That is highly unlikely. People may seem stupid when acting as a larger group, but I think part of that is that our current democracy doesn't require much engagement. If we moved to direct democracy then imo we'd get some bad policies that would quickly be reverted once the effects become apparent, and then voters are going to be a bit more careful. For example, "only taxing people whose last name begins with X, Y, Z", I don't think voters would currently be that dumb, but if they were then how many weeks of zero tax money would it take to get that undone?