wylin💎↑ on Warpcast

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Wilson Cusack pfp

This prop makes me sad. https://www.nouns.camp/proposals/662 But I know many thoughtful members support, so I want to understand. It makes it feel like the Foundation has been the main thing for Nouns and we need to find a new way to facilitate that action. Whereas I see the Foundation as a historic artifact. I worry that the Nounders abundance of caution on such things has harmed the DAO in the past. If you support this, what’s the main reason?

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Bitcoin doesn’t need a legal entity. Why do we? Buying a Noun is a sort of proof of work, like mining. The software says the miners can vote or transfer voting rights. I worry we heavily constrain our future on this path.

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wylin💎↑ pfp

with respect, it’s a naive view. also odd to me the amount of people who are almost totally inactive from governance and participating in the community more broadly who suddenly have strong opinions here that said, it’s naive because of the reality of power and US regulatory authority. US courts have determined regulatory authorities have jurisdiction to sue DAOs you can’t be nothing nowhere in court. if you don’t have a legal entity, the court will assign you one based on their jurisdiction if they do, which has happened, the Cayman Foundation’s corporate veil is pierced and individual token holders are held liable as individuals. Nouns founding circumstances are nearly identical to Lido’s, meaning if a token holder sued the DAO, the same thing would happen in the event of an enforcement action, (ie the Foundation didn’t pay the 47.7% tax owed to the IRS on US based profits,) US regulatory authorities have the power to subpoena KYC info from Coinbase, etc. 1/n

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wylin💎↑ pfp

DUNA was crafted by a16z in partnership with Wyoming once it became apparent their investments were at risk. it guarantees liability protection for individuals participating in DAOs and gives them full ability to operate as a business without forcing a traditional hierarchical structure it’s not all great, clearly. the trade-offs inherently violate some of the core principles of crypto. but to think nothing will ever happen, or that the rules don’t apply here, simply doesn’t align with reality it’s a proactive move that gives the DAO firm ground to stand on and advocate (albeit indirectly) for regulation that aligns with crypto’s core principles it also opens up the pathway for Nouns to become a proper 501c3 charity, which means it can continue to fund all of the badass stuff it funds, while opening up an avenue for large crypto companies like Coinbase to donate funds to Nouns rather than send them to the US gov to fund their lawsuits 2/n

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wylin💎↑ pfp

it is sad in a way, but part of growing up is accepting some sad and harsh truths for what they are and adapting to that reality

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