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From a game theory perspective, I believe that dishonest players are always a net negative for all other players. It might seem that it's good when capital tran
by Geee 5y ago
From a game theory perspective, I believe that dishonest players are always a net negative for all other players. It might seem that it's good when capital transfers from stupid to smart people, but actually it moves from honest to dishonest people, which results in less efficiency. All this capital is now used to perpetrate more scams, which means that more capital will be allocated to these scammers instead of something honest. And because of these scammers, all honest people have now less capital to work with.
- wyager 5y agoA fair point - unless scams tend to be one-shot, it’s relatively likely that the capital accumulated from a scam will go towards unproductive ends (other scams). However, I still think it’s plausible that the allocation of scam profits is better than the allocation of scamee wealth. The sort of people who buy into NFT monkey rugpulls or whatever might just spend any surplus wealth on a new TV or something.