Assume, for a moment, that TWC pays for itself. Any additional financial burden is shared by a group of willing citizens. The legal entity of TWC belongs to a single person, and he acts as steward/caretaker, but for all means and purposes, the site is owned by a number of shareholders.
Who does TWC belong to?
Should the administrators still have hegemony over all members? Should there be a form of administrative oversight? Would it be feasible to give all citizens a say in government? Should we let all citizens decide what is best for them and who should represent their best interest?
Assume, for a couple minutes, my above scenario is reality. Assume, for a second, you cannot fall back on the non-secular arguments of a divine entity ultimately deciding our fates (that we used consistently when ON was around and now with our new owner).
What would be standing in our way to achieve something unprecedented? What would differentiate our community from a form where democracy has already taken hold? What more barriers would need to be knocked down until we could achieve a true liberal democracy?