Markets and Minorities

2019-02-15T17:48:35.000Z Honest Cash

Today Honest Cash posted a request for us to be "an advocate for the underdog". The first thing that came to mind is this excellent article by Conor Friedersdorf… Democratic Socialism Threatens Minorities. It makes the solid case that the interests of minorities are much better protected by markets than by democracy.

Around 5% of people are vegetarian. With democracy (tyranny of the majority) they would lose by a mile, but with a market, they have plenty of meat-substitutes to choose from. As the saying goes, there's riches in niches.

What makes Honest Cash special is that it uses a market to rank content. This naturally means that the interests of minorities will be much better protected here than they are on sites that use democracy to rank content, for example… Reddit, Twitter, Facebook, Steemit and Google.

Honest Cash is a genuine marketplace of ideas. It won't be the most popular ideas that receive the most attention, it will be the most valuable ones. And where do the most valuable ideas come from? The masses? No, they come from minorities. They come from the underdogs. They come from the heretics.

To be clear, I'm not saying that the heretics are always right. Some of them are certainly crazy. What I'm saying is that Honest Cash will do a better job than the democratic websites at elevating the truth, it will rise up the ranks far faster, which means expedited enlightenment and evolution…

Our creed is that the science of government is an experimental science, and that, like all other experimental sciences, it is generally in a state of progression. No man is so obstinate an admirer of the old times as to deny that medicine, surgery, botany, chemistry, engineering, navigation, are better understood now than in any former age. We conceive that it is the same with political science. Like those physical sciences which we have mentioned, it has always been working itself clearer and clearer, and depositing impurity after impurity. There was a time when the most powerful of human intellects were deluded by the gibberish of the astrologer and the alchemist; and just so there was a time when the most enlightened and virtuous statesman thought it the first duty of a government to persecute heretics, to found monasteries, to make war on Saracens. But time advances; facts accumulate; doubts arise. Faint glimpses of truth begin to appear, and shine more and more unto the perfect day. The highest intellects, like the tops of mountains, are the first to catch and reflect the dawn. They are bright, while the level below is still in darkness. But soon the light, which at first illuminated only the loftiest eminences, descends on the plain and penetrates to the deepest valley. First come hints, then fragments of systems, then defective systems, then complete and harmonious systems. The sound opinion, held for a time by one bold speculator, becomes the opinion of a small minority, of a strong minority, of a majority of mankind. Thus the great progress goes on, till schoolboys laugh at the jargon which imposed on Bacon, till country rectors condemn the illiberality and intolerance of Sir Thomas More. — Thomas Macaulay

The most enlightened minorities need the opportunity to quickly lead the masses in the most valuable direction. Honest Cash is this opportunity, because it's a genuine marketplace of ideas.