ReadCash moved from a free market strategy to a socialist approach to increase the overall happiness using a fund. The result was that talented writers left the platform and inexperienced content creators took their place. There are lots of valuable insights to learn from this approach.First is that if you introduce a system of incentives, you should think deeply about the concept of "work" for that incentives as well. Your work should naturally cost less than the incentive, but if it cost way less you are encouraging unnatural activity from bad actors. Also you should make sure no one can fake the work. That's what makes Proof Of Work in Bitcoin special and making something similar to that is not easy.
Second is that, if you intervene with the free market, you get into a constant battle of balancing things that were balanced naturally. Think about all the time they spent on removing the spammers, banning those who game the incentives and recently stopping upvote groups.They could have spent all that time on building features and amazing user experiences. A centralized effort to balance the distribution of value is never ending. Simply because there is no grounds on what's valuable to the collective of users. There could be only assumptions.
I don't mean to show any negativity towards the team working hard behind this amazing website. I really appreciate their work. It was just an interesting "personal" insight for me about what's happening there and I hope they find the right solution before it's too late.
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source https://www.reddit.com/r/btc/comments/hamqw0/readcash_drifting_away_from_free_market_economy/
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