Packy McCormick: belief

Transcript context

…I like that. That is a thing that doesn't exist. There's a clear divide between the, let's look at regular companies world and invest in regular companies world, and the people who have, for lack of a better phrase, going down the rabbit hole. That divide is really around business fundamentals and structure fundamentals. Because a lot of people are like, oh, well, with DAOs, we throw everything out. So no one even has a manager. Of course, there's no board, there are no shares, there are no contracts, and there are no employment agreements. But this way, everyone gets to do what they want. I liked your point when you were writing about the Cooperation Economy where you're like, well, at the end of the day, humans are still humans and do need to organize in ways that if our goal is to ship a product, we do have to figure out some structure to ship a product. Yeah, nothing is a panacea. I think this is a really amazing new toolkit to have. I just probably had spent too much time in tech and VC, and so I say design space now too often, but it opens up this new design space, where you just have a new set of tools that you can build with. DAOs, I think, are really great in certain situations. I think 8 out of 10 DAOs might totally fail because they have that leadership issue or who is the final decision maker issue. But I think those other two are going to do things that you might not have ever thought to do with a traditional corporation, they'll spin up faster, and they'll be more responsive. So I think nothing is all good and bad, but I think there are going to be some emergent properties to DAOs that are really interesting and probably previously would not have been possible. That's a really good thing. So I don't want people to just dismiss DAOs outright because sometimes they can be a little bit chaotic or whatever else. I got involved in the Constitution DAO, which was trying to buy the Constitution this week. It shows both the amazing things, which is you can rally a group of people around this shared mission and raise almost $50 million to go fight to win the Constitution and bring it back to the people. Then it's also very hard to make huge decisions in a seven-day timeframe and to organize a 20,000-person Discord, all of whom have been told that they're a part of the DAO and have a voice. What's the right balance there? Then you go into the idea of progressive decentralization, which I think makes a lot of sense, which is a start out a company. Particularly, if you're building a protocol or something that is not as consumer-facing maybe, then over time, you can progressively give up control and cede more control to the users and the owners. So I guess, again, the whole approach is like, here's where it's good, here's where there are issues, and here's something that might kind of work, and let's go try it. The worst thing you could do is just dismiss something. Do you get blowback from people who were really into what you used to write about and are now like, you got to spin something off or I'm not buying it?…

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