Wednesday, November 24, 2021
What is $40 billion?
In a wonderfully funny article about the idiots who fell for the DAO "constitution" scam, Vice says:
DAO governance tokens are themselves a $40 billion market.
What are governance tokens? Nothing. They say that you have paid money to the scammer. That's all. The scammer can let you "vote" on the subject of the "smart contract" or not, as he wishes.
In 1948, $40 billion was the entire fucking budget of the United Fucking States. Or more precisely it was Truman's proposed budget, and the Repooflicans were bitching that it would drive us into bankruptcy as fucking always.
Granted, inflation since then is about 10, so the figure is really $400 billion.
Even after adjustment, the DAO shit is genuinely equal to the non-defense parts of the entire fucking government in 1948, and it does precisely nothing.
DAO is a super-complicated overload of the simplest scam in history. The simplest scam is a classified ad saying:
Send one dollar to PO Box 123 now! Beat the rush!
It's perfectly legal because it doesn't promise anything at all. It just invites you to send money.
Labels: Entertainment, Sucker Filter
¶ 3:33 PM
