I agree and am excited to be working on this with @AragonProject 
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Yes, old news to those who have been in crypto for a while. I wanted to see how simply I could explain the potential.
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"A DAO is just a nexus of smart contracts."
কথা-বার্তা শেষ
নতুন কথা-বার্তা -
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At the transaction layer, maybe. But what about the various "soft bits"? Negotiations, mentoring, disciplinary functions, spending time cajoling suppliers into improving terms or service delivery...are you saying that people will take care of that, while the contacts do the rest?
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Smart contracts will allow the people who do that to scale into a much larger network. One manager managing 50 relationships instead of 5.
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And to manage them for smaller time periods. Contractors whose deliverables and payments are atomized.
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Interesting. Who is doing work on this post-DAO where I can read further?
কথা-বার্তা শেষ
নতুন কথা-বার্তা -
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Well said. Can imagine the impact on lots of different dimensions: the relationships between clients and firms, firms and each other, and even enabling software run firms. You may have come across already, but you'd likely enjoy Ronald Coase's work https://www.wikipedia.org/wiki/The_Nature_of_the_Firm …
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Big fan of Coase.
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worth updating nearly 100 years later.
কথা-বার্তা শেষ
নতুন কথা-বার্তা -
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Have you come across "Theory of the Firm" and transactions cost theory?
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Very familiar with it.
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নতুন কথা-বার্তা -
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Privacy a concern, for good or bad.
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Contracts will be encrypted and Zero-Knowledge Proofs will provide selective disclosure to each party.
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নতুন কথা-বার্তা -
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Real firms also rely on an arbiter (i.e. the state) trusted by all parties that has the role of resolving disputes. Because real world interactions are not trustless.
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Smart contracts can easily build in arbitration. They make everyday tracking easier and more transparent. For ajudication, they allow selection of any arbiter, from oracle to lawyer to trusted friend.
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No, they don't. Anyone can still write false info on a real product in the blockchain. Also, the result would be people having to trust companies developing smart contracts - because trying to understand what a non-trivial smart contract does for a non-expert is impossible.
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"trying to understand what a non-trivial smart contract does for a non-expert is impossible" This is true, today, but we are working on a solution to that, to bring more transparency and to decentralize understanding and trust and, by the way, it will have smart contracts
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নতুন কথা-বার্তা -
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Interesting. Are there any examples to date of customers unionizing? What would it take?
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If you're thinking about customers organizing, yes there's Groupon, class actions in the US, and consumer advocacy in general (with Ralph Nader as founding father). My idea was more along the line of customers and workers joining forces—because they're effectively the same.
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Very few people are talking about this enormous paradigm shift in the market. Consumers and producers will soon become one in the same. Consumers will be able to cooperatively own the means of production, allowing them to purchase their products at cost.
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I agree. I call it the 'Greater Wal-Mart Effect' in reference to
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To be more precise: the 'Greater Wal-Mart Effect' is what could lead to an unprecedented alliance between workers and consumers, which for the most part are the same. See my forthcoming book "Hedge: A Greater Safety Net for the Entrepreneurial Age".
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Looking forward to reading it! I've been ideating about how to structure a decentralized 'Consumer Club' that would pool savings from bulk purchases to buy production assets, gradually working towards collective ownership of all means of production for commonly used goods.
কথা-বার্তা শেষ
নতুন কথা-বার্তা
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