Sports Card DAO

[BobbyStrawberry]

I see some major potential problems, but I'm interested to learn more.

Can you lay out the scenario a bit further that you have in mind? People get together and a create a "basket" of vintage cards, and then what? How would people make money, and why would it be better than operating individually with actual cards?

[BabyRuth]

Just sounds like another modern headache. "I wouldn't touch that with a thirty nine and a half foot pole." - Dr. Seuss

[maniac_73]

Originally Posted by BobbyStrawberry

I see some major potential problems, but I'm interested to learn more.

Can you lay out the scenario a bit further that you have in mind? People get together and a create a "basket" of vintage cards, and then what? How would people make money, and why would it be better than operating individually with actual cards?

Much like the other fractional platforms, the group would vote on what to buy and when to sell and the profits could either be put into the treasury to buy more cards/memorabilia or distributed as dividends to the groups all based on what is decided by the voting process .


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[Fred]

For clarification:

If the price of the asset increases, does the price of the "token" increase with the asset increase?

The assumption is that the "token" can be purchased or sold at anytime and the value of the "token" is set by the voting "token" holders. Is that correct?

How long does it typically take to buy/sell a token? An assumption is that there needs to be a "market" (buyers/sellers) of the "token" in order to transact and if there is nobody willing to purchase the "token", then you're just stuck with it. Is that about right?

[maniac_73]

Originally Posted by Fred

For clarification:

If the price of the asset increases, does the price of the "token" increase with the asset increase?

The assumption is that the "token" can be purchased or sold at anytime and the value of the "token" is set by the voting "token" holders. Is that correct?

How long does it typically take to buy/sell a token? An assumption is that there needs to be a "market" (buyers/sellers) of the "token" in order to transact and if there is nobody willing to purchase the "token", then you're just stuck with it. Is that about right?

Pretty much correct except the value of the token is set by the market and how much someone is willing to pay. If the DAO takes off and has a great portfolio, theoretically the value should go up.
This is assuming it’s a public DAO. If it’s a private DAO that’s invite only, the collective decides on the rules of how/when tokens can be resold


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[Peter_Spaeth]

Originally Posted by maniac_73

Much like the other fractional platforms, the group would vote on what to buy and when to sell and the profits could either be put into the treasury to buy more cards/memorabilia or distributed as dividends to the groups all based on what is decided by the voting process .


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So under that structure, why would I trust my money to the collective (or majority) wisdom of this group? Presumably it would attract people with substantial means but having a lot of money doesn't guarantee anything about being a good card investor.

PS wasn't Evan Mathis involved in some venture like this except with more centralized decisionmaking?

[jingram058]

What a total bunch of BS baloney.

[maniac_73]

Originally Posted by jingram058

What a total bunch of BS baloney.

Ok


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[maniac_73]

Originally Posted by Peter_Spaeth

So under that structure, why would I trust my money to the collective (or majority) wisdom of this group? Presumably it would attract people with substantial means but having a lot of money doesn't guarantee anything about being a good card investor.

PS wasn't Evan Mathis involved in some venture like this except with more centralized decisionmaking?

No guarantees with any investment and if someone does give u a guarantee u gotta run lol. The idea with this is that the collective are smart investors. For example a sports card DAO can be done on an invite only basis to high end collectors to make sure that there is good decision making vs opening it to the general public

Not sure which one Mathis was involved but there are a few centralized ones right now that don’t have any transparency


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[Peter_Spaeth]

Originally Posted by maniac_73

No guarantees with any investment and if someone does give u a guarantee u gotta run lol. The idea with this is that the collective are smart investors. For example a sports card DAO can be done on an invite only basis to high end collectors to make sure that there is good decision making vs opening it to the general public

Not sure which one Mathis was involved but there are a few centralized ones right now that don’t have any transparency


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I can imagine though that a group of high powered guys would not easily come to a consensus. And I don't know how many transactions you're contemplating but it seems as a practical matter you wouldn't want too many, I mean are you going to convene a zoom call every time a catalogue comes out?

[maniac_73]

Originally Posted by Peter_Spaeth

I can imagine though that a group of high powered guys would not easily come to a consensus.

They wouldn’t have a choice. They vote on the proposals and if the proposal reaches a predetermined threshold also voted on the group during the governance process, it passes.
The debates before the vote would be interesting though. I’d pay just to be a fly on the wall in one of those.

All communication takes place on a Discord Server which is like a permanent chat room so you don’t need to set up a formal call.
When setting up a DAO, best practice dictates creating a terms of reference on how to create and put forward proposals and debate them before a formal vote.


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[carlsonjok]

Originally Posted by maniac_73

No guarantees with any investment and if someone does give u a guarantee u gotta run lol. The idea with this is that the collective are smart investors.

Most of the smart money was in credit default swaps in the late aughts.

I think it was Bukowski that said "The problem with the world is that the intelligent people are full of doubts, while the stupid ones are full of confidence.” My corollary is that you can never go wrong heading in the opposite direction of a pack of supposedly smart people telling each other just how smart they are.

For example a sports card DAO can be done on an invite only basis to high end collectors to make sure that there is good decision making vs opening it to the general public.

Yes, we all know how high end investors always win in the market

[Fred]

Originally Posted by carlsonjok

Most of the smart money was in credit default swaps in the late aughts.

I think it was Bukowski that said "The problem with the world is that the intelligent people are full of doubts, while the stupid ones are full of confidence.” My corollary is that you can never go wrong heading in the opposite direction of a pack of supposedly smart people telling each other just how smart they are.

That put a chuckle in the gut.


Edited to add - my gut says no, but the greedy human part of me wants in. I'm not at NO, but I'm definitely not at YES, either.

[carlsonjok]

Originally Posted by Fred

That put a chuckle in the gut.


Edited to add - my gut says no, but the greedy human part of me wants in. I'm not at NO, but I'm definitely not at YES, either.

This whole NFT thing has always seemed familiar to me. And it finally dawned on me what it reminded me of: the dot-com bubble, something I experienced from the inside when I worked in telecom manufacturing. The internet was the next big thing and anyone with a plausible sounding idea could find venture capital money to fund the development and get it to market long enough for the IPO (where the VCs cashed out.) Then all the retail investors watched the stock double and split, double and split even while the underlying company was slowly bleeding to death. In the brick and mortar world, we buit networking equipment like it was going out of style and couldn't get fiber in the ground fast enough.

It was all good times. Until it wasn't. I hung on in the industry for another decade, surviving annual layoffs long enough to watch my stock options expire because they never got within a country mile of the strike price. Finally, I left for the relative stability of oil and gas industry.

Remember the Sock Puppet, mascot for pets.com?



Pets.com was founded in November of 1998 and was liquidated exactly two years later.

And how much you want to bet that it is the same Silicon Valley VC crowd that pumped and dumped dot-com running the same playbook here with NFTs.