Vitalik Buterin recently spoke out again, this time criticizing the governance methods of Privacy Coins.
He directly named Zcash, saying to never fall into the "token voting" trap. In his view, this token voting mechanism has too many flaws - it's worse than Zcash's current governance mechanism. Why? Because privacy is something that can easily be undermined by the logic of "whoever has more coins gets to decide."
It is indeed worth thinking about; Privacy Coins were originally meant to combat the concentration of power, but if large holders can influence direction based on the number of tokens, isn't that just shooting oneself in the foot? Although V God said this directly, it indeed hit the pain point of DAO governance— not all issues can be solved by voting, especially when it involves core values.
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MainnetDelayedAgain
· 11-30 10:17
How many days have passed since Vitalik Buterin last criticized the governance of Privacy Coins? According to the database, this guy hasn't stopped talking; his ability to hit the nail on the head should be entered into the Guinness World Records.
Token voting is indeed a joke. Large Investors will eventually realize the wonderful vision of "more coins, more talk". We are just waiting for the next delay notice from the Privacy Coin community.
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Vitalik Buterin is starting to reason again, but the issue of coin distribution has never been solved since the early days of Ethereum. Why are we putting hope on Zcash this time?
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Interesting, the result of Privacy Coins opposing power concentration leads to power being concentrated among token holders. The art of time is indeed exquisite; additional data is welcome.
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You are right, but it doesn't help. The pie drawn by the project party has been fermenting for so long; the voting mechanism is still rotten, and people only wish for the illusion of democratic voting.
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Here we go again, teaching DAO how to do it. Can this guy's suggestions for delays be ranked?
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So who exactly decides the direction of Privacy Coins? Someone still has to make the final call, and token voting is quite candid about it.
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GasGuzzler
· 11-30 10:02
Forget what V God said, Token voting is indeed terrible, but his own Ethereum isn't that great either.
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DegenGambler
· 11-30 09:57
Here we go again, Vitalik Buterin is giving a lesson on Zcash, haha
Token voting for Privacy Coin is indeed a joke, Large Investors can veto everyone else's votes, what kind of privacy is that?
Core values shouldn't be dictated by coin quantity; otherwise, what's the difference from centralization?
But to be honest, the entire DAO circle has this problem, no one knows how to govern properly.
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GasFeeBeggar
· 11-30 09:52
Still entangled in this governance issue? To put it bluntly, it’s Large Investors who call the shots. Whether it's token voting or the current setup, it's all the same old nonsense.
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liquidation_watcher
· 11-30 09:51
Large Investors have the final say in this trap, if the Privacy Coin gets involved, it's all over.
Vitalik Buterin recently spoke out again, this time criticizing the governance methods of Privacy Coins.
He directly named Zcash, saying to never fall into the "token voting" trap. In his view, this token voting mechanism has too many flaws - it's worse than Zcash's current governance mechanism. Why? Because privacy is something that can easily be undermined by the logic of "whoever has more coins gets to decide."
It is indeed worth thinking about; Privacy Coins were originally meant to combat the concentration of power, but if large holders can influence direction based on the number of tokens, isn't that just shooting oneself in the foot? Although V God said this directly, it indeed hit the pain point of DAO governance— not all issues can be solved by voting, especially when it involves core values.