dern
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dern
@originaldern
don't get rekt - success is getting what you want - happiness is wanting what you get - ?
web3 Katılım Mayıs 2021
181 Takip Edilen744 Takipçiler

Something big is coming to @signa — automated trading signals are about to change. Get early access: getsigna.ai
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After my last stint operating a DAO in crypto I left cynical on the whole DAO experiment. Coordination problems, management by consensus, governance theater, quorum issues, herding cats in a group chat, etc etc - I left a centralization maxi
Since joining @josephdelong and co. I have been reading about the history of credit networks and was surprised to find out Visa was basically like a DAO - in 1970 Dee Hock convinced Bank of America to give up control of BankAmericard (VISA) and hand it to the issuing banks. they formed a member-owned cooperative. thousands of banks that competed with each other every day, collectively owning and governing shared infrastructure. Mastercard was the same structure.
Member banks didn't buy governance tokens. they got ownership proportional to their actual participation and transaction volume on the network. the more you used it and grew it, the more of it you owned. (first airdrop ever?)
When that equity finally paid out, the timing was almost poetic. Visa IPO'd on March 18, 2008. the same week Bear Stearns collapsed. largest IPO in US history at $17.9 billion, right in the middle of the financial crisis. Over $10 billion went directly back to member banks. for a lot of those banks, 38 years of contribution-weighted equity in a cooperative network they helped build became a lifeline when everything else was falling apart.
The two most successful financial networks in history were decentralized-esque cooperatives that worked for decades before they centralized. and the equity model rewarded builders and users, not speculators
Studying..
Every network starts somewhere @colossuspay

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