61–70 of 213 posts
Charlie Stross is smiling somewhere. https://en.wikipedia.org/wiki/Accelerando
This fiction starts the autonomous corporation from a vide game. The second book shows society's evolution to cope with the new corporation.
The DAO isn't actually worth 120 million. For one, it's based on the price of ETH, which would completely crash if you attempted to sell even a few million worth. Secondly, everyone can withdraw their funds from the DAO before any funds are sent to projects. Many have invested because those who invested early make money from those investing later, since the number of "DAO tokens" you get per "ETH" has gone down over…
> The DAO isn't actually worth 120 million. I you tried to sell all Apple stock in a single day it would also sell at well below market rate- Does that mean Apple is worth less than its market cap? That said, I personally have not invested/speculated in the DAO because I just don't see it as a good opportunity.
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No, a corporation is a legal entity that must have directors and officers, aka people. Without that, you don't have a corporation. And after reading the article, they aren't a legally recognized corporation.
> No, a corporation is a legal entity that must have directors and officers, aka people. OR, a corporation is a legal entity formed by a corporate charter that is treated as a person under the law. In any case, whatever these ethereum-based things are, they aren't corporations.
They may end up creating and operating corporations, but DAOs are their own thing.
What a bunch of snake oil. If you invested or are thinking of investing ask yourself a few simple questions. Who are the Shareholders/Directors/Officers of this corporation? Do you know what state it is incorporated in or going to be incorporated in? Just a few buzz words. Decentralized? No shit, any corporation with more than one shareholder is decentralized. Smart contracts? Defined as a self enforcing contract, gu…
> Defined as a self enforcing contract, guess what they don't exist This changed in July 2015, when the ethereum network went live. > I'd like to see how this code is independently filing annual reports and preparing taxes sending out K-1's to its shareholders autonomously Just wait- It's pretty likely the DAO shareholders will vote to have a contractor produce this information on behalf of the DAO. > ... for your ow…
I know the term exists and I know people are operating as though it is a thing. But if you and I enter a contract whether it is a written agreement or a smart contract on Ethereum network, that has no more or less bearing on the legal enforcement in the event of a breach. In either case the non-breaching party must file suit for the breach and there must be a finding of fact, and the smart contract does not replace the fact finder in a court of law any more than a traditional contract.
I know you don't speak on their behalf but DAO has raised $100+M and the answer to a simple tax question is just wait? That is my point, investments are inherently risky, but when the most basic questions regarding operation and governance can't be answered that is a red flag.
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No, a corporation is a legal entity that must have directors and officers, aka people. Without that, you don't have a corporation. And after reading the article, they aren't a legally recognized corporation.
The ownership chain also has to ultimately go back to people.
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I think there are many legitimate concerns about this project, but what you are saying address none of them. In fact your first questions mean you don't understand it.
I think as a lawyer who practices a great deal of corporate transactions, I have a much better idea than most on the legal structure and compliance issue with corporations on a state by state basis. But instead of telling me my question shows I don't understand, please answer any of the following: -Are the token holders shareholders? -If shareholders do the token holders also get to vote for the board, or are their t…
1. no, but they have a vote and can transfer a token which also represents their vote
2. there is no board
3. there is no board
The DAO isn't actually worth 120 million. For one, it's based on the price of ETH, which would completely crash if you attempted to sell even a few million worth. Secondly, everyone can withdraw their funds from the DAO before any funds are sent to projects. Many have invested because those who invested early make money from those investing later, since the number of "DAO tokens" you get per "ETH" has gone down over…
> The DAO isn't actually worth 120 million. I you tried to sell all Apple stock in a single day it would also sell at well below market rate- Does that mean Apple is worth less than its market cap? That said, I personally have not invested/speculated in the DAO because I just don't see it as a good opportunity.
Yes.
I did sort of see this coming eventually as Augur, Digix as well as Ethereum itself have been really successful using this method. It's a pretty cool way to fund open source projects and I think with something that incentivizes contributions like Code Valley there will be a boom in these projects.
Earlier quoted context omitted.
> No, a corporation is a legal entity that must have directors and officers, aka people. OR, a corporation is a legal entity formed by a corporate charter that is treated as a person under the law. In any case, whatever these ethereum-based things are, they aren't corporations.
>In any case, whatever these ethereum-based things are, they aren't corporations. They may end up creating and operating corporations, but DAOs are their own thing.
Sure, if people ever make the rather radical changes to law that would be required for them to create, operate, or even merely passively own shares in corporations, that might be the case.