DAO - Decentralized Autonomous Organization on Etherium, limited exchange time

[kpitcher]

Anyone have a take on DAO?

The DAO’s community gives it purpose and direction by approving or declining plain English Proposals backed by smart contract code aimed at building products or services for the benefit of its members.

All operational elements, including the business model of The DAO itself, are programmed into the Proposals submitted to The DAO by Contractors. This modular structure allows The DAO to stay flexible and enables it to change business models easily while keeping its 'core'—the ETH itself—safe.

It appears it's a community driven, can vote based on your ownship of DAO on projects, incubator that is funded through DAO, with returns boosting the value of DAO. the current swap is 100 DAO per ETH until May 14. Then the price rises up to 100 / 1.5 Eth. At the end of May the total number of DAO will be set based on how many ETH were converted.

1 BTC ~ 4400 DAO right now

1.75 million ETH have been converted as of right now, 16.45 million USD

https://daohub.org/creation.html

[muh_roads]

Sounds like something that could dump the eth price down once they raise what they want.

There seems to be a lot of btc pouring into ICO's lately hoping to ride a pump.

[FindLiberty]

I heart acronyms and buzz words - what would this world be like without 'em?

[kfarnan]

I don't see any value in this. There are CC that focus on smart contracts (Namecoin).

[muh_roads]

I heart acronyms and buzz words - what would this world be like without 'em?

Sorry, lol.

ETH stands for Ethereum, it's an altcoin.

ICO stands for Initial Coin Offering. People thought it was cute to change to this name instead of IPO. (initial public offering)

[muh_roads]

I don't see any value in this. There are CC that focus on smart contracts (Namecoin).

I'm keeping an eye on some $#@!coins. If BTC pumps to 650+, the BTC/$#@!coin ratio pair will fall. Might be wise to diversify a little at that time. I'm still staying in BTC for the vast majority of holdings. But $#@!coin 2.0 era actually seems to be attaching useful characteristics.

[kpitcher]

ETH is up 18% from yesterday, while I did get into DAO I held on to some ETH to see what would happen. Not sure if this wild ride will last but for now wow, fun!

A week ago it was .021, it's sitting at .026, I'm expecting it to hit .03 soon.


https://bittrex.com/Market/Index?MarketName=BTC-ETH

[osan]

Sorry, lol.

ETH stands for Ethereum, it's an altcoin.

ICO stands for Initial Coin Offering. People thought it was cute to change to this name instead of IPO. (initial public offering)

Yeah well, where issues of trust are concerned... you know, like those concerning MONEY in huge quantities - "cute" doesn't cut it. Why do you think the banks of yore (1980s and yorer) had no humor at all? They seemed all sour and dour, and with very sound reason: this is serious $#@! and there is no room for joking around as this gives indication of a casual attitude in an environment where small mistakes bring down empires, quite literally.

Where such endeavors are concerned, clarity is paramount with honesty, trust, and so on. $#@!ing around with terms where there is no supremely justifiable reason is $#@!. I would not deal with such people because they are precisely the type to pooch and run away with YOUR money.

But hey, to each his own.

[muh_roads]

Yeah well, where issues of trust are concerned... you know, like those concerning MONEY in huge quantities - "cute" doesn't cut it. Why do you think the banks of yore (1980s and yorer) had no humor at all? They seemed all sour and dour, and with very sound reason: this is serious $#@! and there is no room for joking around as this gives indication of a casual attitude in an environment where small mistakes bring down empires, quite literally.

Where such endeavors are concerned, clarity is paramount with honesty, trust, and so on. $#@!ing around with terms where there is no supremely justifiable reason is $#@!. I would not deal with such people because they are precisely the type to pooch and run away with YOUR money.

Are you advocating that the SEC should monitor ICO's? I don't quite grasp your reply.

[erowe1]

I'm trying to figure out how this relates to double-action only guns.

[osan]

Are you advocating that the SEC should monitor ICO's? I don't quite grasp your reply.

