Ethereum’s $150M DAO Opens as Researchers Call for a Halt • Hacker News Board

Re: Ethereum’s $150M DAO Opens as Researchers Call for a Halt

#51

Post by darawk » Sat, May 28, 2016, 9:07 PM UTC

bunkydoo wrote: post #47

darawk wrote: post #41

Earlier quoted context omitted.

The DAO exists outside of the laws of the United States. If the US curators are arrested, they will be replaced with non-US residents. This is the fundamental premise of decentralized systems. They are resilient to the interventions of governments. Bitcoin is definitely illegal in many places in the world, and occupies something of a gray area in the US. Yet, it operates just fine.

You've obviously never heard of extradition have you?

No country is going to extradite one of its own citizens for selling a financial product that doesn't happen to be approved by the US SEC and isn't a ponzi scheme / scam (the DAO may be a lot of things, but it is likely not an explicit confidence scheme). Not to mention the fact that there are plenty of countries who won't extradite to the US for any reason.

Re: Ethereum’s $150M DAO Opens as Researchers Call for a Halt

#52

Post by TeMPOraL » Sat, May 28, 2016, 9:08 PM UTC

wyck wrote: post #24

dreamdu5t wrote: post #22

Wake me up when the DAO does something interesting

Haven't you heard they are going to destroy airbndb because they invented a self install lock app, people will be rushing to the stores to install these locks because it solves so many lock related issues, it's more expesive then what's already on the market, it's a great signal to local regulations that your illegally renting your house, and as a bonus they do zero marketing, it's all win.

> and as a bonus they do zero marketing

The locks or the company does zero marketing?

Also, I went to their page:

https://slock.it/

First thought: "OMG this looks like just another bullshit startup". Pages looking like that are a pretty reliable signal of very low value to presentation ratio...

Re: Ethereum’s $150M DAO Opens as Researchers Call for a Halt

#53

Post by zekevermillion » Sat, May 28, 2016, 9:14 PM UTC

darawk wrote: post #41

zekevermillion wrote: post #20

Earlier quoted context omitted.

Uber runs up against municipal taxi regulators. The DAO runs up against the SEC, DOJ, and state securities regulators, just to focus on the US cops. These people are a bit more serious than the City of Austin transit authority. As we've already seen in multiple cases, e.g., SatoshiDice, US regulators are aware of efforts to use profit-sharing contracts to raise funds, and view this (correctly) as a securities offerin…

The DAO exists outside of the laws of the United States. If the US curators are arrested, they will be replaced with non-US residents. This is the fundamental premise of decentralized systems. They are resilient to the interventions of governments. Bitcoin is definitely illegal in many places in the world, and occupies something of a gray area in the US. Yet, it operates just fine.

The "dao" here is not designed in a way that is truly decentralized. It is susceptible to certain centralizing flaws. There could be a dao that is designed in a way that resists censorship, that would be more interesting.

Re: Ethereum’s $150M DAO Opens as Researchers Call for a Halt

#54

Post by lukebp » Sat, May 28, 2016, 9:22 PM UTC

Could ethereum be used to create verifiable transparency in investment funds? Something that would prevent fraud, such as the Bernie Madoff ponzie scheme, from occurring.

Re: Ethereum’s $150M DAO Opens as Researchers Call for a Halt

#55

Post by ianai » Sat, May 28, 2016, 9:32 PM UTC

llamataboot wrote: post #14

ianai wrote: post #9

I love the idea of a corporation ran completely by rules and regulations. But the blockchain sours it for me. I just do not believe that operates in any way like a currency must.

In this case, the blockchain isn't acting like a currency, it's acting like a impartial applyer of decisions made by people..

Interesting, got a link?

Re: Ethereum’s $150M DAO Opens as Researchers Call for a Halt

#56

Post by encoderer » Sat, May 28, 2016, 9:33 PM UTC

eterpstra wrote: post #5

Discussion around the issues outlined in the report have already begun (before the report was published) in the DAO forums. It's not unexpected that there will be problems. This has never been done before. But the fact that this report exists, the problems are being discussed, and there are already talks of proposals for resolving some of the issues is a good sign that the DAO is working as intended... The community…

Mutual funds are not hedge funds. They cannot just invest your money in anything.

Re: Ethereum’s $150M DAO Opens as Researchers Call for a Halt

#57

Post by kordless » Sat, May 28, 2016, 9:34 PM UTC

I bet you an Ether it's also highly vulnerable to polarized voting.

Re: Ethereum’s $150M DAO Opens as Researchers Call for a Halt

#58

Post by dev1n » Sat, May 28, 2016, 9:43 PM UTC

zekevermillion wrote: post #13

eterpstra wrote: post #5

Discussion around the issues outlined in the report have already begun (before the report was published) in the DAO forums. It's not unexpected that there will be problems. This has never been done before. But the fact that this report exists, the problems are being discussed, and there are already talks of proposals for resolving some of the issues is a good sign that the DAO is working as intended... The community…

The "investors" risk losing all their money, and the curators and contractors risk going to prison because they are conducting an illegal securities offering with no valid exemption.

Which prison do they go to?

Re: Ethereum’s $150M DAO Opens as Researchers Call for a Halt

#59

Post by binaryanomaly » Sat, May 28, 2016, 9:57 PM UTC

eterpstra wrote: post #5

Discussion around the issues outlined in the report have already begun (before the report was published) in the DAO forums. It's not unexpected that there will be problems. This has never been done before. But the fact that this report exists, the problems are being discussed, and there are already talks of proposals for resolving some of the issues is a good sign that the DAO is working as intended... The community…

I absolutely agree with your argumentation. It is a very interesting construct that could be the future - or just a test ballon that disappears as fast as it rose. Personally I found it worth investing 100$ in such an interesting concept to participate and raise it's chances.

If it turns out bad I loose a tiny bit of money and we all have learnt something.

If it turns out good - awesome, curious to learn from it and see how it develops.

PS: At least I can tell my grand-children to have participated at the biggest crowd-funding event so far ;)

Re: Ethereum’s $150M DAO Opens as Researchers Call for a Halt

#60

Post by mahyarm » Sat, May 28, 2016, 9:59 PM UTC

bunkydoo wrote: post #46

This ultimately ends with Vitalik receiving a subpoena from the feds on behalf of a U.S. based investor who loses and gets pissed. Then he either complies and builds a backdoor for Ethereum, or he gets banned from the U.S. has trouble going back to Russia because they want the same thing. So he will ultimately become like the Bobby Fischer of crypto in effort to not give government backdoor access to Ethereum. Will i…

And what will Vitalik testify in this subpoena? What could he reveal that wouldn't already be public? It's like giving a subpoena to a hammer maker to ask them what happened with hammer x that built thingy Y that they sold long time ago.