ConstitutionDAO Wins First Printing of America’s Founding Document at Auction… via @coindesk
I do think that this is in interesting transfer of confidence in place. Sort of crowdfunding towards to an LLC as beneficial owner with 2 managers.
See also the FAQ. Who will pay the founders and support structure?

Bottom line: just cough up the money first and we will let you decide later by vote.

Very interesting model.…
There is a game theory element at play here that I am unable to grasp.

But to me this sounds like the governance problem that, sorry for the dinosaur remark, resembles the ACH governace problems that banks always have in the payments arena.

I'll explain.
To make payments work in society, financial institutions, banks, postal giro's, saving unions etc need to cooperate and make systems interoperable, to the benefit of all.

Somehow they make it work leading to scheme structures with credit transfer payments or card payment.
Both the design of such structures and the actual operation carry some form of cooperative work that is required. Normally, a large entity kick-starts the base infrastructure and over time a collective structure emerges with some aggregated operational structures.
Now, what is always complex, is how to set up a trustworthy collectively operating structure like an automated clearing house (ACH). Usually a large bank provides one of its most important operational managers to head the first years of the collective ACH.
From there on in essence you end up in a collective action nightmare. No ACH can ever perform its duties to the liking of all of its constituting members. So there will pushing and shoving ever from the moment of its startup until eternity.

And there is the pendulum of control
If the ACH does its job pretty OK with a competent manager, the banks that own the ACH will take a more distant approach. Yet, if there is trust in the making or distrust, the pendulum of control will swing towards hefty detailed nitty gritty control of ACH-activities.
Bankgirocentrale, Interpay, Equens were the subsequent names of the Dutch ACH where collective governance issues and structures were always swinging like a pendulum back and forth. With mostly still a stringent control on activities via consultative boards.
The parellel I saw when reading about the Constitution DAO news (which turns out to be fake news, as I write this thread) was one in terms of confidence/governance structure for collective entities.

How digital a DAO may be, it still requires representation in a real world.
I would say that voting rights of a limited number ofbanks into one ACH structure already creates a standstill in terms of steering and governance. But it can be made to work.

Now for the dynamics of a simple legal structure and thousands of voting rights.

What is that?
Of course we can dub the DAO innovative innovation. But to me it's clear that any entity that would own the constitution via this DAO-mechanism requires a more structured approach upfront rather than: we will kick in some form of proposal later.

Without that the power is clear.
Two managers, running one LLC, owning the US Constitution with thousands of digital voters being 'allowed' to vote on the future of a historical artefact and the possible payment of the managers / company owning the artefact.

It could be made to work, but let me be the sceptic.
In my archives somewhere I can dig up the statutory rules of the Dutch ACH but one thing is clear. There was a very precise upfront formalisation of rules and structure before the significant investments were made.

That is because a small number of banks coughed up big money.
With a large number of small participants, the sum of money may be large, but the individual participants need to control the money and their influence may be small. It's just fun to be somehow involved or 'owning' the constitution. Who care about the legal nitty gritty.
In essence the structure thus provides a generic 'governance free' space that it is visible in many collective organisations, such as ACHs or lobby organisations. Once set up it becomes very hard to control the manager of the organisation and you're stuck with what you've got.
It is the social and legal structure surrounding the legal entity/persons at play that keeps the collective organisation functioning somehow, with -by definition- disgruntled members/participants. But the fundamental lack of control is a reality.

Now back to the DAO.
If you try to match the DAOs technical structure to existing legal structures, the cooperative structure clearly emerges. It was used in banking as well with raiffeissen as a well-known pioneer.…
The fundamental challenge we face in the Defi space is how to merge the digital cooperative structures of the DAO to the real life legal entities that we use when we arrange our business.

By definition, no DAO is outside the law. There are responsibilities/liabilities etc.
One way of looking at it or solving the puzzle - in a legal perspective - could be to look at DAO as legally incompetent actors, like the underaged. No minor is without a parent and a parent is always responsible for minors.

If things work out, the legal actions stand but...
.. if things do not work out, the parents are liable for their kids.

But as I said, this is still a puzzle in the making here.

