this post was submitted on 10 Oct 2024
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Yes and cryptocurrencies are here to stay too (though we should move away from proof-of-work because of the environmental impact) but I am not sure if utopians should support them because of the use they have in the third world or fight them because of the mostly negative aspect they have in the rich countries. Unless you go full-anarchist with no state whatsoever, you want taxes to be paid and tax evasion becomes really easy with crypto.
To be honest, I am kind of hopeful of DAOs because I feel there is no good tool for small international businesses, and staying non-profit is too often very limiting. The ability to have a working coop where no one can rip each other and without having to rely on a court is really enticing. I think it is very limited in its potential applications though but I'd like that model to grow. Unfortunately, if it grows it will go through the whole ICO-scam bubble again...
The debate about proof-of-work (PoW) vs. proof-of-stake (PoS) is a complicated one. Whilst I cannot argue against the environmental damage done by PoW, it is simultaneously (when done right) a far more fair and inclusive way of reaching consensus than PoS. I think we have to keep looking for better solutions. As far as tax evasion is concerned, perhaps we should instead ask ourselves if that would be quite as much of a concern if people felt like they were truly getting value for their tax money 🤔
I like the concept of the DAO, but I’m far from convinced by current implementations. I try to think in concepts more than in how things are currently implemented. It frees me from getting bogged down by the current limitations when plotting my course. Not that we should ignore the shortcomings mind you, but things can easily get overly academic and whilst we discuss the best solution, the powers-that-be will continue full steam ahead toward the abyss
I don't really think so. PoW is actually a PoS in disguise: it just shows how much GPU/ASIC money and electricity you are ready to invest. PoS just skips the electricity consumption by asking the just show the money directly. Richer participant using their money to get a bigger share will actually get a similar one under both systems. And unless we have a reliable way to uniquely identify people (a holy grail against sybil attacks) I think they are going to remain similar.
I know some of these people. They don't see it as a fair exchange, they see it as "if I can get away with it, then it is your fault for not preventing me". Offer them more service without forcing them to pay, they think they are winning more and you are a loser. They are not in a cooperative mode.
About DAO, the thing is that it is promising in theory, but I feel that in practice it breaks down at many simple obstacles and technicalities. It works when you have managed to fully dematerialize your cashflow from final clients to individual contributors. But you still need some interface with a regular banking system at one point, you need points of trust and you need the majority of people along your chain to not be malicious. Under these conditions, usually a DAO is not even needed.
Though one day once a threshold in usability and effectiveness is crossed, I can imagine a DAO behemoth taking almost overnight over the world.
When I said PoW done right, I was referring to the small fraction of blockchains that allow CPU mining to make the barrier to entry as low as possible. That is still far more inclusive than many PoS chains. But I totally get your point and it is a valid one.