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

spectrum.ieee.org

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

#21

Post by Vespasian »

zekevermillion wrote: post #20
eloff wrote: post #17

Earlier quoted context omitted.

In a way, this is like Uber or Airbnb, you can't ask permission or you'd be out of business before you managed to change the laws. Asking forgiveness is not only easier than asking permission, sometimes it's the only viable route. They may lose money, they may make some. But it's a grand experiment of a kind that's never been tried before and I'm curious to see the results.

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…

Mulitply this times (countries in the world) and you got a legal abyss the DAO is looking into.

At least german authorities will be interested since Slock.it UG is registered there.

NB: They do not even have a website that is conformant with german law. This is not a big deal, however, it does not strengthen my confidence that these guys are able to create code able to manage a few hundred million dollars crowdfunded capital.

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

#23

Post by jsprogrammer »

ianai wrote: post #11
jsprogrammer wrote: post #4

>“In general what you really want in any kind of a voting-governed structure like the DAO is you want the voters to vote their true preferences. You want them voting in line with what they want to see happen,” says Sirer. In other words, if a token-holder thinks that the proposal will yeild[sic] profits and increase the net worth of the DAO, he should vote yes. If not, he should vote no. But that’s not what we’re lik…

I suppose the statements agree if all the voter is interested in is profit.

It removes all autonomy from the voter being able to express their true preferences as the author has subjugated them to profit.

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

#24

Post by wyck »

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.

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

#25

Post by jgalt212 »

eloff wrote: post #17
zekevermillion wrote: post #13

Earlier quoted context omitted.

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.

In a way, this is like Uber or Airbnb, you can't ask permission or you'd be out of business before you managed to change the laws. Asking forgiveness is not only easier than asking permission, sometimes it's the only viable route. They may lose money, they may make some. But it's a grand experiment of a kind that's never been tried before and I'm curious to see the results.

> you can't ask permission or you'd be out of business before you managed to change the laws.

That strategy didn't work out too well for Zenefits.

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

#26

Post by eterpstra »

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.

yes, risk is risk. Anyone in the cryptocurrency space is well aware of the fact that tomorrow we could all wake up with a 0 balance. As for the legal aspect, the creators and curators have been assailed on all sides by critics and naysayers from the beginning, and yet they move forward. They either understand the risks, and deem it worthy, or are just plain stupid. Given the credentials of the individuals involved, I doubt it's the latter.

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

#28

Post by fudged71 »

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.

This is the funniest take on dao/slock that I've seen so far

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

#30

Post by schwabacher »

jsprogrammer wrote: post #23
ianai wrote: post #11

Earlier quoted context omitted.

I suppose the statements agree if all the voter is interested in is profit.

It removes all autonomy from the voter being able to express their true preferences as the author has subjugated them to profit.

You are missing the point - whether their motivation is purely profit, or altruistic, or whatever - if they do not want to fund a project, they have an incentive not to vote 'No' against it because as soon as they do they can no longer remove their money from the DAO, and have committed to funding the project if it passes.
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