Dao Treasury, Bros, NED discussed on Opening Arguments
Except accept that this is not too crypto Bros saying it's in the blockchain is not like saying it's in the fine print, right? That's the fundamental feature of this entire structure. Okay. I think it goes to show that it isn't a feature. So that leads to and I have to read this because it is the funniest part of the article. It is with deep regret that we have to inform the community of this total and irrevocable loss of build DAO treasury assets through the deeds of one malicious actor. Team members have made direct contact with the attacker. But there seems to be no appetite for a dialog much less any reparations. Of course. Yeah, no, the guy who did the trick take over and got on the money isn't from the kindness of his heart gonna undo it. Yeah, that is like writing back to the Nigerian prince. It's like, come on, don't you feel bad about this? Hey, I noticed you haven't replied to my emails, Ned. How's that all going? We used to chat all the time before I set you all my money. So look, daos are bad, and you should feel bad. So, of course, someone wants to create a magic the gathering DAO. Ah, here we go. They have released a 7 page white paper as to what it is. This is I buy cards because I buy really, really good cards that are expensive and then magic the gathering either changes the rules or releases a new set that nerfs those cards. Yeah, I mean, kind of, yeah, sure. So the exact sentence is the reality is that individual cards are unpredictable investments at best and many lose value. Of course, yeah. So their fundamental complaints about the game are power creep, wizards has built a great game that invites you to invest in its economy, but it's hard to justify investing any significant money in individual cards when the value of the card could change at any time. So the crypto bro. Right. And I swear to God I am not making this up. Talking about wizards of the coast. They say these negative aspects are not exactly the fault of wizards of the coast there. There are for profit company that's built a business model on selling packs. In crypto terms, they operate in the world of Fiat. Just like central banks. I'm not making this up. They exist and profit by building an ecosystem that builds demand, managing a perception of scarcity, and then printing and selling into the demand curve. Oh my God. That's what they're going to solve. How are they going to solve this? By creating a DAO that uses as its voting mechanism, NFTs, of the cards that you already own. Okay. So as part of that, their FAQ on the white paper is golden, right? It has a question that says, what's fun here? And the answer to that does not persuade me like this seems desperately doesn't it sounds like you already still have to buy the cards then. Yeah, so you buy the cards, but then each card gets a single NFT, right? So the first people in put NFT, one copy, the whole group only needs one copy of each card. Is that what it is? You have to have a copy of the card that you want to play. But you also must own the NFT for that card in order to be able to play it in their system. And there's only one NFT, Dex utilize four of a card routinely. How does that work? I don't know. And basic land cards utilize somewhere between 18 to 20. I do know, I do know what those are. I assume that there is I'm going to make two assumptions here. The first is for those stock kind of things. They would be a lower they would come in later in the process, right? Because this again has the way you generate the NFT as this kind of exponential, it requires millions of units to move from NFT number 8 to NFT number 9. And it continues to grow exponentially after that. But the idea is basically to take the good cards and the NFTs on the good cards will be outrageously expensive so that you won't just have the same players playing with the same 203 hundred cards in various combinations. How that deals with the lands in the common card. For those, who is paying who what for what? I don't even understand. I don't either. I can try and read this to you, but you're going to suffer as much as I will. Sure. Supply slash scarcity is determined by how many copies of a card will be printed. When a card is introduced, the number that will exist is determined by the rarity of the card. How many packs will be sold? So that's the way it is right now. Yes. And then this combination of lack of scarcity and changing demand leads to a boring meta where 99% of all games being played at any given time are using the same few hundred carts. There's no strong scarcity for top cards, so any player who wants to have fun playing some games knows they must play with the same cards as everyone else. You don't pay to keep up with the meta you have a hard time finding equally equipped. Opponents. Okay, I get all this. Let me translate that as a magic player. What happens is a card pool comes out. They do for a year. There's different formats, but to simplify it essentially, those cards will often change the meta game. And what happens in the metagame is like the top one, two, three best decks get figured out pretty quickly with the cards, but it's a cool process,.