The Decrypt Daily: Bitcoin & Cryptocurrency News Podcast - Oct 15: UniSwap’s Centralized Governance, DeFI On Par With ICO Boom, Pls No More GOX!

Oct 15: UniSwap’s Centralized Governance, DeFI On Par With ICO Boom, Pls No More GOX! by Matthew Aaron: Bitcoin, Ethereum Litecoin, XRP, Decrypt, Cryptocurrency News

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Content Keywords: contract users governments Chris governance
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Flickr Paseo this math you learn today on the show is nearing 2017 Ico. BUN levels Mount gox 1.5 billion dollar Rehabilitation is delayed again and drama and defy Unistrut governance more centralized. I talked to Chris back for that coming up out of the crypt daily.

00:00:25
But everybody welcome to the show today is Thursday, October 15th, 2020 big news big news in traditional news news news. We have censorship Twitter Facebook censoring a New York Times post about Hunter Biden emails. I just been seeing this all over Springfield Twitter today. I wonder if the details about that I didn't delve into it yet. Once I'm done making this podcast. I hate most surely will and seven speeches that Amy Coney Barrett undisclosed. What does that mean for the rest of his hearing and Democrats because of this or trying to delay the vote for this new scotus Justice all interesting stuff, but we are all crypto show and we will get you less cryptic news right after the crypto prices.

00:01:09
Here Wego money talk and I'm recording this at 2:30 Eastern Standard time. They're going to send that $11,407.74 up 1.4% from yesterday. Aetherium 370 70% from yesterday Litecoin 4980 up 2.64% from yesterday Schenley, 1073 up .3% from yesterday and xrp sitting almost the exact same as yesterday at 24.8 cents total market cap for all of cryptocurrency. We have 360 2.4 billion dollars worth of BTC dominance of 58.6% Have you noticed that B&B has been steadily climbing all week up 13.4% in the past 7 days something to take notice.

00:01:56
German conversation today I invited and Chris flag of the YouTube channel Chris black on defy and where to talk about you and how it could be used to centralize power centralized decentralized exchange about the summary of it. And what's actually happening check out Chris's YouTube channel where he goes deep diving into this topic has Chris. Hey, thanks for the trip. Just found an article today about, you know swaps Governor's proposal in his parking controversy. I don't know anything about this you are going to be our guide to figuring this out. Can you tell us what the controversy is? Okay, here's the long story short unit swap has historically been the the most decentralized product in defy, right and defies taken a lot of pride in in that it runs autonomously. It can't be changed and it's always had that Prestige they introduce the centralized governments, which has a limited role. It's not like a decentralized government can control

00:02:56
The whole thing overnight but it does have some say over how that the product is going to function and that was the big. I'm sure you heard about the big uni airdrop, right? You guys probably reported on that too. So everybody's involved in some way. So at this point, you know, the governance is just really launched and there's a race for a power. It seems the entities that are getting the most traction initially are the ones that have a user base that they can reach out to and try to get votes delegated to them. That's kind of what we're seeing right now. Actually, it's a combination of those and also entities that don't have a lot of users don't have a lot of support but do you have a lot of tokens or do you have access to people who have a lot of tokens Adventure capitalist investors excetera? So Dharma and Gauntlet are these two organizations that have sort of taken over at the top of the delegate list.

00:03:51
And the current proposal has created controversy has been put forward by them. And the idea is to lower the Quorum required to pass a vote down to almost the exact amount of tokens that they're responsible for. We should be I think it was 30 million. So if this if their proposal gets voted into existence, they would be able as long as they keep those delegates. They would be able to get any votes passed that they see fit and that right there is creating some controversy because dharma's already said that their intent right off the bat is to pass a vote immediately that would airdrop you need tokens to all of their users because they feel like they missed out on the initial airdrop because they were going through Dharma interesting interesting. What is the government structure of a unit swap? What are they proposing? How does the government work? If you're saying that you know, they're still getting power and somebody has this must talk is of that much tokens that they're going to get most of voting power. What is the proposed structure of the current structure of the governance?

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What is it governance has is it it sort of just was born and then it's up to the users to figure it out. So unit swap air-dropped 400 unit tokens to every at least 400 unit swap tokens to every person or every aetherium address that ever conducted a swap on unit swap, which was the big and I know it's been a few weeks ago that got everybody so pumped so everybody's got these tokens and they're voting token. So yes, they can be bought and sold and traded but they're supposed to be used for voting that's their intent. So everybody who has these tokens can either vote on their own on a proposal for they can delegate them to a larger entity. You could be a company could be a person at user could be could be a dog. They could be anybody who has an aetherium address who's going to vote on their behalf. So right now the community's trying to sort through how that's going to look and it's a very early stage is only been going on for a week or two. I think so or maybe more the governance structure is going to four.

