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In any case, let’s build these tools and find out. Perhaps this is a large part of the potential of what crypto 2.0 technology can offer: bring the internet from simple information technologies to economic information technologies that could potentially radically increase efficiencies, at least in a few sectors of the digital economy, by using incentives to more cleverly elicit the information that we all individually have.

However, perhaps it might be better to introduce prediction markets into the world as a tool for decisions which are far more small-scale and non-threatening - perhaps on the scale of hundreds or tens of dollars, or even ten cents. Prediction markets have so far, including by myself, often been introduced as a governance mechanism that could one day be employed for very large-scale decisions: whether or not we should bail out the banks, hire or fire a particular CEO, or enter a particular trade agreement.

Once the Amazons and Google’s of the world join the playing field, their self-preservation instinct will kick in and cryptocurrency watch they’ll want to protect and expand it. And this new network will behave differently. Instead of rewarding just the people at the top, who’ve been rigging the rules in their favor since the beginning of time, the game will completely reset with a new set of rules.

One route that we can take is to simply look where legal contracts are being used today, and see where we can increase efficiencies by "smart-ifying" as many of them as possible. Hence, let us take a detour along that path, and see some of the more underappreciated and interesting applications that smart contracts can provide. But what about smart contracts and crypto 2.0? For cryptocurrency, the applications are largely already known - though it of course remains to be seen just how well it will be able to retain its advantages as traditional payment systems continue to become more efficient. Another route, however, is the Peter Thiel-ian zero-to-one approach: see if it’s possible to use these tools to create industries that currently do not exist. For the past six years, which cryptocurrency to mine people have been searching to try to find those elusive applications of blockchain technology that could finally break out into the mainstream.

The Bitcoin (BTC) market capitalization dominance currently being at its lowest level in seven months is not exactly bad news. Because the lowest Bitcoin dominance indices have historically coincided with a higher bitcoin price.

Of course, not everyone thinks so. But people will always do bad things. Crippling the system for everyone just to get those people is the height of insanity. It has never worked and it never will. Some folks always worry that people will do bad things with this power, like commit crimes. They do those things now and they always have.

The prediction market would be seeded by a mandatory bet that would need to be made by the person making the comment that their comment will be accepted as good; from there, upvotes and downvotes would shift the "price" of the market depending on how people vote. One could imagine a design that works as follows. 99% of the time, the market would have no effect except that comments with high prices would be shown more prominently on the interface; the remaining 1% of the time, however, the comment would be submitted to a meta-moderation panel, which would vote on whether the comment is good or bad (or perhaps some score in between), and the participants in the prediction market would be compensated appropriately based on how well they predicted this score. Rather than simply being votes, cryptocurrency atm upvotes and downvotes to a comment on a hypothetical PredictionReddit would be bets on a prediction market specific to that comment.

The meta-moderation panel could in principle be quite large; potentially every single participant in the community could be included, provided an effective anti-sybil mechanism was in place. Even a SchellingCoin oracle could be used. It also does not have to be the case that 99% of markets are discarded; one could instead have a model where all markets are processed, but only a small portion of the meta-moderation panel sees each individual post; the number of people need only be large enough that they cannot practically collude for the purpose of insider trading the prediction markets. Another alternative is to have the size or probability of meta-moderation be proportional to the volume of the market, so that the posts that receive the most attention are cryptocurrency gains taxable the ones where the stakes are highest. In any case, this particular means of combining Reddit and cryptocurrency seems at least a bit more promising than simply integrating the ability to express condolences for someone’s death by micro-tipping their relatives three cents.

The problem with this approach is threefold. First, spammers may simply switch to a strategy of spending slightly more effort on each email (eg. spending five seconds of human labor per message to make it more likely to catch the reader’s attention or bypass spam filters), and the threshold of computational work that would be needed to actually stop the majority of spam would be quite large. Third, as this now-famous checklist listing flaws in popular proposed solutions to email spam points out, it is considered highly desirable to have a system where "sending email should be free". Second, spammers are more professional and have better access to specialized computer hardware that can quickly and cheaply solve these computational puzzles, so a cost that might be five cents to the ordinary user might only be a tenth of a cent to a spammer.

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