Re:No, Ethereum Name Service is still a clown show
by chizhik-pyzhik on Wednesday January 26, 2022 @03:30PM
(#30091316)
If you try to borrow 51% of the supply, you'll find the cost to borrow goes up the more you get (until you're paying 10,000%+ apr.)
If you successfully pass a proposal to raid the treasury, all the $ENS tokens in there would likely crash in value as the market reacts to the news. Those who already have skin-in-the-game (by holding ENS and voting) would likely be worse off overall, so they wouldn't agree.
These are great questions! DAOs are essentially a big experiment in game theory and new forms of organization. I think you'd genuinely enjoy Vitalik's discussion about DAOs: https://vitalik.ca/general/2021/03/23/legitimacy.html
Re:No, Ethereum Name Service is still a clown show
by yanmaani on Wednesday January 26, 2022 @03:51PM
(#30091625)
I can flash loan 0.4% of the supply from Uniswap right now. I need 1% for quorum. Is my math off?
Re:No, Ethereum Name Service is still a clown show
by chizhik-pyzhik on Wednesday January 26, 2022 @04:08PM
(#30091870)
That certainly is spooky. Perhaps the quorum should be increased. (I imagine it would, if you tried to do something like this.)
Either way, there are some barriers. Each vote is subject to a 7-day period, so other delegates have time to react; votes must first reach some level of interest through Snapshot off-chain voting before moving on to the on-chain vote.
What if I tell people that if they vote for my proposal, I'll raid the Community Treasury and bribe them with the money I get from that? Do they have skin in the game? And if so, which game?