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RE: We Are All Bankers Here On Steem
Thanks! let me comment on just one thing, for now: I see the blockchain economic algorithms as the central bank, but perhaps the user-as-banker can be pushed further in that it is the collective votes for witnesses that can allow that economic code to be changed.
However, so as not to make the economic system worse, would be really useful to have a steem economic committee - SEC (jokin!) - that can advise and propose suitable changes. There are some tweaks that have not yet been tried, but I'll leave it at that for now.
Yes. I prefer your interpretation; algorithm as central bank. Witnesses as central bank governors then?
Though, the wrinkle for Steem is that a large amount of tokens are held in just a few sccounts. Amounts that grant the holders de facto central bank powers because the can increase the coin supply.
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In theory, the governors are the whole collective of stake-holders. In practice, it is weighted towards the large accounts. With the current large shifts in public stakes, it is worth discussing the roles of the accounts of the exchanges.