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Autonomous corporation “The DAO” has become the biggest crowdfunded project

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Re: Autonomous corporation “The DAO” has become the biggest crowdfunded project

#201

Post by homogeneous »

cloudjacker wrote: post #156
homogeneous wrote: post #152

Earlier quoted context omitted.

How does the DOA know that the robot factory in Shenzen was built successfully and to specification?

Presumably when new robots start executing based on the signature of the smart contract and conducting tasks in line with the contract. The main goal would be the new machines, not necessarily the means to the end.

Presumably when new robots start executing based on the signature of the smart contract and conducting tasks in line with the contract.

What if they don't build the robots but instead execute whatever payload the contract anticipates using a laptop?

Re: Autonomous corporation “The DAO” has become the biggest crowdfunded project

#202

Post by dwaltrip »

madelinecameron wrote: post #114
dwaltrip wrote: post #56

Earlier quoted context omitted.

"With reasonable hope of success" is an implied clause of the original sentence. You might have not considered this aspect.

At a certain point we have to stop beating around the bush and admit that being successful isn't something people are entitled to and it is something you actually have to work at.

Or course, no one is entitled to it. And I do think focusing on disadvantages can be a problem, and make it harder to succeed.

Re: Autonomous corporation “The DAO” has become the biggest crowdfunded project

#204

Post by zardo »

dragonwriter wrote: post #70
zardo wrote: post #63

Earlier quoted context omitted.

>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.

> They may end up creating and operating corporations 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.

I should have been more clear, that is what I meant. However, I don't think it's far fetched that some tiny island nation will do exactly that

Re: Autonomous corporation “The DAO” has become the biggest crowdfunded project

#205

Post by zardo »

rspeer wrote: post #182
Taek wrote: post #170

Earlier quoted context omitted.

And, to the best of my knowledge, it has not been reviewed by experts. Platforms like this are notoriously difficult to build securely. Not to mention, there are huge liabilities from a legal/securities perspective.

I'm wondering how this is different from a game of Nomic (the game where people vote on the rules of the game) played for money. Now, Nomic can be fun. But a game of Nomic typically ends up with someone winning, not by gradually achieving the intended goals of the game that people wrote into the rules, but by exploiting a major flaw in the ruleset that lets them rewrite the game to be one that they instantly win. Whe…

If someone breaks Ethereum most of the money is destroyed. Once people realize that it's happened no one will trade anything for ether.

Re: Autonomous corporation “The DAO” has become the biggest crowdfunded project

#206

Post by justinclift »

j1vms wrote: post #82
tonyswish wrote: post #66

Earlier quoted context omitted.

Viewing this as a corporate attorney is the wrong approach as it's not a "corporation" and there is not really any legal framework as the idea is too new (CFTC commissioner just mentioned to "do no harm" to blockchain tech). 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

I think the key thing to emphasize as well is that "The DAO" is just a program which now has clearly defined rules for managing its assets in the form of cryptocurrency. When it interacts with the real world, it will do so by transferring or receiving digital assets and entering into real-world contracts with outside parties (Contractors). Whether those contracts with outside parties are enforceable, and how they wil…

"The DAO" in this instance sounds like it'd be a great target for a fuzzer. ;)

Re: Autonomous corporation “The DAO” has become the biggest crowdfunded project

#207

Post by pjc50 »

zardo wrote: post #205
rspeer wrote: post #182

Earlier quoted context omitted.

I'm wondering how this is different from a game of Nomic (the game where people vote on the rules of the game) played for money. Now, Nomic can be fun. But a game of Nomic typically ends up with someone winning, not by gradually achieving the intended goals of the game that people wrote into the rules, but by exploiting a major flaw in the ruleset that lets them rewrite the game to be one that they instantly win. Whe…

If someone breaks Ethereum most of the money is destroyed. Once people realize that it's happened no one will trade anything for ether.

They don't have to break Ethereum, just the DAO code or surrounding systems.

Re: Autonomous corporation “The DAO” has become the biggest crowdfunded project

#208

Post by fudged71 »

dragonwriter wrote: post #38
street wrote: post #31

Earlier quoted context omitted.

And in fact, in many countries, the DAO actually is a legal company/association, just not officially incorporated. But incorporating is not required everywhere for the normal laws to apply. Just the fact that people put their money together and are acting as a group gives them various legal requirements. The fact that the DAO limits what they can do might interfere with their ability to follow the laws; that does not…

Right. In fact, an business entity that doesn't go through the formalities of becoming a legal corporation, LLC, etc., may expose its members to unexpected legal responsibilities. E.g., if the agreement were seen as forming a general partnership, each member would be jointly and severally liable for all legal liabilities of the partnership.

However, the members are anonymous, so it may be impossible to track down 100% of participants.

Re: Autonomous corporation “The DAO” has become the biggest crowdfunded project

#209

Post by fudged71 »

homogeneous wrote: post #200
WeaselNo7 wrote: post #196

Earlier quoted context omitted.

It could hire human agents to inspect and confirm. I guess you could treat the DAO as an exceptional manager who has no domain knowledge at all, but knows to delegate to people with domain knowledge.

What if the human employees lie, are incompetent, or collude with the subject of their inspection in exchange for part of the pay out?

It's inspectors all the way down. Recursive inspection.

Re: Autonomous corporation “The DAO” has become the biggest crowdfunded project

#210

Post by fudged71 »

homogeneous wrote: post #200
WeaselNo7 wrote: post #196

Earlier quoted context omitted.

It could hire human agents to inspect and confirm. I guess you could treat the DAO as an exceptional manager who has no domain knowledge at all, but knows to delegate to people with domain knowledge.

What if the human employees lie, are incompetent, or collude with the subject of their inspection in exchange for part of the pay out?

Funny enough, these autonomous anonymous corporations will require the exact opposite to carry out many trust-required operations
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