So no conclusions except a warning: beware of the governance free space that by definition emerges with DAO's as there may also non-benevolent actors.
And with that I end my musings based on a story that never really happened... ;-)

Although I did touch on the same subject of course with the very early DAO-hack on Ethereum. Pointing to the remaining (and undeniable) relevance of legal infrastructures surrounding all our economic activity.…
PS. Will use the thread to assemble further reflections and such.

PS2. Another conclusion can also be: setting up a DAO, doing crowdfunding then returning the money with subtraction of the costs, may in itself be a (somewhat) profitable business activity for the marketing efforts or operational cost coverage that it generates.
PS3. Although I like the basic concept and idea as well as all the creativity, I do think that the essence of what it means to be a curator of history may not have been fully appreciated.

Curious to know what @MuseumNext feels about all this.
PS4. Btw: I do have a full digital copy of the initial coindesk article on the DAO-constitution still hanging around. It is both the past and the future as it might have played out.

Should I now sign it digitally, package it into NFT, set up a DAO and auction it at Sotheby's ?
PS 5. Curious to see what the responses are. By all means it is also facinating to see what happens in cultural terms given that any news/activities with respect to powerful historical symbolic artefacts may generate a lot of interest.

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More from @finhstamsterdam

11 Nov
Ik beloofde u een draad over informatie, data, sturing op variabelen als reflectie op waar het mis gaat in het kabinetsbeleid rond Corona. Maar let op, kan een beetje theoretisch worden en uit de hand lopen.

We beginnen bij het verschil tussen data en informatie.
Data is iets. Een gegeven. 23.
Succes ermee.

23 wat?

Geen idee.
Maar wel 23?


Dus we hebben meer nodig om er cake van te bakken. Maar wat?
Data transformeert naar 'informatie' in een bepaalde context. En wat is informatie dan?

Informatie is de betekenis die de ontvanger van data toekent aan het gegeven.

Dus stel: 23 graden.

Voor ons: hm... zomers, t-shirt aan
Voor zuid-Europa: hm fris, wollen trui meenemen.
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OK, so 1,5 year ago I wrote a thread on the value of bitcoin and how it is not equal to the price. It was the start of the pandemic. Time for an update.

I think in 20 years time people will wonder: how could I have missed the essence of crypto currencies by staring at tulips..
In this thread I outline how bitcoin and its blockchain can be seen as a multifaceted diamond, allowing many perspectives.

My main point is that it may well be a public good.
I'll now expand on that.

When we look at public transport, early industrialisation, setting up phone companies railways and such, countries have witnessed different developments paths.

This emergence of infrastructure with new technologies is happening now with cryptocurrencies.
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Weet u nog, die 5 dagen consultatietermijn die het volk kreeg voor het toestaan van een STASI-rol aan de NCTV?

Hier de visie van de Autoriteit Persoonsgegevens.

Toezichthouder waarschuwt voor wetsvoorstel: ‘NCTV opent deur naar surveillancemaatschappij’…
Mijn eigen reactie hieronder in beeldformat.

Het hele NCTV voorstel is een dikke middelvinger naar de rechtsstaat en grondrechten van de mens. Image
Dan pagina 2 de opsomming van basisregels waarin Grapperhaus zijn NCTV-wetsvoorstel had moeten toetsen, maar waar hij wegens alom heersende bestuurlijke dementie niet aan toekwam. Image
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Zal ik niet of zal ik wel lezen.... ?
Uit de WOB.
Uit de WOB. Eén van de vijf met/via Kinderdagverblijf.
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Media zeggen nogal eens bewonderend hoe knap dat bij Rutte is, maar het is in feite volstrekt leeg. Het is het zoeken van consensus, eten in de bekjes van de politieke vogels en lobbygroepen gooien en hopen dat het goed gaat. Met een cruciale denkfout erin.
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Metaverse reflecties en links.

1. Goeie draad over Metaverse en geleidelijke veranderingen van fysieke naar digitale wereld. Als digitaal, instagram reality is waar de tijd heengaat dan is dat hoe de wereld eruit gaat zien.

2. Evenzo boeiend commentaar op hoe de naamsverandering ook gezien kan worden.

Zover ik begrijp een verwijzing naar naams/titelwijziging voor keizer Augustus die niet de dictator wilde uithangen en een meer egalitaire titel koos.

3. Ook boeiend commentaar alhier. Anton Dingemans.

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