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Ethereum’s $150M DAO Opens as Researchers Call for a Halt
61–70 of 85 posts
Re: Ethereum’s $150M DAO Opens as Researchers Call for a Halt
#62This 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…
Ethereum is defined by a 32-page spec and has seven independent implementations so far, each in a different language, with only one produced by the organization that Vitalik leads. It might be a bit challenging introducing a back door.
Re: Ethereum’s $150M DAO Opens as Researchers Call for a Halt
#63Slock has responded to this by creating a proposal to fix these security issues: https://blog.slock.it/slock-it-security-proposal-1-is-now-ve...
Re: Ethereum’s $150M DAO Opens as Researchers Call for a Halt
#64DAO's claim of being "jurisdictionless" -- and thus not subject to any state or federal laws governing the rights and duties of business organizations, fiduciaries and beneficiaries or creditors and debtors -- then its equity owners (i.e., those who spent Ether in exchange for proportional ownership tokens) wouldn't enjoy the investor liability limitations and other protections provided by those laws.
As a result those equity owners could be on the hook for claims and judgments against the DAO for sums in excess of the value of the Ether they've paid in or the tokens they've received.
Re: Ethereum’s $150M DAO Opens as Researchers Call for a Halt
#65So the same people behind the DAO are behind Slock? That is, the people behind the exchange are also pushing the first offering?
Uh oh.
Re: Ethereum’s $150M DAO Opens as Researchers Call for a Halt
#66Earlier quoted context omitted.
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.
Not to mention the fact that there are plenty of countries who won't extradite to the US for any reason.
Try setting up a business in one of them and let me know how you like the environment.
Re: Ethereum’s $150M DAO Opens as Researchers Call for a Halt
#67Could ethereum be used to create verifiable transparency in investment funds? Something that would prevent fraud, such as the Bernie Madoff ponzie scheme, from occurring.
Yes, and kind of. You'd probably avoid a Madoff-like kind of scheme, but scammer will always exist and they'll find new ways.
Re: Ethereum’s $150M DAO Opens as Researchers Call for a Halt
#68Wake me up when the DAO does something interesting
Raising 150M is no small feat. Anything that happens to that money will be interesting. Everything about the DAO is interesting given that it has never happen before. So if you can't find it interesting right now, you won't probably find it interesting later either.
Re: Ethereum’s $150M DAO Opens as Researchers Call for a Halt
#69Earlier quoted context omitted.
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.
But I am speaking exactly of the scenario where a dao project curator/contractor is perpetrating a financial crime. In that case, most countries would in fact extradite. If that's even necessary. I mention US laws not b/c I'm in favor of US imperialism but b/c I am familiar with these laws. I'm sure that there are other relevant jurisdictions that would frown upon financial crimes regardless of new age window dressing.