Autonomous corporation “The DAO” has become the biggest crowdfunded project
An interesting concept, but I'm not buying the hype.<p>At the end of the day a bunch of people bought shares in a company (or did they?  Legality is weird) with the special condition that in addition to owning a share of said company they also get to vote on what the company actually does, and even submit proposals for what it should do.<p>Oh, and they also bought said shares with cryptocurrency.  Magic internet money guys!<p>Admittedly I think enabling this kind of democracy in a company is a bad idea.  It might actually wind up being less nimble than an actual corporation because of the extra consensus required.<p>Meanwhile, even though one might assume that the shareholders might be more informed than "the common mob", they might still propose and vote on more misses than, say, a corporation where new products and services are proposed through an informed internal decision making process that ultimately ends in the CEO using the information at his or her disposable to make the final decision.  In a good corporation, bad decisions are self-correcting, in some cases leading to such extremes as a leadership shuffle.<p>By contrast, who's to blame if the DAO votes on a proposal that wound up being a miss?  How do they learn from their mistakes so it doesn't happen again?<p>And I'm sure there are many other issues, but those are at the top of my list.  I'd rather a company be run by those most capable, rather than the crowd.