I would like to collect contra- and pro-positions with respect to on-chain voting, where coin buying and plutocracy are regarded as an issue.
A good introduction to DarkDAOs, quadratic voting (and identity dilemma): http://hackingdistributed.com/2018/07/02/on-chain-vote-buying/
Anti on-chain voting arguments:
* coin voting is really not a voting scheme, since votes are not secret
* DarkDAO is a scalable bribing solution
* Quadratic voting does not work without identities
Pro on-chain voting arguments:
Instead of buying votes it is much much easier and cheaper to influence potential coin voters opinions:
* bribing some of the more popular blockchain personalities
* bribing core devs directly
* developing an Ethereum client and advertising it, such that it gets more popular. Bribe core dev meetings this way.
* Plutocracy implies that people have incentives to vote correctly, when having more at stake. A similar model works in the shareholder model in the global economy.
* Easy access for people to vote
Compared to these risks, on-chain voting is the lesser evil in my opinion. What do you think?