00:05:51
Out of that. So the tote to the tokens were just lobbed out into the world. And now it's up to us that users to figure that out. And we have Role Models like maker doubt his sort of gone through this already and compound has gone through this already and younes swap is sort of heading in the same direction part of my mission as a user is to make sure that the power does not get trapped by companies buy VC firms by whales I think power should be with the users as much as possible and that's why I think it's so controversial what's happening right now and have governance and have the power to the users. But with that mean it's also consolidate a lot of power as of Dharma is going to try and take us out a lot of power mean in baking collect or require a lot of tokens in GitHub that voting power that come out of this is what are the dangers of consolidation of power and if it wasn't broke index jump rope broke mean it's a smart contract. Why do you need government in the

00:06:51
First place was not broke. Don't fix it. Yeah, that's really great question. And I think it's inherent flaw with tokenize governance, you know, and I think that it's a mistake that we call it these centralized governments because clearly it's not fully decentralized if power is consolidating with individuals or companies or other entities, right? So it's really it's tokenized governance its delegated governance in this case and the danger is that entities that want to use it for their own good or to vote wealth to their users or whatever. It might be are going to trap control the idea of a individual user becoming a delegate and assuming some sort of leadership role versus a for-profit company which has its own business and profit motivations. I think it's night and day right as long as that user that's you know, that is assuming such a role has some sort of reputation is that is known not to be scammer etcetera, etcetera. There's no perfect world here, you know, so I'm not

00:07:51
Huge fan to be honest with you of tokenize governance, but I think that in the best-case scenario, it would be users who become delegates who tell the company's what we're going to do. Not the other way around you. As far as why do we need it here? That's another great question. I think Eunice swap hurt its decentralised principles by launching the tokenize governance. I'm not totally sure that it needed it for any reason other than to provide some sort of benefit to the company behind Eunice swap, which is funded by investors venture capitalist that are looking for some way to generate profit, you know, and it's very hard to generate profit off a decentralised a fully decentralised product. You have to find a way to slide something in there that's going to allow people to exit with a nice juicy chunk of cash. And I think that's what happened here. So I I don't think it's great. I don't think that it's excellent for you to spot but I do think if it if this is what we have to deal with right now, we have to make sure that

00:08:51
For-profit companies don't take over the power and just do that for the purposes of of benefiting their users their investors Etc. Crystalux. Thank you very much for explaining all of this to us in front of the time.

00:09:05
Animal news Bitcoin exchange Mount gox received the two months extension is 1.7 billion dollar Rehabilitation plan by the order of the Tokyo District Court, which extended to December 15th 2020 if you remember in 2018 Mount gox said it intended to repay all affected accounts with its bankruptcy fun. We would just take it ain't over 150,000 Bitcoin in either Bitcoin or cash. And remember it was 2014 at this to hack costed 740000 Bitcoin at the time. So needless to say anybody who's using my own Cox and is expecting any kind of Rehabilitation or payback from it has been waiting a very long time for any kind of Justice or any kind of settlement. Good luck in. Keep the faith.

00:09:48
Things to eat oral Q3 report on trading volumes. We are seeing the effects of defy across all platforms while globally Bitcoin trading volumes have been down 38% ethereum is up 90% Cardano 87% turn up 203% Neo up 153% in EOS up 175% globally and like I said just to reiterate this is because of B5 in Racine levels that we haven't seen in trade in value since 2017 Ico boom and just a little fun pack over 7.5% of es Todo. Supply is currently locked up in defy. That number was only 2.7% at the beginning of 2020.

00:10:33
Empire Lee Bitcoin is getting two major improvements in historic code update and I could try to go through this but I actually had a conversation with Jameson lopp just a little bit ago and he broke this down to me this podcast with Jameson to come out on Monday. So, please look forward to that. But he said in a nutshell. What does update does is give you better privacy better scalability and things I could also see improvements because of this and I also asked him if the average person that were toddlers that have to do anything or pay attention to anything as using Bitcoin after this happens, and he said no, but remember Monday, you can hear more of that with my conversation with Jameson.

00:11:18
Thank you for listen to this episode of the decrypt daily. I want to let you guys know that I'll be off all next week, but just because I'm off doesn't mean you won't get that occur daily. I have pre-recorded some great episodes for you. I have Jameson lopp Dan Brigman freed and episode voting on the Block change very timely episode for the United States with Bodum centralized exchanges versus decentralized exchanges, and we're talkin Bitcoin can actually rival gold and silver great topics great conversations book for all next week. And remember where we listen to this podcast, make sure you're subscribed like it share it and leave us a comment. It helps us immensely. I'll see you tomorrow, Happy, Heartland.
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