Wall Street Bets Is Decentralizing

Roundup #10: Internet Culture is Out, Crypto Culture is in

Yeehaw and Good morning my friends,

We’ve entered a new era.

Everything you thought you knew about the Internet, organizations and company building is changing before our eyes.

When I was a teenager, one of my good friends and I tried to explain Google to his dad. We thought he should buy stock in the company. His response was, “why would I search for a business on Google when I can just look it up in the Yellow Pages?”

You laugh, but you know this represented 95% of Americans in 2001. Especially anyone over the age of 40.

We’re now at another new inflection point, and Wall Street Bets (WSB) is going to show us how powerful this inflection point will be.

This week WSB announced its plans to decentralize via the creation of a DAO.

Soon, kids will be saying to their parents, “why would anyone ever work for a company? I only want to participate in my favorite DAOs. Dad, you should buy tokens from this really cool DAO.”

WHAT IS A DAO?

A DAO is a Decentralized Autonomous Organization.

I’m not going to get technical in this post, but I do want to alert you to the implications and shifts in our culture that will be profound.

Let’s start with when you were a child.

You were trained as a child to wake up and go to a building where people told you what clothes to wear, what ideas to learn, and how to behave. This largely made up your entire identity.

Then you graduated high-school and not much changed. The status quo was, wake up, go to a building, and do the things they told you to do. You had more choice in the building, but the conditioning of your behavior was largely the same.

After you graduated college, what happened? You woke up, went to a building, and did all of the things the organization wanted you to do.

THE NEW WORLD ORDER

DAOs represent a new world order. A world order where you wake up and do whatever you want. If you’re creative and motivated, you’ll thrive. No teachers or middle managers to hold you back.

Soon, children will interact with DAOs to learn. These children will bounce from one idea to the next and learn faster than ever before because the system will not optimize for the average. It will optimize on a 1-to-1 basis.

These children will grow up and wonder why anyone would ever work for just one company, and be tied to just one city.

DAO’s aren’t companies in a traditional sense. But they will earn profits. People will benefit financially and socially.

The DAO will do things that large enterprises do and compete directly against fortune 500 firms. DAO’s are perhaps one of the greatest inventions since the inception and framework of the corporation model that was brought to America around 1790.

And soon, DAOs will be recognized by the state as legal entities. Wyoming will likely be the first. Can you imagine, a decentralized autonomous organization moving quickly across industries? No formal CEOs, no physical headquarters, but massive impact.

Nevada has passed laws that will allow companies to operate like city governments. This means we'll eventually see a DAO recognized as a legal entity, earning profits like a corporation, and governing land like a city. Mind-blowing.

Traditional org structures literally cannot compete against a properly run DAO.

WHAT’S NEXT?

We should all keep a close eye on WSB. It will be a case study for the ages.

Soon I will be sharing more about JUMP, the decentralized tokenized community that I’m helping build. We’ll launch the token first and as the community grows, we’ll move into a DAO structure. If you’d like to participate in this experiment and learn alongside us, just reach out to me on Linkedin or Twitter.

These are exciting times. I’ll be back soon with more updates.

-Jeff

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Twitter: @jeffkauffmanjr