The Ledger, every show

“If you have a fork that's like 10% of the size of a project, and this fork could potentially impact the price of the larger project, it's absolutely in the interest of that larger project to launch attacks on that base layer proof of work vote and do things li…”

“Your systems need to be strong even in the presence of economically motivated adversaries, and they need to be secure assuming people are rational rather than honest. So we don't get to lean on this sort of honesty that we have in the real world in blockchains…”

“Trusted hardware, which is a new technology, Sort of breaks all classical coercion resistance voting schemes in the blockchain world and in the regular election world.”

“Blockchains today are a drop in the bucket of like the world financial system, and the incentives just aren't there yet. But if we are to use these technologies, and if we are to scale things, I think these are absolutely realistic scenarios and potentially ni…”

“So what you can do with a dark DAO is start a staking pool where I say, like, you know, let me do my algorithmic trading and decide what order of transactions makes me the most money. You don't necessarily care if someone who's doing a transaction on a DEX get…”

“So it's actually a, probably a bigger market than you think, even though DEXs have not seen substantial volume.”

“You can just run this 20 line Python script and you can profit off of users in a way that was maybe not foreseen and is not sort of explicitly stated to them because of how inefficient these mechanisms are.”

“So the fact that the miners get payment for storage when the miners actually don't need to store the whole state, and it's the full nodes that, that bear the cost. So this sort of asymmetry between who's bearing the cost, like where the externality is, and lik…”

“Like, vote buying in general Is empirically pretty cheap for two reasons. Number one, it's actually the poorest and, like, least advantaged people that are the most inclined to sell their votes. And number two is most people are disinterested in most elections…”

“Quadratic voting, where you actually allow vote buying. So you allow people to buy votes, but only at an exponentially increasing price. And this may kind of look like plutocracy because you're allowing people to buy votes, But if you actually do the math on t…”

“If these two very large projects are approximately the same size, or one is a little bit bigger than the other one, or one is twice as big as the other one, or something like that, it's in the economic interests of everyone who holds coins in the bigger projec…”

“So, so fundamentally to vote buying, it doesn't actually matter what resource you're using. Vote buying works for proof of work too.”

“Subsidize these arbitrage transactions, which often cost thousands and thousands of dollars in fees. Like people are bidding multiple thousands, even tens of thousands in fees on these transactions.”

“If I were to launch a dark DAO, I might not even need to necessarily have people participate in it. Just its existence might be enough to shake people's confidence in that underlying vote.”

“The way these mechanisms that people are building interact with the blockchain is very complex and opens the door for external actors to make a lot of money from front running them and make a lot of money from doing algorithmic trading on the network and every…”