deleted will be worth much less than a chain where the attacker gets deleted.
It will often not work out that way. I recommend reading the public choice literature on this kind of topic.
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Have a reference to start at? Seems this is mostly about the effectiveness of market pricing. No traditional political mechanism is involved
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See also lit about conflicts of interest between stakeholders in a corporation, from their various equity stakes and side contracts.
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This is by far the best piece introduction reading on Public Choice theory. Thanks to the amazing
@iealondon https://iea.org.uk/wp-content/uploads/2016/07/IEA%20Public%20Choice%20web%20complete%2029.1.12.pdf … -
Economics of centralized political systems may be somewhat relevant, but where is the "decentralized public choice" literature?
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To be written :) Exciting times for public choice theory ahead !!
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1/ It's going to be extremely interesting to watch emergent behaviours in large scale POS/DPOS mainnets just as it’s been fascinating to watch POW evolve. For an issue quite apart from public choice economics heres an interesting war story from
@bytemaster7 ‘s steem days: -
2/ if like me you're fascinated by the challenges of designing consensus mechanisms, this episode is a must. "Bonded approaches look good from a math/game theory pov until you apply actual human realities to the situation" Around the 47:20 mark... https://tinyurl.com/y9fa59k3
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