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Digital Subscriptions > Newsweek International > 10th June 2016 > HEDGE FUNDS FOR THE REST OF US


The DAO could completely change capital markets and how wealth gets distributed


THE MIDDLE CLASS might not have to bend over and kiss its ass goodbye after all.

Two events at the end of May point the way to a more equitable future—as in, a future that’s good for a broad swath of society, not just the tiny slice that can blow $55,000 on a Louis Vuitton City Steamer alligator bag.

Those events are a crazy blockchain apparatus called the DAO raising $125 million and the U.S. government adopting a new set of rules that will make it easier for almost anyone to buy equity in private companies.

Both might take a while to have a serious impact, yet both are about something really big: the democratization of capital. If you play that out, the movement will take power from the hands of Wall Street, hedge funds and venture capital companies and make it more likely that the middle class will share in the successes of the networked economy. That would be a lot better outcome than some of the predictions that say software and robots will punt 95 percent of the population out of meaningful work.

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