# FEEDBACK & QUESTIONS

We have really appreciated everyone’s feedback on the ECSA Economic paper – both in discussion during our sessions and in written comments. We are already doing some re-drafting in the light of comments – some small changes of emphasis, but also some issues being re-thought and rewritten. Sometimes it has been small comments that have triggered quite big re-thinks!

So in the Session 6 (Thurs 11.6.2020) we are seeking more feedback on the Economic Paper thus far, is the point getting through, is it missing something, what would make it easier to understand? Also about the session format, has it worked? How could we do it better? Make it more interesting?

Specific questions about the tokens and their functioning would be appreciated, as well about the concept of the "performance", but also more general feedback:

Do you have specific questions about the tokens: for example, why three tokens?
Do you see what we are after with the concept of the "performance"?
Do you get the ECSA vision, does it resonate with you?
What parts of the economic paper have surprised and/or pleased you so far?
Which are causing you to think differently?
Which parts have frustrated or annoyed you?
Which parts could be better explained?
Which parts of the analysis do you think have worked/haven’t worked?
Would illustrations be helpful, and if yes, of which processes especially?
Has the session format worked? How could we do it better?

We would highly appreciate if you could put your thoughts in writing - send them via [telegram](https://t.me/joinchat/IivZHxdMBb3PKtNDr5QdVg ) / email ([e-mail] / [e-mail]) or just add in the feedback/questions section here below BY WEDNESDAY 10.6.2020 12amPST / 03amThursEST / 10amThursCET - and we would like our session on Thursday June 11, to go through the issues raised in your responses.

Thanks!

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# **QUESTIONS:**

PERFORMANCE, STAKE, LIQUIDITY

* There seems to be a heavy emphasis on designing markets / designing the economic system, but little emphasis on the material conditions that constrain design of the economic system, and questions of power - is that so? Why is that?
* How the new economy relates to the world / economy as it is today and how existing inequalities etc might be replicated in the new economy?
* Re the claim that tokens ‘engage different exposures of moneyness to the social’ - what is the intention of doing this? Why does this need to be made explicit? It is an interesting intellectual point, but what is its function in relation to the operation of the economy?
* I cannot imagine strict voluntarism to provide sufficient levels of solidarity, should we also talk about relations to the state?
* what exactly is a "token" in your system?
* what is "issuance" presicely? and its relationship to clearance?
* What does "liquidity" mean?
* What you mean by "recurring event" - why it has to be more than one event, in which you perform good or bad?
* What is the relationship to mutual credit, is this a mutual credit system?
* Is this like a "bills of exchange", but in the information age?
* Is exchange value occuring in the trading of tokens for commodities or even stake?
* How has this a relationship to Perry Mehrlings work? Can you present the token relations as balance sheets? (I feel like if I saw balance sheets I would feel more at home)
* How does the integration of the different aspects, in particular staking and multidimensional value calculus happen?
* If I purchase stake in your space, and you perform well, I do get a share of the ‘profit’ you made, measured in multidimensional values? In what form do I get this share of profit? In commodities?
* If you perform badly, I have to take my share in the downside – how do I do that? Do I need to offer collateral if I stake with you? Does that collateral have to be in a form that respects/resembles your value calculus?
* If you perform well, does my stake itself rise in value (as measured by the UoA)? If so, why – why would other market participants pay more for this stake? Because good performance in the present lets them assume good performance in the future? How is manipulation of performance prevented?
* About value capture: How do you ‘profit’ in a system of multiple value calculi? I am struggling to think multi-dimensional value calculus together with the speculative aspect of staking.
* What is the nature of the 'financial commitment’ represented in stake tokens? Does this mean that I have to have fiat currency to participate in the new economy? If so, how is my fiat currency related to my participation in the token system?
* Re liquidity issuance - does a participant in the new economy issue liquidity tokens as a gesture of goodwill / confidence in the new economy ? What is the upside to doing it, except to keep commodity and stake transactions happening?
* Does issuing a new / unknown agent with liquidity (or stake …) constitute a kind of sponsorship for new participants in the system? Are there any limits on this? Can chronic defaulters be excluded?
* Re universal liquidity - are there potential problems with this? Are there sometimes good reasons that liquidity dries up? Can liquidity dry up in the new economy?
* Stake is an exposure to surplus in the new economy - what does it mean to generate a surplus in the new economy? ppl can generate wealth in terms of highly valued ‘performances’? ppl can generate high levels of stake that they can then trade for commodities and liquidity?
* Could people organize their own central bank in your system?
* How does elasticity and discipline (cf. Perry Mehrling) happen in your system?

