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Probably a mechanism where the shareholders could vote to fire/replace the CEO (and therefor lock them out of issuing more shares, or spending money on behalf o

Probably a mechanism where the shareholders could vote to fire/replace the CEO (and therefor lock them out of issuing more shares, or spending money on behalf of the corporation) at regular intervals.

filleokus 4y ago
Hmm, would that be enough? Consider a darknet marketplace. We start some kind of DAO/smart contract, where people put in crypto to get shares, which are used to fund the creation of the marketplace. Let's assume it get's built, the DAO could transfer funds incrementally with votes on the progress or something. The profit generated from the ads are then deposited back in to the DAO, with a portion going to the voted CEO and the rest to the shareholders. But what hinders the "management" of the marketplace, who controls the servers, to just stop transferring funds back in? The CEO could be replaced in the contract, but as long as you control the servers, that doesn't matter, right?
- joshlemer 4y ago
  Well, I guess if it were to be more like a real world corporation, the shareholders would elect a board, which selects a CEO. If the board goes rogue with the some of the private AWS keys, or other company assets, past the point where the shareholders vote to replace them, then I would imagine the shareholders would want to elect board members who would take action to re-secure the physical assets, possibly via extralegal means. For some assets, one could also imagine a smart contract that automatically expires control of the asset as soon as the CEO/board is changed. By the way, not that I am endorsing this as good for society, though it's interesting, and I could just see this being a beneficial innovation for black/gray market firms.
  - sunshinerag 4y ago
    I remember few companies already doing this. The shapeshift DAO. They migrated from a traditional corporation to one incorporated and governed by a Defi contract

filleokus 4y ago

Hmm, would that be enough? Consider a darknet marketplace. We start some kind of DAO/smart contract, where people put in crypto to get shares, which are used to fund the creation of the marketplace. Let's assume it get's built, the DAO could transfer funds incrementally with votes on the progress or something. The profit generated from the ads are then deposited back in to the DAO, with a portion going to the voted CEO and the rest to the shareholders. But what hinders the "management" of the marketplace, who controls the servers, to just stop transferring funds back in? The CEO could be replaced in the contract, but as long as you control the servers, that doesn't matter, right?

joshlemer 4y ago
Well, I guess if it were to be more like a real world corporation, the shareholders would elect a board, which selects a CEO. If the board goes rogue with the some of the private AWS keys, or other company assets, past the point where the shareholders vote to replace them, then I would imagine the shareholders would want to elect board members who would take action to re-secure the physical assets, possibly via extralegal means. For some assets, one could also imagine a smart contract that automatically expires control of the asset as soon as the CEO/board is changed. By the way, not that I am endorsing this as good for society, though it's interesting, and I could just see this being a beneficial innovation for black/gray market firms.
- sunshinerag 4y ago
  I remember few companies already doing this. The shapeshift DAO. They migrated from a traditional corporation to one incorporated and governed by a Defi contract