Autonomous corporation “The DAO” has become the biggest crowdfunded project • Hacker News Board

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

#211

Post by fudged71 » Tue, May 17, 2016, 11:09 PM UTC

btown wrote: post #161

numlocked wrote: post #140

Earlier quoted context omitted.

And Slock.it is the creator of The DAO...

It's a long process to check all the boxes for what makes a good proposal, so the fact that Slock.it had such a head start on any other potential proposers is more than a bit suspect. Perhaps there should be a proposal to lock all funds for, say, 45 days so there can be enough of a competitive environment for proposals?

The bigger issue is that the DAO has raised >$120M, and Slock.it hasn't said how mich funding they need. Many people are fully expecting the ask to be much larger than they would have originally asked for. It's a terrible decision on their part and raises a red flag for me

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

#212

Post by fudged71 » Tue, May 17, 2016, 11:13 PM UTC

dragontamer wrote: post #52

drcode wrote: post #35

Earlier quoted context omitted.

Agreed, "crowd funding" is an inexact term- I described it that way to help explain why some people think the project is novel. Certainly there is a lot of arbitrariness as to what belongs on a list of "top crowdfunded projects".

Yup. I just want to bring up the fact that this thing seems more akin to a classical public company, but in many regards is less transparent. There's the fact that all the code and mechanisms is public, but that's the part that everybody trusts anyway. When you're a shareholder in Apple, the votes are tallied, all relevant information from the board of directors is published, etc. etc. And the SEC forces the company…

Apparently 0.8% of DAO token holders own >50% of the tokens. There is lots of potential for conflict of interest

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

#213

Post by _n6th » Wed, May 25, 2016, 6:32 AM UTC

1337biz wrote: post #198

So how can I buy into this ponzi? I'd throw $50 at it and see what happens. How do I do that?

Unless you have some ETH or BTC laying around, it's a bit of a hassle, but if you go to https://daohub.org/ and click "Get DAO Tokens" and then "Start Wizard" it will walk you through the process.