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Bounties work best when the work is well scoped and easy to verify. A lot of work, like code review, isn't well scoped nor easy to verify. Also The Nature of the Firm.
I didn't spend more than a day cooking SN's repo bounty system, but I spent long enough to conclude it's at least very non-trivial to create a system that produces results comparable to a tenured team.
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Why do you think a bounty system never really materialized? Bitcoin is internet money, it seems like such an obvious way to do things. But all the bounty systems I remember never got much attention.