The useful part the DAO idea is the trust-minimized smart treasury. Money pools & cash flows with a wide variety of possible dry-code rules. *Not* any sort of straightforward substitute for an organization.
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On-chain pools bring additional trust-minimization properties to cash distributions above doing a bunch of simple 1-to-1 payments. For example prevents payor from discriminating between payees: once sufficient funds are in the pool everybody gets their cash flow.
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This is probably a more important idea than non-cryptocurrency tokens themselves, which merely represent a hoped-for, fully trust-based cash flow or provision of service. But the valuable idea here is not utopian "organizations" -- it is trust-minimized pools and cash flows.
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Yet another thread about trust-minimized code derailed by a hoard of governance zombies.
New policy thru Halloween: if you so much as mention the word "governance" on my timeline, you will be blocked. Judging by recent traffic it will be a copious zombie slaughter fest.pic.twitter.com/lgNFnJoLUr
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Something like this would have been more valuable if they'd tried it for something like small-scale hardware kickstarter type funding instead of skipping straight to the ICO (which to be honest I haven't really studied).
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I'm talking about the general idea of "distributed autonomous organizations", not that specific monster.
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Yah, they should have started with some nice single celled algae instead of trying to go straight to Putting on the Ritz.
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This is exactly what I’m working on under new Wyoming laws—a trust-minimized treasury held by a group. I’ll be presenting on this topic on Friday before the Wyoming Blockchain Task Force, focused initially on the first steps of an pseudoanonymous online Corp or LLC registration.
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I’m uncomfortable with many of the governance approaches of many so-called DAOs, as most underestimate the risks of voting, including coercion & collusion, or have fundamental misconceptions about voting. I’ll support them trying to solve the problem, but I’ll focus on treasury.
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The online gambling industry stands to benefit greatly from trust-minimization, as it is often low-hanging fruit for bad actors...and is in extremely high demand. And without solid non-custodial solutions we inevitably will keep getting issues like this -https://www.sportsbookreview.com/forum/sportsbooks-industry/3557348-fairlay-currently-stealing-my-btc-6-figures.html …
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