Prioritizing And Pedestals

2019-02-27T04:10:56.000Z Honest Cash

Maria Paula Fernández posted a story on Cent about toxicity within the Ethereum community. My reply…


It’s a matter of what is put on a pedestal. Here on Cent, when I click the *flame* button, your story is the second one. The reason why it’s in such a lofty position is because people spent their money on it. This is how Cent works, it really isn’t how Reddit, Medium, Facebook or Twitter work. All those sites use voting to determine what goes on a pedestal.

Obviously nobody really likes to spend their money. Spending money is a sacrifice, but this is exactly why it accurately reveals our preferences/priorities.

So the real root of the problem is the belief that democracy accurately reveals people’s preferences/priorities…

Of course, I’m not surprised that there is a huge amount of discontent among some segments of the voting public, and some of this is entangled with fear from and hatred against immigrants and minorities. But the extent of this hatred has been a shock to me. — Daron Acemoglu,Stop Crying About the Size of Government. Start Caring About Who Controls It.

If cheap-talk surveys accurately reveal the depth of hate and love… then markets would be pointless. Love avocados? Vote for them. Hate clowns? Vote against them.

It’s a basic fact that democracy and markets are very different, so they are going to rank things very differently.

Take the Ethereum community for example. It would rank things very differently on Reddit and on Cent. The same exact group of people would prioritize things very differently.

If the bad actors follow you from Reddit to Cent, then they will still be free to spew as much hate as they want, but their content will only be placed on a pedestal if they put their money where their mouth is. I’m pretty sure that most of them will decide that they have more important things to spend their money on…. otherwise markets would really suck.

One big problem with Cent is amnesia. Clicking the *flame* button shows us today’s most valuable stories… but what about last week’s most valuable stories? Also, you posted your story in #general rather than in #Ethereum. I’m guessing that you can’t change the tag. And even if you could, it still isn’t possible to sort the #Ethereum stories by value.

Solving these problems obviously isn’t a big priority for Cent. You should check out Honest Cash. It doesn’t have these problems and the average post quality is a lot higher than here on Cent. Or maybe it just seems that way because by default all the stories are sorted by value.

You can post a story on Honest Cash about how it should use Ether instead of Bitcoin Cash. If enough people spend money on your story, then it would be placed on the highest pedestal. The biggest problem with both sites is that you can’t spend money on your own posts.

Let me know if you have any questions! One last thing about Cent, I’d advise against posting bounties, given that they are distributed by voting.

Expressions of malice and/or envy no less than expressions of altruism are cheaper in the voting booth than in the market. A German voter who in 1933 cast a ballot for Hitler was able to indulge his antisemitic sentiments at much less cost than she would have borne by organizing a pogrom. — Loren Lomasky, Democracy and Decision