5 ms·

Ignoring the questionable end-goal here, the 'crypto' aspect of this is apparently completely orthogonal to the fund-raising effort[1]. What's the point? [1]ht

• pkukkapalli 5y ago
  The crypto aspect serves a very important feature, hype. Anything tangential to crypto gets the attention of all of crypto twitter. This would not have nearly as much money in it if not for that hype. One thing I do wonder though: at some point all this ethereum gets converted to dollars in order to buy the constitution. What does this DAO do with any "extra" dollars from the increasing value of ethereum?
• casi18 5y ago
  from his blog: >No, the crypto bit absolutely doesn’t do anything useful None of this would have happened without 'the crypto bit'. People are just annoyed that crypto is happening and theyve been betting against it. they were so focused on the 'currency' aspect they missed that groups of people can coordinate, they missed that a reddit group can become a political force, they missed that people are buying land together, the missed that coordination is the killer app. HN and the cynics have been telling us for years that none of this would work, and when we get examples of it working we hear "you could do this without x". yes, in theory you could have a mysql database and a company registered in deleware, and stripe processing payments, and also companies in other countries to handle international payments, and blah blah..... this is faster, easier, and more fun.
  • eropple 5y ago
    When you have to ascribe things to "the haters" or "the cynics" to make sense of the world, it's worth taking a step or two back.
  • enragedcacti 5y ago
    > HN and the cynics have been telling us for years that none of this would work, and when we get examples of it working we hear "you could do this without x". yes, in theory you could have a mysql database and a company registered in deleware, and stripe processing payments, and also companies in other countries to handle international payments, and blah blah..... Or just use GoFundMe? I agree that none of this would have happened without the crypto bit, but only for the reason that its a rushed and poorly thought out idea that crypto nerds are latching onto as proof that crypto finally has a high profile use beyond speculation. In reality this solves effectively nothing that centralized systems don't while adding the risk of there being no legal recourse if the team decides not to do what the DAO says.
  • keymone 5y ago
    i'm far from hn cynic regarding crypto, but wholy shit, some of crypto projects/ICOs/NFTs are so dumb you have to have literally no brain cells to buy into them. including the one this post is about.
  • UncleMeat 5y ago
    > None of this would have happened without 'the crypto bit'. In the sense that it wouldn't have happened without a bunch of people suddenly finding themselves with so much wealth that spending it on a lark is fine and a nihilistic meme culture where throwing money at jokes is a growing global activity, sure. Wouldn't it be nicer if millions were instead spent on fighting poverty?
    • casi18 5y ago
      yes, im a big supporter of thing like proofofhumanity ubi, also $400m was donated from crypto to the india covid relief fund over the past 6 months. These initiatives are great and happy to share any you have. This week, on the back of constituitondao, people have started making other daos for other causes like repatriation of stolen historical artifacts https://twitter.com/bronzedaotweets https://twitter.com/bronzedaotweets
• tchock23 5y ago
  When buying naming rights to a sports stadium only lasts a few hours in the news cycle you have to get creative to keep the crypto hype train running…