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RE: Steemit: Showing Why We Need To Get Rid Of Private Companies
Wait what? Your thesis is lost on me..
You know you are proposing society to change the way it has function for about 200 years at least right?
Companies exist as a way to segregate business and personal liability.
If Sam the Carriage maker fails to make sale on his carriage, he'd be bankrupt. But because it's Sam who's bankrupt and not Sam's Carriagemaker Inc., the bank will come knocking on the Sam's door and take away his house. No one will want to start a business if a person is personally liable to all legal losses of a business!!! That's the whole point of private business!
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The business goes bankrupt, not the man. The man is responsible for the bankruptcy as he was responsible for the business. The part that makes no sense is that "no one will want to start a business if they are personally liable for the business". The whole point of private business isn't to avail oneself of liability, if your business goes bankrupt who wants to start a business if when they go bankrupt they are completely, totally liable for the bankruptcy..
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Legally speaking, this is a very nuanced subject. However, by all accounts, a company is incorporated as a separated entity in the eyes of the law.
If a company falls in debt, only the company assets are at risk, nothing is to stop directors to not assume responsibility for company debt unless found acting wrongfully.
Can't believe I have to research this subject to get my facts right.
To go back to our main points, I just don't see the possibility of the idea of companies going away overnight.
The DAO is great an all.. But history shows that the moment things goes south everyone immediately lawyers up and asked "which company is behind the DAO". It was a fun week on Reddit for me Tbh.
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The distinction is between Directors (employees) and Owner (employer).
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Do you understand what a DAC is?
Still waiting to see one that's working as intended.
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Why do you think Ethereum isn't working as intended?
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AFAIK Ethereum isn't a DAC.
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https://www.ethereum.org
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
The Ethereum Foundation’s mission is to promote and support Ethereum platform and base layer research, development and education to bring decentralized protocols and tools to the world that empower developers to produce next generation decentralized applications (dapps), and together build a more globally accessible, more free and more trustworthy Internet.
Sorry for the bold.
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