Reality Intrudes on a Utopian Crypto Vision

The community feud has also led to a price cut at Wonderland DAO, whose founder was recently forced to reveal that he is known as the treasurer of the platform. Sifu, There was a man named Michael Patrine. Mr. Patrin has previously been convicted of financial crimes in the United States and Canada and is a co-founder of the failed Canadian cryptocurrency exchange QuadrigasiX, whose mysterious death of another founder has cast doubt on law enforcement and customers in cryptocurrencies.

One of the topics of discussion at the Wonderland Governance Forum since then is whether the DAO should be dissolved, or whether it should be transformed into something like a classic corporation by hiring a “team of professionals with background checks” including key financial, legal and management officials.

Problems have often arisen due to the anonymous nature of DAOs and cryptocurrencies.

This anonymity could weaken liability and facilitate what critics like SushiSwap call abuse of power, where its creator, who goes through Chef Nomi, abruptly abandoned the project by blocking tokens worth about $ 13 million amid a feud.

A developer who goes through OxMaki and who was involved in launching SushiSwap told The New York Times in a telegram chat that DAO’s strengths – diversification and decentralization – also turned out to be weaknesses.

“It was created from the wild spectrum of people from all over the world without any inter-party relationship. The vision and direction is different for each group. It was never determined entirely internally. That was a mistake,” he wrote, adding that he never had sushi. The other members of the team did not meet face to face. (Oxmackie, who calls himself a “chaotic-capitalist”, declined to give his real name.)

American Cryptofed calls itself the first legally approved DAO in the United States. It was registered in Wyoming, which formally passed the state’s first law, the DAO, and exempted cryptocurrencies from the state’s securities law.

In September, it notified the SEC that it would create two new cryptocurrencies for payment and governance in its internal economy, both of which would be distributed to the public first and then bought, sold and traded.

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