Found this on Twitter, where even after a year much of the lingo escapes me (what’s a “BP”?): “Recently, an internal excel document from Huobi (one of the BPs) is circulating in the Chinese community. This file documents the collusion, mutual voting, and pay-offs that occur amongst the Chinese BP community. I’m working on getting the file”
Vitalik: “Interesting! I mean, it was completely predictable and I did predict it, but I did not expect it to happen so thoroughly and so soon!”
Shocking. You mean to tell me people are gaming the system to create an economic advantage for themselves. Shucks, I thought this was all about decentralization, saving dolphins & global equality.
Come on people: of course the system is being gamed. Any economic situation that is permissible to be gamed will be gamed by someone, somewhere. Even blockchain and, uh yes, cryptos.
Unless you construct an ungame-able ecosystem, which many purport a fully-functioning blockchain would allow for. I don’t think this system or infrastructure exists yet.
It may be someday & that will be swell. Between now & then you can safely be assured someone is out there chipping away at the weakness of the economic model you or someone else built. This isn’t necessarily a good or bad thing – just a smidge of reality.