What do you think about Decred?

2019-04-05T13:24:57.000Z Honest Cash

Any excuse to talk about market governance…


A while back, thanks to this subreddit, I learned about Decred's system of governance. An alternative system would be for decisions to be made via donations. For example, Utilo could use donations to decide its currency. Each and every one of you would have the opportunity to make a donation of any size to Utilo in order to improve Decred's ranking. How much money would you be willing to donate?

We all agree, in theory, that top-down governance isn't the best system. For example, Cent's founders decided that ETH should be their site's currency while Honest Cash's founder decided that BCH should be his site's currency. Evidently none of these founders think that DCR is the best currency. Maybe the founders are right and all of you are wrong?

The inherent problem with dictatorships is that every individual has a very limited perspective. We all have very limited perspectives, but since we are all different, our perspectives aren't equally limited. This is why decentralization is better than centralization.

The two most common forms of decentralization are democracies and markets. With democracy everybody has equal influence, while with the market the size of your influence is determined by how much you're willing, and able, to spend. These two systems are very different, so it should be obvious that they would rank currencies very differently. Do you agree that the market would rank Decred much higher than democracy would? After all, democracy is tyranny of the majority, and right now the majority has absolutely no clue that Decred even exists. The majority overlooks Decred.

The thing is, it's not like Decred's founders decided that market governance is inferior to their preferred system. The founders didn't even consider market governance. They overlooked it.

Now, thanks to my perspective, here you are looking at the idea of market governance. From your perspective, how does it compare to Decred's governance? What would happen if Decred's decisions were made by donations? How much would this change its direction? Would its new direction be better or worse than its old direction?

To be clear, right now the goodness of Decred's direction is ultimately determined by the market. It is up to each and every consumer to decide for themselves just how useful Decred truly is. Keep this in mind when you compare market governance to Decred's governance. The point of Decred's governance is to steer Decred in a direction that is maximally useful to consumers, but this logically depends on correctly guessing consumers' preferences. Rather than Decred's governance trying to correctly guess my preferences, I'd rather reveal them using my money.

Would you appreciate it if Utilo gave you the opportunity to use your money to reveal your preference for Decred?