I think it may be more of a theoretical problem than a practical one. I’d expect people to trade ASSET at a way lower valuation than percent extracted. Because if an actor can extract 2% from the organization, there will be a reasonable expectation that such extraction would also happen in the future, making ASSET worth way less than 2% conditional on the extractive proposal being successful.
If one (being, perhaps, slightly more powerful) tries to insist on a small tribute, arguing that it will still leave the other better off than continued conflict, the other may believably refuse, arguing that once he concedes any tribute there is no natural limit to what the other can demand. Agreeing to tribute costs the victim not only the tribute but the only available Schelling point. The expected cost to him of such an agreement includes both the possible cost of paying higher tribute in the future and the risk of future conflicts if in the future he rejects demands for higher tribute. That cost may be high enough to make his insistence that he will choose continued conflict over the payment of even a small tribute believable.
David D. Freidman
A Positive Account of Property Rights
daviddfriedman.com
A Positive Account of Property Rights
We can see a parallel here, not selling asset conditional on an extractive proposal passing cost not only the extracted amount, but also the only Schelling Point of “the organization doesn’t approve extractive proposals”. Making the organization significantly less valuable.
When analysing my own behaviour, I find it matches this logic. For example there was this proposal of someone asking the Kleros Coop to hire him as a dev (despite no positions being open, the coop being on a cost reduction mode terminating contractors and the requested compensation higher than the market rate for this level of skills).
Here maybe the extraction could be of the order of 1 or 2 %. But in world where this is accepted, where the DAO ends up hiring workers at inflated prices based on politics instead of technical skills, I would see Kleros as way less valuable and would trade PNK at 5-10 % discount (instead of 1-2%) conditional on it passing.
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| 7 | Repurposing FOCIL as an L2 forced transaction mechanism | 0 | 0 | 19-06-2026 |
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| 9 | A Criticism of LUCID and Encryption-Scheme-Agnostic Encrypted Mempool Designs | 0 | 0 | 22-06-2026 |
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