Currently, most of the things that we share our attention, our engagement, and our information with are centrally owned. When you use Facebook, and Facebook sells an ad that you see, Facebook reaps the benefit of that. And that’s normal given our current systems. But in a decentralized, autonomous organization, there is no Facebook, there is no executive team, and there is no CEO of the DAO. And as a result, the value that the DAO creates, and the money that’s being paid for the service can go anywhere the DAO determines.
And oftentimes it’s determined to go back to the end user, which I think is exciting because it means that all the value that normally goes to Google or Facebook or even the banking system can now go back to end users. And that’s a very exciting proposition. And I think that’s going to unlock human creativity and human endeavours, unlike anything we’ve ever seen before. What is exciting is the idea of decentralized autonomous organizations offering the same utilities and services that we normally only get from for-profit companies.
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So if a bank has to honour its shareholder agreements and create value for its shareholders, users are somewhat left out in the cold.
Distributed autonomous organizations don’t have that requirement. They don’t have any requirements. They could follow whatever guidelines the designers decide it wants to follow. In some cases, that means taking no profit and feeding all the value back either into development or into the community in some meaningful fashion. So distributed autonomous organizations disrupt the very idea of the for-profit corporation.
It’s very difficult to be Facebook if there’s a Facebook competitor that is giving everyone money for using it. It’s very difficult to be the banking system if a competing DAO is offering the same services of the banking system at lower fees and with a more egalitarian perspective and with fewer requirements. So the DAO is a game changer. Most people don’t realize that about cryptocurrency. It’s not the cryptocurrency that is ultimately the big innovation, but it’s the ability to create networks that no one owns.
https://stude.co/1361262/php-mysql
And therefore, any value that the network creates can be distributed anywhere. And I think we’re going to see more and more creative ways of distributing value that these systems create moving into the future. DAO is a decentralized autonomous organization, which is a fancy way of saying a network that no one owns. Bitcoin is run on a DAO, and Ethereum is run on a DAO. DAOs can be governed by whoever has the best idea, and that may change from day to day.
So you may have some leader in the community that you take advice from on one issue and then a different leader you take advice from on another issue, and that is perfectly congruent. You don’t need a CEO role, but that doesn’t mean that there’s a lack of need for leadership. If you create an open system in which anyone could give inputs, could share their ideas, and even maybe write some code on it, the outcome of that environment tends to be better than what you get in a private, for-profit corporation. If you understand how to get in concert with the open source community, and how to work with them instead of against them, you’ll discover that they’ll make things that will improve your existing business models. So I think we’re at that stage right now where, you know, Silicon Valley or just tech companies, in general, can benefit from participating in the open source communities instead of fighting against it.
And it requires the ability to not care too much about intellectual property rights because having patents on technology or owning IP is useful, but the execution still matters. And ultimately what we’re saying is, is that the execution is more important than simply having the idea. And if you’re a for-profit corporation with an effective marketing team and you understand how to position a product, simply having the code exist doesn’t prevent you from launching an effective product. What it does is it makes it more competitive, more people may be able to compete against you in that field, which is generally good for the consumer. Competition is a good thing, and it’s not something we should be scared of.
And I think trying to protect yourself in competition through intellectual property rights or patent trolling is not a desirable outcome for civilization and something that we should move away from as soon as possible. For all the world’s governments to ban crypto, they would have to violate a number of our protected constitutional rights.
Specifically in the United States, they would have to violate our First Amendment rights, and several other Supreme Court cases have to be overturned first. But let’s assume they even managed to do that. Let’s assume they effectively managed to get crypto as a banned thing, something that you’re not allowed to touch in society.
Well, congratulations. You’re now living in a totalitarian society, and the number of problems that are going to come with that is going to be far and wide.
Number two, there probably is no effective way to enforce that regulation. All you need is one jurisdiction in which it’s perfectly legal to continue operating on cryptocurrency, and everyone would simply move their businesses to that jurisdiction. You can mask network traffic and short of them shutting down the internet, cryptocurrency will still be available to anyone who wants to use it.
