You know, I think Andre Cronje may have been right about governance tokens being valueless.

Here's why:
Here's a thought exercise: If Andre left the yearn protocol to "the community" and went and started a new product, with a team of VC funded devs who made the UX 10x better, would you park your money in the new thing, or hang on to YFI and invest in the vaults there?

Governance tokens are valuable if you believe in the wisdom of crowds.

The only thing I think governance tokens should do, IF ANYTHING, is elect a genius CEO/dictator who runs things, and everyone else gets out of the way or builds what they say.

Here's another example:
Uniswap, run by one dude, completely revolutionises the DeFi space. Arguably, everything really sits on top of what he built.

Clones that want "governance"? All utter shit house.

Running anything by vote or governance in any business is moronic. As soon as you do things that way, you end up slowing down innovation, stifling genius, and giving idiots a voice.

So why are governance tokens valueless?

If all the token does is give the majority a say, you're giving power to the richest, or the earliest... NOT the smartest.

Fuck that.

"what about revenue share?"

Ok fine, but that's not a governance token. It's a share/stock/security, and is only called a governance token to try and avoid regulatory oversight.

Imagine if Steve Jobs had to run every fucking decision by every fucking shareholder. Apple would be a footnote in history.

You want democracy in protocols?

Elect a genius leader. Check in once a year and vote them out or back in. That's it.


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