IA

We're at capacity for the Real Mamas of Crypto June Summit: A Conversation with Crypto Moms! See what's in store this Friday. Also, a personal update at the end. 👇

So uh, 15 million DNA samples are now just available to the highest bidder?

As the guy who started ConstitutionDAO (and also been involved with multi-hundred million dollar acquisitions), let me give you a rundown of what's going to happen (and what should be done if you want to give it a serious attempt): WHAT'S PROBABLY GOING TO HAPPEN: - Many people on crypto twitter are going to suggest we buy 23andMe, ConstitutionDAO style - People will (rightly) point out that a model that rewards people for contributing their data is more fair, scalable, and sustainable - People will (rightly) point out that onchain funding models have come a LONG way and that we're due to see another large-scale experiment with community-based fundraising - People will realize that there's a HUGE amount of politics and legal maneuvering that goes into the sale (and bankruptcy) of companies and that simply having more money than another bidder does not assure success of acquisition. Large, flat, leaderless organizations are not most suitable for navigating these processes. - A team with little-to-no banking know-how is going to start pooling together (probably a very small amount) of crypto assets and it's going to look fairly half-assed. Even if there's a decent amount of assets, the selling party will not view it as a serious bidder, regardless of the size of pooled capital. Critics are going to point out that crypto world still doesn't know what it is doing. IF CRYPTO WANTS TO ACTUALLY GIVE THIS A TRY: 1. Think about refunds first. Have a CRYSTAL CLEAR 100% REFUND MECHANISM. For whales to get involved, they need to know that they can get a refund and protect their downside if the acquisition doesn't happen. 2. Stablecoins. Raise in stablecoins, not Eth, Sol, or any other crypto asset. You're just introducing currency risk otherwise. 3. KYC participants. Unfortunately, you can't have permissionless participation. The selling party won't accept money that include funds from north korea or sanctioned actors 4. Follow securities laws. Yes, you will have a participation base that's probably all accredited investors. The bankruptcy court won't take you seriously if you don't demonstrate the ability to follow the laws 5. Centralized bidding. The management team behind the acquisition needs to have unilateral ability to discuss, negotiate, and make flexible decisions. This must delegated to the team to act decisively. 6. Get bankers involved. This is incredibly counter-intuitive to crypto's anti-establishment ethos. The process of acquiring a company from bankruptcy is incredibly involved and time intensive. This is orders of magnitude more complex than a Sotheby's auction I would LOVE to see this happen and happy to support any team that wants to give it a serious, genuine attempt. I want to live in a world where users and backers of platforms are co-owners of the platforms that they use

How it started at Open Source AI Summit SF