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The problem with property-rights based systems (namely "standard" anarchocapitalism) is that their economic model falls apart on externalities - both positive e
by vbuterin 13y ago
The problem with property-rights based systems (namely "standard" anarchocapitalism) is that their economic model falls apart on externalities - both positive externalities (ie. public goods) which get underproduced and "steal half a cent from everyone" negative externalities like pollution, since no one has the individual incentive to do anything. Basically the only way to decentrally motivate participation in public goods production is to somehow leverage emergent properties of the social graph. Bitcoin is a crude example, using seignorage revenue from a currency to pay for core-level monetary infrastructure (ie. blockchain maintennance). Self-reinforcing trust/reputation systems are another, and that seems to be what this site is advocating.