Yep. Their assumption is that whatever content users "want to see" will be most valuable to those users, and will therefore generate the most revenue, and will

Yep. Their assumption is that whatever content users "want to see" will be most valuable to those users, and will therefore generate the most revenue, and will therefore be able to outbid other competitors. Problem #1: people aren't in general rational, and willingness to pay isn't always correlated with value derived. How many people benefit from Wikipedia, compared with the number who donate money? Problem #2 (more severe IMO): if I understand correctly (the white paper is very hazy on details), the bidding process is based on capital, not income. Anyone with sufficient reserves of LBC can squat on a name and extract value from it with zero recurring cost.