But the implications go further. Anyone paying attention knows that many of crypto’s DAOs aren’t really that decentralized. Sure, they all have a governance token, but the power to spend money and change code still, in all too many cases, actually rests in a small group of insiders who have control of a mult-sig wallet that makes decisions.

It’s like a small republic that spent too much money on their military. At a certain point, the legislature only remains in charge as long as the generals let them say they are. On the blockchain, those who can sign transactions do.