ILLUSTRATIONS

* Hanging the analysis on something that is already familiar and comfortable (more citations, or comparisons with architecture that we are already familiar with) would ease the reader into reimagining a different world.
* consistent examples of Alice and Bob growing apples and brewing beer would really help. I understand that you want to finish outlining the abstract protocol first, but I don’t think that an accompanying example would be a lot of work compared to writing this whitepaper.
* Illustrations about value capture through staking; relations to multidimensional value calc.
* How would have a capacity to issuance helped George Floyd?

# FEEDBACK

WHAT IS WORKING

* The analogy with TikTok’s „performance grammar“ really made the point and helped me to understand your social media concept for an economy as design space.
* I can’t wait to see some of the discussed topics in action. What really attracts me of your vision is that the components of which it is made aren’t new, but that they are envisioned for the first time in an inclusive project. Bringing the economy back into the political space and reigniting the discussion about value is a crucial aspect of our times. And since tools - and especially economic tools - aren’t neutral, ECSA’s project could shift the understanding of economy itself. I see ECSA as a much needed higher level of abstraction of cryptoeconomical components that allows this discussion to take place.
* concept of performance to express this higher level of abstraction needed to overcome the value crisis we are in.
* Seeing the economic space as a design space isn’t new, But thinking of the systematic use of concepts that help the articulation of the design performances helped me to see the possibility to operate in this space in a meaningful way.
* I’m very glad that I had the chance to participate and to get to know you.
* YES! I love the vision, it seems as good as it can get with strictly voluntary systems.
* I really enjoyed transcending Hayek. It is a provocative approach and it works very well. Overall, the whitepaper is a pleasant difference to all the other whitepapers out there.
* Performance and the derivative framing it entails. Also found the language analogy difficult in the beginning but very helpful after a while
* Thank you for all the work that you have put into this exciting project.
* The vision that ECSA offers is inspiring and presents the possibility for political action that is creative and unique. The proposition about building an economy based on valuing people's contributions (performance) in the absence of a profit motive is exciting.
* This is encouraging me to think really differently about value. Until now I have only really thought of economic value (by which I mean an abstraction that facilitates economic production and exchange) as something to be destroyed in order to overcome capitalist relations. I have not really considered the possibility of a post-capitalist value-form.
* Living in the spread appeals to me a lot

FRUSTRATIONS
* Discussions about solutionism and efficiency. I know this are „bad words“ in some spaces. But I’m convinced that they can’t be left for the misuses perpetuated by the neoliberal discourse. Solutions and efficiency are always relative and ECSA’s vision does highlight this. What is effective for me, hasn’t to be effective for you. My solution isn’t yours, but you can show me your trust, help me to value the solution I need and benefit from it too. Value and efficiency go hand in hand, but they are relative and this message should always be reminded
* Chapter 4 was sometimes difficult to consume. It is long and choice and order of subchapters is not always clear.

SESSION FORMAT

* Sometimes following the chat and discussions at the same time is difficult; maybe we could set up some rules for chat use, gather Qs there and try to answer them every 15min or so?
* It is interesting, at times quite challenging, but that’s how it is. I really look forward to contrasting ECSA with Commons Stack and other projects in the future, as well as more generally to developing a shared base of understanding from which we can build the workshop further