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ManuAlzuruš„
@manu
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
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Trigs
@trigs
I don't get it. Futarchy is just a name a guy put on an idea a long time ago. Actual futarchy doesn't even exist and is just a theoretical example of a different way to form consensus and examine outcomes? It's like saying DAOs don't work. Well, nobody's actually built one yet. We're just throwing shit against the wall to see what sticks. A system built off the ideas of futarchy doesn't have to be a plutocracy or even have anything to do with money. Sounds like you just don't like polymarket (which has nothing to do with futarchy) š
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ManuAlzuruš„
@manu
And regarding what you said about futarchy having nothing to do with plutocracy or outcomes based on money then I donāt know what are you referring to since the main definition is to vote with your money. ChatGTP says: Futarchy is a form of governance proposed by economist Robin Hanson, where policy decisions are made based on prediction markets rather than traditional democratic voting processes. The idea is to combine elements of democracy and market mechanisms to create a more efficient and effective decision-making process. In a futarchy, the general public would vote on broad goals or values (e.g., economic growth, environmental sustainability, public health). Once these goals are established, prediction markets would be used to determine which policies are most likely to achieve these goals. Participants in the prediction markets would buy and sell shares based on their expectations of the outcomes of different policies, and the policies predicted to perform best would be implemented.
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Trigs
@trigs
I said it doesn't HAVE to be about money. Hanson's original idea used that as an example, but he was just promoting a theory. He didn't build one. There's no "futarchy protocol" everyone is building off of. This is an emergent idea! It's an idea that separates voting on values from elections and execution. Prediction markets don't have to be monetary, that is just the easiest starting point. DAOs were all plutocratic with 1T1V designs at first too, but we're experimenting with all kinds of different options now. When we get better reputation-centric onchain weight criteria there will be more options than just plutocracy.
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ManuAlzuruš„
@manu
Well actually I met the guy in person and he was very explicit about using markets with money to govern DAOs. He didnāt built one but the builders are building based on those ideas. The guy was being put in a pedestal and is advising multiple projects that are trying to create prediction markets for DAOs using money. So yeah to me this is super plutocratic. And yeah I agree that things doesnāt HAVE to be built using money for voting.
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Trigs
@trigs
Thanks for the context. Very interesting to hear your perspective and experience. And your frustration seems more relevant now! Skin in the game is important for governance, imo, but using money as the sole factor to move the needle isn't the way.
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