Dan Larimer "Decentralized Autonomous Companies"

[Empirical1]

I explained that we build companies that encode their business model in software.   These companies issue shares that are tracked in a global transaction ledger that is cryptographically and irreversibly secured by the votes of shareholders.   To earn a profit these companies charge fees for their services which can vary from transaction processing, to inactivity fees, lottery tickets, or domain name sales.  These fees are then used to perform a stock buyback like Apple recently did.  Stock buybacks are like dividends in that they transfer value to the shareholders proportional to their stake.

His initial response was, “Oh, I like that!  Now I understand what you are doing, but you still have the problem that it would be extremely deflationary!”   At which point I interrupted him so we could avoid going down the monetary theory rathole and reminded him, “these are shares in companies where the shareholders want to increase the equity-per-share”.   Immediately his objection was stopped in its tracks because Dave, like most people, understand stocks and what gives them value.   After all the powers that be have not spent any effort attempting to confuse the issue of stocks. For the first time, after hours of debates by the water cooler Dave and I were on the same page and all it took was a 3 minute explanation and a different metaphor.

That excerpt from Dan's NYC draft speech was also in the video fuznuts linked to above. It's a great explanation - we all want to invest in companies, where the shares go up in value, but somehow so many of today's generation has been fooled into thinking that using a monetary system where their shares are consistently losing value is a good thing 

[fuzzy]

https://www.youtube.com/watch?v=hMYeRUUm-No