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

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

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.

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.

The way I see it, prediction markets are one side of the coin in cybernetic governance. They need to leverage democratic decision making for them to make any sense. DAOs need to step up to that challenge.