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Joined 2 years ago
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Cake day: July 7th, 2023

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  • So, from what I’ve read, and you’re welcome to correct me if I’m wrong on any of the facts here, your DAO operates using a governance token that can be traded on crypto markets.

    If that’s the case, those are just grey-market voting shares. All you’ve done is create a corporation and sell shares, while avoiding all of the legal protections that would be afforded to your shareholders if you actually went through the process of creating a corporation and holding an IPO.

    So, based on those facts as I understand them, I guess I’d say I have two problems.

    1. Voting power decided by buying power is about the most undemocratic system possible short of autocracy.
    2. Obfuscating the purpose and structure of your organization to either intentionally or unwittingly dodge regulations that would protect your shareholders is not a great look.

  • I’m a little confused on this point. I took a look at their whitepaper and it says that they’re not using blockchain at all. It’s some sort of proprietary (edit: apparently open source) peer to peer algorithm. Is this something that changed in implementation? I’m not really familiar with this project so I’m certainly not trying to defend anything, just unclear as to why people are calling it a blockchain project specifically.

    Edit: OK, after some more digging I see what people are talking about. The project itself isn’t blockchain based, but it’s run by a DAO that operates using a governance token, which is not exactly great.