crypto

Many crypto people are lately hyping Futarchy, but they aren't telling you it can be manipulated by the wealthy, is speculative, and oversimplifies complex issues using the market. 

Why don't they mention the ethical dilemmas?

1/2

Humanist, lovepunk, engineer, experience producer, musician, angel. DAOs since ‘16. Experimenting with human protocols, trust networks & decentralized societies

Oh, right, they need the hype since prediction markets are finally getting attention due to @Polymarket.

But seriously, who thinks good outcomes for a whole community can come from the market?

Obviously, the outcomes will benefit the wealthy. It isn’t that hard to see it.

2/2

The alternative to markets is that a group of people (if not one person) ultimately decides what we all want. I have always found the latter scenario worse.

Founder of CryptoPlaza. Delegate at dYdX, MakerDAO (Sky), and AAVE. Member of MetaCartel. Ambassador for Superfluid.

Experts cannot determine our preferences. Technical subjects should not be voted on; they should simply be applied according to the state of the art of our knowledge. The problem is that many democracies degenerate into populism, which ends up being led by the most incompetent, who are elected by the least productive.

I don’t believe voting with money will ever be better than having subject matter experts making decisions.

The thing is that our traditional democracy has a lot of flaws and lead to the tragedy of the majority which manifests with populism, short-termism, the tragedy of the commons  and others.