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RE: We Are All Bankers Here On Steem
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.