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komponisto comments on Easy Predictor Tests - Less Wrong
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But surely this is offset somewhat by the possibility of new members voting on old posts.
Indeed, but in that regard not all old posts are created equal.
Some are highly linked from more recent posts, from the about page, from the wiki and sequences page. Other are orphans that will only be found by a very small fraction of recent members.
I bet someone could do a thesis on the economics of karma in online communities (maybe it has already been done, in fact -- anyone has seen one?).