{"id":2419,"date":"2016-05-16T02:26:23","date_gmt":"2016-05-16T09:26:23","guid":{"rendered":"https:\/\/www.privateinternetaccess.com\/blog\/?p=2419"},"modified":"2021-08-06T05:13:18","modified_gmt":"2021-08-06T12:13:18","slug":"dao-old-world-really-cant-comprehend-new-world","status":"publish","type":"post","link":"https:\/\/www.privateinternetaccess.com\/blog\/dao-old-world-really-cant-comprehend-new-world\/","title":{"rendered":"The DAO raises $100 million: How the old world really can’t comprehend the new world"},"content":{"rendered":"

The crowdfunding to the investment company \u201cThe DAO\u201d, which has exceeded one hundred million US dollars and counting, has the old world in confusion. \u201cHow can something leaderless run a company, or be trusted with an investment?\u201d, we hear. This shows the real depth of the digital divide.<\/strong><\/p>\n

The DAO \u2013 short for Distributed Autonomous Organization \u2013 is actually a rather bad name for this venture. That name is a modern equivalent of \u201cThe Corporation\u201d. Something like \u201cThe Distributed Autonomous Venture Investor\u201d would probably have been more understandable for this particular organization, as there are many more DAOs (just as there is more than one corporation). But still.<\/p>\n

TheDAO is the largest investment crowdfunding ever, beating the game Star Citizen<\/a> which has pulled in $100 million in funding. TheDAO has currently attracted 108 million dollars in investment money, mostly from small and individual investors. This has left all the large investment institutions in complete confusion and disarray, as the technical term for this kind of amount is \u201ca shitload of money\u201d, which in turn attracts the attention of Wall Street.<\/p>\n

Star Citizen is understandable to Wall Street. It is a high-end entertainment product with an experienced game designer, with some of the most successful products ever, at the helm. The CEO has recruited some of the best people in the industry. This is grokable for the old world.<\/p>\n

And then there\u2019s TheDAO. No leader, no incorporation, no nothing. Just a shitload of money (technical term) coming from everywhere.<\/p>\n

\u201cWho\u2019s making the decisions?\u201d<\/p>\n

\u201cWhere\u2019s the business plan?\u201d<\/p>\n

\u201cWhat\u2019s the investment idea?\u201d<\/p>\n

What the old world fails to see is that there is leadership, there is a business plan, and there\u2019s a clear investment idea. It\u2019s right in front of them. They just fail to recognize it as such:<\/strong><\/p>\n

The source code.<\/strong><\/p>\n

The source code makes the decisions for all to see. The business plan is right in the source code.<\/p>\n

The fact that Wall Street doesn\u2019t recognize source code for perfectly valid, validatable, and transparent business logic is why Wall Street is being left behind.<\/p>\n

It was the exact same thing with Bitcoin a couple of years ago. \u201cHow can you trust a currency that doesn\u2019t have a central bank that can decide to destroy your holdings?\u201d<\/p>\n

The answer, of course, was that you could trust it exactly because<\/em> it didn\u2019t have that kind of central bank \u2013 because the source code was open for all to see, and therefore transparent and predictable.<\/p>\n

And that\u2019s why you can trust the new kind of organization. Unregulated, unstoppable, uncensorable free enterprise, with the source code open for all to see.<\/p>\n

Because the old world can\u2019t stop it.<\/p>\n

(Update: Star Citizen is still the #1 crowdfunding with $113 million<\/a> as of Monday lunch European time. TheDAO, currently at $108 million, is expected to surpass this by Tuesday lunch or so.)<\/p>\n

(Update 2: Well, that was quick. TheDAO is at $117 million as of 19:00 European time Monday, officially making it #1.)<\/p>\n","protected":false},"excerpt":{"rendered":"

The crowdfunding to the investment company \u201cThe DAO\u201d, which has exceeded one hundred million US dollars and counting, has the old world in confusion. \u201cHow can something leaderless run a company, or be trusted with an investment?\u201d, we hear. This shows the real depth of the digital divide. The DAO \u2013 short for Distributed Autonomous … Continue reading “The DAO raises $100 million: How the old world really can’t comprehend the new world”<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_stopmodifiedupdate":false,"_modified_date":"","footnotes":""},"categories":[15,1],"tags":[218],"class_list":["post-2419","post","type-post","status-publish","format-standard","hentry","category-cryptocurrency","category-news","tag-decentralization"],"yoast_head":"\nThe DAO raises $100 million: How the old world really can't comprehend the new world<\/title>\n<meta name=\"description\" content=\"The crowdfunding to the investment company "The DAO", which has exceeded one hundred million US dollars and counting, has the old world in confusion. 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