Where is the evidence of $100M?
It's all completely transparent on the Ethereum blockchain. No other middlemen holding any funds, except the code. http://etherscan.io/token/TheDAO
The DAO close to $100m in funding. Soon to be the largest crowdfunding ever
31–40 of 84 posts
Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever
#32Earlier quoted context omitted.
I think DAO is a complicated abstraction layer over blockchain protocol, meaning that when you get hacked you don't know how much money you actually lost.
That sounds about right to me. Any insight on how it/they managed to get 100 million in funding? What do all the people sending money think "DAO" is or does?
It says "107.21 M USD EQUIVALENT" without any evidence. I highly doubt that amount is legitimate.
Or they may be laundering money as well, I wouldn't spend too much time thinking on this.
Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever
#33Earlier quoted context omitted.
That sounds about right to me. Any insight on how it/they managed to get 100 million in funding? What do all the people sending money think "DAO" is or does?
It says "107.21 M USD EQUIVALENT" without any evidence. I highly doubt that amount is legitimate. Or they may be laundering money as well, I wouldn't spend too much time thinking on this.
It's done by taking the amount of Ether it has already raised * the current price of Ether. See it transparently on the Ethereum blockchain: http://etherscan.io/token/TheDAO
Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever
#34I clicked, read the webpage, went back to HN for an explanation in the comments. Unfortunately there just other human beings as confused as I am.
So I googled it and found this: “decentralized autonomous organizations” (DAOs) https://blog.ethereum.org/2014/05/06/daos-dacs-das-and-more-...
The way I understand it, it is for building an organization that is somehow "autonomous" and decentralized. I put the autonomous in quotes because I am still not sure what that means, though I understand the decentralized part.
Two other descriptions, from slightly skeptical observers, were: Decentralized Corporation Decentralized Venture Capital
Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever
#35Earlier quoted context omitted.
It says "107.21 M USD EQUIVALENT" without any evidence. I highly doubt that amount is legitimate. Or they may be laundering money as well, I wouldn't spend too much time thinking on this.
It's done by taking the amount of Ether it has already raised * the current price of Ether. See it transparently on the Ethereum blockchain: http://etherscan.io/token/TheDAO
So yes, not $100M at all. The market for Ether is about as liquid as that for my own imaginary currency.
Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever
#36DAO stands for Decentralized Autonomous Organization. This seems to be an experiment in democratic group action.
The "process" is: the community approves or declines plain English Proposals backed by smart contract code aimed at building products or services for the benefit of its members. All operational elements are programmed into the Proposals submitted by Contractors. The Proposals submitted will give day-to-day operational control over to the Contractors, while enforcing strict payment schedules executed in predefined instalments.
Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever
#37I went to their website, read a few pages of the content, and I still have no idea what is this and why they're close to $100MM funding.
I got a couple pages in and gave up.
It feels like the Dharma Initiative or whatever the made up company on Lost was called. The web pages are crazily confused. My first thought was this is Spectre :-)
I think what it is supposed to be is a way to make investments in a kind of non-centralized VC fund, and you buy money by transferring bitcoins or ether into dao token. Then a central committee figures out a list of ventures to fund. The members get proportional votes based on the size of their investments.
If you search on youtube, you find some people discussing that part of the aims were to allow people to make pre-ipo investments without being accredited investors. In the US, you can't buy certain speculative investments without have a million bucks net worth (= an acc. inv.). So it's all these things together. Plus those crazy, no info web pages.
Could they really have so many millions of investments? I've had this idea (not exactly original :-) that at some point technology really would accelerate out of the control of central authorities, whether you call it Ray Kurzweil's Singularity or ultimate cyber freedom.
If we ever did get autonomous companies or foundations, controlled by computer code, could we allow them to exist without govt control? Suppose you had a company lead by say a Viv type AI which had 10 million in bitcoins and it was running in a 3rd world country, outside the US, and it's goal was to file lawsuits to stop the federal govt, or the EU or something?
Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever
#38I was confused as to what the DAO is, so I googled around and came across this article that explains it pretty well: http://www.coindesk.com/the-dao-just-raised-50-million-but-w...
Ethereum lets you have simple scripting over ethereum transactions, and I think Slock.it is an meant to be a "locking mechanism" on top of that, so one can only guess (because they have no-info web pages too, just like dao!), that this is a more comprehensive and sophisticated block chain programming model and higher level services than ethereum, but I can't really tell for sure.
Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever
#39This is just bonkers:
>By Creating DAO tokens through interaction with The DAO’s smart contract code, you expressly agree to all of the terms and conditions set forth in that code. If you do not understand or do not agree to those terms, you should not Create DAO tokens.
They are saying you need to fully understand all the code, in order to responsibly decide whether you should click a button. But the code is off somewhere else, with no links to it in the shrink-wrap license. For all I know some of the code is buggy or impossible to understand. How many people putting in money have read all the code before doing so? Does all the code even exist yet? Are they agreeing to contracts now that will be hammered out in the future, by a democracy? Tyranny of the majority, anyone? Tyranny of the majority enforced by code sounds even more scary.
Then:
>The use of The DAO’s smart contract code and the Creation of DAO tokens carries significant financial risk, including using experimental software.
The risk part I get, that's pretty standard. But I'm to agree to abide by contracts set out in code I can't see, probably can't understand, and running in experimental software?
What could possibly go wrong?
Re: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever
#40Is this a cult?
That's the feeling I get too.