The miracle of the Libertarian economy
Decentralized Autonomous Organizations, or DAOs, are blockchain groups that are supposed to be democratic. They are the part of web3 that gets people very excited: They can, boosters say, replace corporate structures and create a system where people have votes according to how much work they put into the DAO.
This sounds OK in theory, but a group called Build Finance DAO just suffered a coup in which one person amassed enough tokens to get a vote passed, then voted to give themselves full control of the DAO, then, using this power, took all of the money. In a sense, the DAO did replace a corporate activity with its own version: the hostile takeover.
Build Finance DAO announced through Twitter on Monday that a "malicious actor" had accomplished a "hostile governance takeover." The person had taken over the token contract, governance contract, minting keys, and the project's treasury. A wallet named Sudo.eth made the initial proposal to put themselves in charge and it failed after they were voted down in the project's Discord, but then transferred their tokens to another wallet and offered the proposal once more. The proposal passed this time because no alert was issued on Discord that a new proposal had been made, The Block reported.
The coup drained nearly $500,000 worth of tokens from the project.
https://www.vice.com/amp/en/article/xgd5wq/democratic-dao-suffers-coup-new-leader-steals-everything
This is NOT prosecutable fraud, because no regulatory legislation has been developed.
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...You are finally free of the evil constraint of Central Banking!
No evil "state" can track your purchases, which is great if you are a criminal, arms dealer, or Ponzi scheme operator.
You can make so much money, except if you lose it all in an instant to an unauthorized hack!
You can watch the value of your "investments" fluctuate wildly, never knowing if you paid $15 for that pizza of $15,000. But who cares, it's all funny money anyway. (Did I mention "blockchain?"
And most importantly you can contribute significantly to climate change by sucking up giant amounts of energy to mine a pseudo asset that has no other reason to exist other than making a bunch of libertarian blowhards pseudo wealthy. (Of course, you need to know what the "crypto" is worth in a sovereign currency like US dollars to really get an idea about this minutes purchasing power!)
Crypto Up Bitches!