It may dampen its effectiveness. It may create, it would certainly create a shock to the short-term market price. But long-term, these networks would continue to exist. And I believe that what they would do is just push the cryptocurrency industry into a defensive posture in which we would rely on networks such as Monero, which are highly private and almost impossible to spy on.
That is a less than desirable outcome for us as a civilization, I believe.
I believe the current crop of cryptocurrencies is more beneficial specifically for tracking illicit activity or just generating the best use cases. If need be, we have other options, and the cryptocurrency industry would not go without a fight. For people to find reasons why cryptocurrency shouldn’t work or won’t work or is going to die, they have to resort to really extreme examples of what if all the world’s governments suddenly colluded on something.
It never happened, so.
. I mean, they’re welcome to try. I think any nation that fights us is fighting the tide. The idea is already out of the box, right? The cryptocurrency cannot be uninvented.
And as long as there’s value in sound money and borderless transactions and uncensorable transactions, then cryptocurrency is going to remain to be valuable. So any nation that is trying to ban it or push it out of its borders, it’s just harming itself. I love this conversation, right? Because I used to wear a suit and tie when I worked in finance every day. And generally speaking, it’s been my experience that people who want to look like everyone else are not very good at lateral thinking.
And that if you’re expecting innovation and creativity to come from people who conform to the way everyone else dresses, you’re not going to get anything useful from that crowd. They tend to think inside the box. They have a very narrow, myopic view about the way the world could be or should be or is.
And I think that’s dreadfully boring and will not help us in the least bit. More to the point, the way most people want us to dress or expect us to look with a suit and tie is an English cultural proclivity.
For someone like me, it would be akin to wearing the costume of my conquerors. I have indigenous blood in me. My mother is from Southeast Asia.
My father is a mix of European and gipsy blood. To say that I should mimic the style of dress and mannerisms of the English empire is a bit short-sighted and myopic.
I find that people tend to view others through their cultural lens, and I understand why they expect me to wear a suit and tie and to sort of look a certain way and behave a certain way. I would simply invite them to understand that I am from a different culture than them. It’s kind of a novel concept, right? Call me crazy, I think we shouldn’t be bigoted and judge people based on their appearance alone.
I would invite you to judge me based on what I say and what I do, not on how I look.
And I think if you want radical solutions to radical problems, you have to learn to think laterally. And anyone who dresses like a drone is just not capable of doing that. So I would invite you to think of it as a good thing and a bad thing. Currently, most of the things that we share our attention, our engagement, and our information with are centrally owned. When you use Facebook, and Facebook sells an ad that you see, Facebook reaps the benefit of that. And that’s normal given our current systems. But in a decentralized, autonomous organization, there is no Facebook, there is no executive team, and there is no CEO of the DAO. And as a result, the value that the DAO creates, and the money that’s being paid for the service can go anywhere the DAO determines.
So if a bank has to honour its shareholder agreements and create value for its shareholders, and users are somewhat left out in the cold.
Distributed autonomous organizations don’t have that requirement. They don’t have any requirements. They could follow whatever guidelines the designers decide it wants to follow. In some cases, that means taking no profit and feeding all the value back either into development or into the community in some meaningful fashion. So distributed autonomous organizations disrupt the very idea of the for-profit corporation.
It’s very difficult to be Facebook if there’s a Facebook competitor that is giving everyone money for using it. It’s very difficult to be the banking system if a competing DAO is offering the same services of the banking system at lower fees and with a more egalitarian perspective and with fewer requirements. So the DAO is a game changer. Most people don’t realize that about cryptocurrency. It’s not the cryptocurrency that is ultimately the big innovation, but it’s the ability to create networks that no one owns.
And therefore, any value that the network creates can be distributed anywhere. And I think we’re going to see more and more creative ways of distributing value that these systems create moving into the future. DAO is a decentralized autonomous organization, which is a fancy way of saying a network that no one owns. Bitcoin is run on a DAO, and Ethereum is run on a DAO. DAOs can be governed by whoever has the best idea, and that may change from day to day.