Not sure how you got SEC involvement from what I wrote, which I believe was crystal clear. You characterized an action as "cute" and I responded that cute has no place in such matters. Absolute tight-assed seriousness, on the other hand, does for the reasons I listed, and more. These dilettante internet "businessmen" are not quite up to snuff in such matters, IMO, precisely because of their casual attitudes. It often boils down to appearances and I can tell you without reservation that in such matters, appearances can be very important - they are not sufficient, but they are most definitely necessary.

Much as with personal security issues, those of banking have no room for casual thinking, behavior, appearances, or anything else. Such business is of the serious-as-a-heart-attack-100%-of-the-time variety. That's my only point.

[muh_roads]

Not sure how you got SEC involvement from what I wrote, which I believe was crystal clear. You characterized an action as "cute" and I responded that cute has no place in such matters. Absolute tight-assed seriousness, on the other hand, does for the reasons I listed, and more. These dilettante internet "businessmen" are not quite up to snuff in such matters, IMO, precisely because of their casual attitudes. It often boils down to appearances and I can tell you without reservation that in such matters, appearances can be very important - they are not sufficient, but they are most definitely necessary.

Much as with personal security issues, those of banking have no room for casual thinking, behavior, appearances, or anything else. Such business is of the serious-as-a-heart-attack-100%-of-the-time variety. That's my only point.

I mentioned the SEC because I assumed you were a central planner advocate. You are speaking from the perspective of not trusting anyone and passing judgement on others.

Part of the free-market is to do your own due diligence. If you get ripped off you have no one to blame but yourself.

[osan]

I mentioned the SEC because I assumed you were a central planner advocate. You are speaking from the perspective of not trusting anyone and passing judgement on others.

Part of the free-market is to do your own due diligence. If you get ripped off you have no one to blame but yourself.

A few things.

Firstly, you contradict yourself in that you begin by seeming to chide me for not trusting anybody, and then turning right around and writing that if I am robbed because of a failure of diligence, implying trust, that it is my fault. Meh...

That aside, I take some issue with your blanket assertion that if one is taken, it is perforce his sole fault. Your assertion implies that onus rests only with a buyer, which is absurd on its face. Such transactions are by their nature contractual, meaning that the six elements of contracts applies to all parties thereto. This, naturally, directly requires the seller to act with both honesty and proper competency in the ddischarge of his duties as a party to an agreement, all else equal.

A buyer's due diligence revolves mainly around the nature of risk in a given consideration, and less so regarding the provider's fitness to provide. Loss due to factors beyond the provider's control are indeed the responsibility of the buyer. Those within provider's control become more his responsibility as the circumstance of loss points more clearly in his direction.

Properly free markets do not forsake just and honest transaction with all onus falling to buyers, as you so directly state. Very much the opposite, precisely because markets cannot be propoerly free without trust and trust cannot flourish without justice between men. And for there to be justice, all men must be by some means held to account for their unjust actions.

As for not trusting anyone, the implications of your statement begs a giant, shouting, "are you serious?". In a world where some would murder you for the two solitary dollars in your wallet, what would prompt you to think that anyone is worthy of complete trust where large capital sums are concerned? Nobody in their right mind places such trust in so much as relatives, much less strangers. Therefore, my position on the necessarily humorless environment of the banking world, especially that which revolves around investment.

[muh_roads]

what would prompt you to think that anyone is worthy of complete trust where large capital sums are concerned? Nobody in their right mind places such trust in so much as relatives, much less strangers. Therefore, my position on the necessarily humorless environment of the banking world, especially that which revolves around investment.

I don't have a panacea type of answer for you which is why I said "due diligence". It really is the best tool in anyones arsenal...for now.

Messed with the ETH wallet and DAO a little bit. So the interesting thing about these "smart contracts" is that you are now guaranteed your token displayed right within the wallet. Part of this new autonomous money that Bitcoin started is not needing to worry about middlemen and it puts the "trust" in math instead of individuals to make sure you get & keep what is yours. We're still in the infancy of all this stuff as there are still so many middlemen yet to replace but it's a good start.