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Even those with a libertarian bent want the law's protections when they lose, as evidenced by a class action lawsuit. It boggles my mind that anyone would put t

Even those with a libertarian bent want the law's protections when they lose, as evidenced by a class action lawsuit. It boggles my mind that anyone would put thousands of dollars (or more) into an organization that claims to live outside the law. What's to keep them from taking the money for themselves and doing nothing else?

lenerdenator 2y ago
> What's to keep them from taking the money for themselves and doing nothing else? Why, the invisible hand of the free market, my good person! Kidding. There's literally nothing but game theory and that no longer means what it did when humans interacted face-to-face in networks of no more than 300 people.
- lolinder 2y ago
  > that no longer means what it did when humans interacted face-to-face in networks of no more than 300 people. Game theory originated as a discrete field of study with von Neumann in 1928, after the invention and popularization of both the telegraph and the telephone. People were already living in enormous cities and doing business with people that they would never meet face to face or do business with again. Game theory accounts for this by distinguishing between repeated games and single shot games [0]. What you might actually mean is that game theory has never perfectly accounted for human activity because at the individual level humans are deeply chaotic and irrational actors. [0] https://en.m.wikipedia.org/wiki/Repeated_game https://en.m.wikipedia.org/wiki/Repeated_game
  - lenerdenator 2y ago
    There were already people living in cities and doing business over long distances with people they'd never meet again, but those people were in the minority. Even today, only about 56% of people, globally, live in cities [0], and back then, city dwellers were in the minority. In 1928 many American households didn't have telephone or telegraph services. My great-grandparents, who lived on the outskirts of a major Midwestern city, had a party line during WWII, meaning they had to share the phone line with people in geographic proximity. It would have been even rarer elsewhere around the world at the time. You paid your landlord or mortgage holder face-to-face, often in cash. Same with your grocer, doctor, lawyer, handyman, and employees. Humans were far less likely to act irrationally in social contexts when they had to face that same social context (groups of people in situations) over and over again. They might have thought irrationally, and weren't perfectly rational actors, but we're a social species, and enforced normal behavior through social situations. DAOs are another attempt to abstract all of that away, and they suck at it, because we're not wired to care about what some abstract concept of decency means. [0] https://www.worldbank.org/en/topic/urbandevelopment/overview https://www.worldbank.org/en/topic/urbandevelopment/overview

lenerdenator 2y ago

> What's to keep them from taking the money for themselves and doing nothing else? Why, the invisible hand of the free market, my good person! Kidding. There's literally nothing but game theory and that no longer means what it did when humans interacted face-to-face in networks of no more than 300 people.

lolinder 2y ago
> that no longer means what it did when humans interacted face-to-face in networks of no more than 300 people. Game theory originated as a discrete field of study with von Neumann in 1928, after the invention and popularization of both the telegraph and the telephone. People were already living in enormous cities and doing business with people that they would never meet face to face or do business with again. Game theory accounts for this by distinguishing between repeated games and single shot games [0]. What you might actually mean is that game theory has never perfectly accounted for human activity because at the individual level humans are deeply chaotic and irrational actors. [0] https://en.m.wikipedia.org/wiki/Repeated_game https://en.m.wikipedia.org/wiki/Repeated_game
- lenerdenator 2y ago
  There were already people living in cities and doing business over long distances with people they'd never meet again, but those people were in the minority. Even today, only about 56% of people, globally, live in cities [0], and back then, city dwellers were in the minority. In 1928 many American households didn't have telephone or telegraph services. My great-grandparents, who lived on the outskirts of a major Midwestern city, had a party line during WWII, meaning they had to share the phone line with people in geographic proximity. It would have been even rarer elsewhere around the world at the time. You paid your landlord or mortgage holder face-to-face, often in cash. Same with your grocer, doctor, lawyer, handyman, and employees. Humans were far less likely to act irrationally in social contexts when they had to face that same social context (groups of people in situations) over and over again. They might have thought irrationally, and weren't perfectly rational actors, but we're a social species, and enforced normal behavior through social situations. DAOs are another attempt to abstract all of that away, and they suck at it, because we're not wired to care about what some abstract concept of decency means. [0] https://www.worldbank.org/en/topic/urbandevelopment/overview https://www.worldbank.org/en/topic/urbandevelopment/overview