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Problems with Ethereum governance

Joel Dietz
Jul 19, 2016 · 1 min read

At least in Silicon Valley, not everyone is enthusiastic about the hard fork. At the last Silicon Valley Ethereum meetup in a show of hands only about half were in favor. Prominent dissenters now include Nick Szabo, Fred Ehrsam of Coinbase, and Peter Todd.

Curiously, all of the Ethereum develeopers were for the fork, whereas all of the economists, historians and CEO types were generally against. Why? As economics and moderator Steve Waldman pointed out, it sets a terrible precedent. Among other things, this may effectively insatiate an incentive structure that instead of penalizing loud and dumb actors, effectively incentivizes them to be even louder and dumber (c.f. “Swarm Intelligence” author Eric Bonabeau’s work on this subject).

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