So you may have some leader in the community that you take advice from on one issue and then a different leader you take advice from on another issue, and that is perfectly congruent. You don’t need a CEO role, but that doesn’t mean that there’s a lack of need for leadership. If you create an open system in which anyone could give inputs, could share their ideas, and even maybe write some code on it, the outcome of that environment tends to be better than what you get in a private, for-profit corporation. If you understand how to get in concert with the open source community, and how to work with them instead of against them, you’ll discover that they’ll make things that will improve your existing business models. So I think we’re at that stage right now where, you know, Silicon Valley or just tech companies, in general, can benefit from participating in the open source communities instead of fighting against it.
And it requires the ability to not care too much about intellectual property rights because having patents on technology or owning IP is useful, but the execution still matters. And ultimately what we’re saying is, is that the execution is more important than simply having the idea. And if you’re a for-profit corporation with an effective marketing team and you understand how to position a product, simply having the code exist doesn’t prevent you from launching an effective product. What it does is it makes it more competitive, more people may be able to compete against you in that field, which is generally good for the consumer. Competition is a good thing, and it’s not something we should be scared of.
And I think trying to protect yourself in competition through intellectual property rights or patent trolling is not a desirable outcome for civilization and something that we should move away from as soon as possible. For all the world’s governments to ban crypto, they would have to violate a number of our protected constitutional rights.
Specifically in the United States, they would have to violate our First Amendment rights, and several other Supreme Court cases have to be overturned first. But let’s assume they even managed to do that. Let’s assume they effectively managed to get crypto as a banned thing, something that you’re not allowed to touch in society.
Well, congratulations. You’re now living in a totalitarian society, and the number of problems that are going to come with that is going to be far and wide.
Number two, there probably is no effective way to enforce that regulation. All you need is one jurisdiction in which it’s perfectly legal to continue operating on cryptocurrency, and everyone would simply move their businesses to that jurisdiction. You can mask network traffic and short of them shutting down the internet, cryptocurrency will still be available to anyone who wants to use it.
It may dampen its effectiveness. It may create, it would certainly create a shock to the short-term market price. But long-term, these networks would continue to exist. And I believe that what they would do is just push the cryptocurrency industry into a defensive posture in which we would rely on networks such as Monero, which are highly private and almost impossible to spy on.
That is a less than desirable outcome for us as a civilization, I believe.
I believe the current crop of cryptocurrencies is more beneficial specifically for tracking illicit activity or just generating the best use cases. If need be, we have other options, and the cryptocurrency industry would not go without a fight. For people to find reasons why cryptocurrency shouldn’t work or won’t work or is going to die, they have to resort to really extreme examples of what if all the world’s governments suddenly colluded on something.
It never happened, so.
. I mean, they’re welcome to try. I think any nation that fights us is fighting the tide. The idea is already out of the box, right? The cryptocurrency cannot be uninvented.
And as long as there’s value in sound money and borderless transactions and uncensorable transactions, then cryptocurrency is going to remain to be valuable. So any nation that is trying to ban it or push it out of its borders, it’s just harming itself. I love this conversation, right? Because I used to wear a suit and tie when I worked in finance every day. And generally speaking, it’s been my experience that people who want to look like everyone else are not very good at lateral thinking.
And that if you’re expecting innovation and creativity to come from people who conform to the way everyone else dresses, you’re not going to get anything useful from that crowd. They tend to think inside the box. They have a very narrow, myopic view about the way the world could be or should be or is.
And I think that’s dreadfully boring and will not help us in the least bit. More to the point, the way most people want us to dress or expect us to look with a suit and tie is an English cultural proclivity.
For someone like me, it would be akin to wearing the costume of my conquerors. I have indigenous blood in me. My mother is from Southeast Asia.
My father is a mix of European and gipsy blood. To say that I should mimic the style of dress and mannerisms of the English empire is a bit short-sighted and myopic.
.
And I think if you want radical solutions to radical problems, you have to learn to think laterally. And anyone who dresses like a drone is just not capable of doing that. So I would invite you to think of it as a good thing and a bad thing..https://stude.co/1361262/php-mysql
Transformation! 