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Author Topic: Crypto Governance  (Read 81 times)

indianCrypto

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Crypto Governance
« on: September 16, 2022, 11:23:44 AM »
has anyone actually tried to dabble in the governance of some PoS chains?
i find it a total shit show, and i'm slowly thinking it might be a buzzword to get you to buy in. here are some of my issues:

1. people who write proposals and people who vote are only the ones who know english. that means non-english speakers are excluded from deciding the future of a project.

2. some proposals are badly written and lack clarity or data. example: there was a proposal on Juno to hold lots of money from the treasury and fund developers with it who migrated from Luna after the Luna collapse. no mention of who these devs are, how many there are, what projects they'll be working on. yet everyone voted yes because it sounded good.

3. someone who doesn't want to be involved in governance and just liked the principles of the crypto project has to accept the fact that the project might be totally different in about 2 years after some proposal he/she doesn't agree with. This makes people micro-manage their money. Not everyone got the time or energy for that, especially if they're invested in more than one crypto and need to follow and read proposals for each crypto.

4. voters need to pay a fee to be able to vote. this means early adopters decide the rules for late adopters who are just observing the space before they get in. that's not inclusive/universal.

ultimately, humans are flawed and a monetary system with governance relies on humans. whereas something like bitcoin has governance that doesn't open the doors to random people to vote on proposal they might not even be bothered to read. also, participants have no idea how much power they vs. the devs have. remember how Solend bypassed the whole governance system to protect a whale from liquidation? does anyone have a case for governance?

CryptoboyRamesh

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  • Re: Crypto Governance
    « Reply #1 on: September 17, 2022, 06:48:13 AM »
    has anyone actually tried to dabble in the governance of some PoS chains?
    i find it a total shit show, and i'm slowly thinking it might be a buzzword to get you to buy in. here are some of my issues:


    It is a strategy to make their coins to have a use, or encourage holding.  I also find governance as a centralized version of cryptocurrency.  They keep on saying it is decentralized but the mere fact that most governance is led by the developer themselves and/or those people who have a huge amount of stash simply show what I am thinking is correct.  Aside from that I symphatize with you that letting people that has a poor vission and knoledge of economics but has power because they hold more tokens will simply make the project unpredictable and may often lead to exploits.  8) 8) 8)

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    Review_Master2

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    Re: Crypto Governance
    « Reply #2 on: September 18, 2022, 04:43:07 PM »
    The four points you have explained could be summed down into a single thing, which is centralization. I don't think most of them deeply care enough about decentralization in which there won't be any consensus. The POS governance is deeply rooted in an ironic thing, as you are already aware, the Solend proposal which attempts to control/steal user funds is being passed. That truly indicates there is a much bigger problem that underlies how governance performs in those cryptocurrencies not specifically in the Solend ecosystem. After all, do PoS even could give a firm consensus toward the whole ecosystem? I doubt it is possible.

    Muneeb

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    Re: Crypto Governance
    « Reply #3 on: September 19, 2022, 11:09:34 AM »
    This time the crypto market is illegal in almost countries but just some countries will legal this business and they almost make their own exchanges because they know that if they make their own exchanges they will make good profit on daily basis and also they can build their trust in the new and also their country clients. If any country will make their own exchange the clients of that country will trust them and invest their money with them.

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