/biz/ - Business & Finance

[Anonymous No.22348528]

Is Polkadot making the same mistake than EOS? Trying to apply concepts from the old world to a blockchain?
Seriously how stupid is it to let random token holders vote about technical proposal that less than 1% of people understand? Developers should make the decisions.
Look at this proposal for example, people are voting at more than 95% to increase the amount of validators, because they want more money. But most of them don't understand that polkabots need a limited amount of validators to work best. They will always vote to increase the validator count, whatever happens, because in their mind it means more rewards. It takes a developer to understand what is the ideal validator count, but the developers voices are barely heard here.

It's unavoidable that the long term of polkadot development will be full of bad technical choices and frustrated technical leaders.

[Anonymous No.22348618]

>>22348528
voting mechanisms seem retarded to me as well
literally built on the idea that your average tard will vote for the right thing
weirdly
also this idea that everybody should get an equal chance is somehow a braincancer that has invested crypto since eth
why would i trust in a community driven court like kleros for example?
the whole idea of crypto is that i don’t have to trust anybody

[Anonymous No.22348916]

>>22348618
Also it means that censorship and control will become the norm, since all they need is more than 50% of the votes to do whatever they want, including reversing transactions, blocking funds, imposing identity verification etc.... And we know how easy it is to manipulate people into voting away their rights. And people are also voting to give more power to some people (the council). Basically they are recreating a powerful government inside the blockchain, the very thing that the original cypherpunks wanted to eliminate..

[Anonymous No.22349016]

>>22348916
crypto is basically cyber communism at this point

[Anonymous No.22349083]

>>22348916
kek not touching this shitcoin

[Anonymous No.22349187]

>>22348528
The benevolent dictator model is often best for software development. This is the approach Quant Network have taken with their interoperability solution. It’s actually being used by enterprise, including Oracle, so I guess you can conclude it’s a successful approach.

[Anonymous No.22349653]

>>22349016
It's sad honestly But I feel like crypto will indeed become a tool for censorship and control in the future, instead of being one of emancipation from the governments.

[Anonymous No.22350427]

Seems an underestimated point of failure for so many projects with a utopian idea of distributed decision making. Nothing successful or important is done this way and never can be, its pure idealism from a very shallow consideration. You'd have to select a council of intelligent white men specifically to have group decisions be useful for actual advancement, in which case you've got a senate, and one would rise as emperor, as it should be. Blame the smothering push of marxist/communist ideology that so many people have just casually adopted its tenets as if they're real

[Anonymous No.22350491]

These aren't random token holders, they are investors with millions of dollars worth of tokens voting. If they don't want to lose their investment they shouldn't be voting like tards. Let them learn

[Anonymous No.22350683]

>>22350491
Yeah and because they don't want to lose their investment they will shit their pants at the first government putting pressure on them to implement censorship and control.
There is a reason why Blockchains are focused on anonymity. It's the only way to guarantee that the people controlling the network are not influenced by external entities.
It's true that Bitcoin and ethereum developers are public, but the most of the hash power is anonymous, and that's what matters.

[Anonymous No.22351754]

>>22348528
yes, governance in crypto is a scam like that, it devolves either to a cartel of whales or rule by idiots.
Yfi is the sole exception that I think may be ok with governance because it was farmed by smartest people on ethereum in general, mostly those that were able to read the contracts for themselves + those that were able to understand the goal on their own, even though Andre wrote that the token has no value at all. Very unique situation.

Sushi is a good example of the latter (rule by idiots), they basically elected crypto ecelebs to their multisig + sbf alameda financial predators. Now they're proposing to cut inflation up to 100x + vest 2/3 of rewards for a year. Complete brainlet move, why would lps stay in that scenario?

[Anonymous No.22351879]

>>22348528
Yes

[Anonymous No.22352182]

>>22348528
>>22348618
>>22348916
>>22349653
>>22350683
>>22351754
Finally smart anons on biz kek been so long since i saw thread worth replying
Yes.
Onchain governance is meme (and feature all this chains xtz,ada,dot etc. shill as good thing)
Eth is shitshow but there si good reason they are avoiding onchain governance like plague.
Every fucking point you made is valid+ in age of liquidity mining rewards big cex whales capture big share of votes anyway just look sushi-uniswap vote foir migration...ftx farmed 30%+ of votes and "community" voted for migration kek
So resault is "free from vcs sushi movement captured by vcs" and retards are happy with result, and tahts only 1 dap this shit transfering on l1 chains spells: rekt city.


So tldr onchain governance on l1 greedy retards or self interest driven vcs deciding on future of decentralsied protocols.
LOL

[Anonymous No.22352832]

>>22352182
>Finally smart anons on biz kek been so long since i saw thread worth replying
>last reply in sea of pajeet shills thread dies

oh man....

[Anonymous No.22352870]

bump

[Anonymous No.22352988]

>>22352832
such is life

[Anonymous No.22353065]

>tfw trying to read this thread as a brainlet

Still made a 10x this year so far based on you high IQ anons and all your work so thank you even if I don’t understand any of it

[Anonymous No.22353068]

>>22348916
>>22348618
>I'M VERY SMART

[Anonymous No.22353358]

>>22353068
what the point?

[Anonymous No.22353430]

>owning stocks is flawed because it means the average retard can vote

[Anonymous No.22353456]

>>22353358
the point being my dotties stay super hotty.

[Anonymous No.22353534]

>>22348528
Tron is the master chain for dapps and smart contracts