No pay meet and fuck
Like Augur (and Colony), the DAO’s ability to make effective decisions is predicated upon “the Wisdom of Crowds”.
It purports that, given a sufficiently diverse group of people able to make independent decisions, they will more reliably make smart decisions than even the smartest individual among them.
We all hang out in the same places online; we all read the same articles; we all know the same people — we simply cannot help but be homogeneous, and that will hurt our ability to make good decisions. It is better to stand on the shoulders of giants than to start anew just because there’s a blockchain involved.
So, although the DAO is a venture fund, it has many of the same needs in evaluating proposals.
YC has had excellent success, yielding some of the most important companies in the world today like Airbnb, Dropbox, and Stripe to name but three. Even the most well known accelerators not called YCombinator cannot claim anything remotely approaching this level of success.
I think that’s because to a greater extent than any other, YC temper their Spray and Pray with…The thinking here is exactly opposite. You just need to find the right people to do it and invest in them. Peter Thiel does deep due diligence on particular points that dictate the success of a startup.
Due diligence is a rigorous process that determines whether or not the venture capital fund or other investor will invest in your company.
The process involves asking and answering a series of questions to evaluate the business and legal aspects of the opportunity. I suggest that there are four pillars of the DAO investment thesis: focus, trust, philosophy, and size.
However, too much communication actually makes the group as a whole less intelligent, as a panoply of cognitive biases come into play.DAO token holders will then vote on whether to accept each proposal. In 1975, three researchers named Worchel, Lee, & Adewole demonstrated that, given two identical jars, one containing ten cookies and another containing two cookies, test participants valued the jar with fewer cookies more highly.Now, I’m at pains to point out — the DAO is own equity in a company (though theoretically it could own tokens in other DAOs). As the experiment continued, they wanted to find out what would happen to the perception of value of the cookies if they were suddenly to become more or less abundant.The basic model is to invest a little ~k — ~0k in a lot of companies.Most will fail, but hopefully a few of those will yield exponential returns.