DAOs make it possible to coordinate globally, like an Internet-native limited-liability partnership.
But it seems to be incomplete: right now it depends on good faith & trust. What it’s lacking are legal concepts (liability, partnership, fiduciary duties, ownership)
If smart contracts execute on a “runtime”, legal contracts execute on a jurisdiction.
The key here is that the jurisdictions are *separate* from the contracts.
Aragon Courts are a good start.
I hear talk of DAOs replacing VC partnerships, or even firms.
But firms are not just a cap table and a governance structure (i.e. the board & shareholders), they exist in a larger context of a legal jurisdiction.
A fish needs water to swim in, a planet needs an atmosphere.
Could the rise of DAOs open the door to neutral jurisdiction(s) that only live virtually on the web?
That would be a pretty neat outcome, just like how Bitcoin is neutral money.
Works in nascent fields like crypto where going full 🦍 degen might lead to total ruin, but total cynicism will cause you to miss out on gains or sentiment shifts
The key is: Even if you don’t agree with the direction things are developing, you can bet against your beliefs
Be comfortable betting against your beliefs, because it’s almost impossible that society will converge on a Schelling Point that is optimal for you or even optimal for society.
Say anything critical about the externalities of a certain group’s actions, and you’ll be labeled an X-phobe, where X is said group.
Your reputation will be tarnished as an out-group heretic, as if that matters, since filter bubbles have splintered into ever-so-small pieces.
The irony is that the group doesn’t realize only an out-group member can comment on externalities.
If you “cancel” voices external to your filter bubble (well, filter them out), maybe you can feel psychologically safe 🙉 in thinking your actions are completely moral.
It’s worth noting that the group can be any group. I’ve seen this dynamic play out across various groups.
Name anything that exists in this world, and as long as a subreddit exists for it, you can bet someone’s been cancelled for voicing perfectly sane thoughts.
Not talking about financial leverage here, of course, but intellectual leverage.
What a small insight & a little code can do to change lives at a large scale.
But if it doesn’t fit into the OKR & investment thesis, good luck trying to do it.
Procrustean Bed?
Why so much of this “small insight & little code” lives on the fringes of the Web in open source software, small indie shops, and early startups (before GPs’ investment theses corrupts product strategy).
It’s not “coordination headwinds”, it’s the Principal-Agent Problem.
This “Gen Z is special” nonsense reminds me of the “Millennials are special” nonsense that I’d come across while growing up. Generational categories are arbitrary at best.
Every generation seems rebellious, naïve, “creative” etc when in fact it is just a product of youth.
So useless is the discourse about the “generations”, that you could look up stories about previous “generations”, when they were younger, and those descriptors would equally apply to the youth of today.
Such discourse is always (predictably) talked about in the same breath as – and misattributed to the influences of – the information technologies, media, and culture of the times.
@m1guelpf Totally. What smart contracts let us do is the “adjacent possible” from Bitcoin and so everything feels like novel mutations that haven’t found their footing yet. Give it time and problems will emerge for which these technologies will be a perfect fit.
@m1guelpf “Paradigm shift” is a bit of a hopeful prediction though, I don’t think technological shifts happen so linearly and can be predicted. We only see these shifts in hindsight.
Before iPhone native apps gained ground, for instance, everyone thought HTML5 apps would be the future.
@m1guelpf Right now, trying out web3 tech to see how they fit different domains *should* be encouraged, that’s how the technology finds its legs.
The “paradigm shift” you speak of comes after, when this knowledge is already discovered, and we mine the depths of it.