  The paper provides an analysis of the voting method known as delegable proxy
voting, or liquid democracy. The analysis first positions liquid democracy
within the theory of binary aggregation. It then focuses on two issues of the
system: the occurrence of delegation cycles; and the effect of delegations on
individual rationality when voting on logically interdependent propositions. It
finally points to proposals on how the system may be modified in order to
address the above issues.
