Giảm giá cho COCC

29/09/2022 21:15:12

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appy Betwixtmas to those who celebrate, and mournful “sorry everything fun is shut” to those who don’t. Me? I’m thankful for the one week of the year where tech news stops – or at least, slows down. (This is written in advance and I’ve got a lot riding on that sentence still being true by the time you read it).

It’s been an odd year. Even by the standards of the sector, it was just extraordinarily silly. Crypto collapsed in the dumbest possible way, twice. Elon Musk bought his way into being the main character of Twitter, for good. AI seems just on the precipice of doing away with the Ucas personal statement. Nothing is normal.
And that means TechScape has been a bit chaotic too. I apologise to those of you who have emailed me begging for less Elon Musk and fewer crypto stories: everything happens so much, and when there’s a big news story, it has to be the lead. But that meant fewer chances for smaller stories and follow-ups, so I thought I’d use the opportunity of this fallow week (past me again – wow, I really hope that’s true) to revisit some of my favourite posts, and let you know what happened next.
January
The crypto boom of 2021 was over, but the crypto bust of 2022 hadn’t yet started, and the sector was in the middle of a pivot. NFTs were out, and DAOs were inStanding for “decentralised autonomous organisation”, a DAO isn’t really in the same class as an NFT. Rather than being a singular digital asset, like a picture of a monkey or a dog-themed copy of a dog-themed copy of bitcoin, a DAO is more like a company – but one which is directly controlled by its shareholders, without the need for employees or directors.
(Although, we should note, a DAO is Not A Company and owners of DAOs are Not Shareholders, because if it were and they were, the whole thing would be wildly illegal. Glad we’ve cleared that up.)
At its platonic ideal, a DAO exists in the realm of code-as-law that much of the cryptocurrency community fetishises. An organisation is set up by some clever bod, who sells membership to anyone who’ll buy its tokens. The cash used to buy the tokens becomes the organisation’s treasury, and it can be used by simply writing a smart contract (to, say, loan some money out at an 8% interest rate) and securing the votes of enough of the organisation’s token-holders, at which point the smart contract is executed.
But DAOs weren’t the genesis of another big crypto boom, because they were the spark of the next big crypto crash instead. The Terra/Luna ecosystem, which underpinned the supposed stablecoin TerraUSD whose rapid collapse wiped a trillion dollars off the total crypto market cap, was theoretically run by a DAO, although in practice the charismatic South Korean entrepreneur Do Kwon was in charge.