The Dao

Well, considering that all I've ever seen related to this shit is buzzwords and vague predictions about how "in the future everyone is going to want this because reasons": No, literally do not understand what I am hating on.

That is why I am hating on it.

Saying "you just don't understand" makes you sound like an artiste who just painted lipstick all over a urinal and called it art. So, by all means, educate us. What is this... DAO good for? What does it actually -do- that people want done? How is what it does better than what is out there now? Right now you just look like a fool.

How do I jump on the DAO train? I've got about 40 ether. I think I could part with about a dozen for fun.

put it in an account at myetherwallet and send it.

I get the feeling you don't understand it, either, given your reluctance to explain it. Sounds to me like you bought into something you don't understand, and are trying to hype it up in hopes the hype train will carry you to profit land. That or you know full well it's a load of hot air, and you're acting in bad faith.
Until you make some effort to actually explain why DAO is of use to anybody, I can only assume you're full of shit.

>Ether is not designed to be a Currency.
Oh please, let us not pretend everyone is using Ether as a bad. Means shit what is it "designed" for.

It allows you to set up applications that literally cannot be shut down once they're up.

This is going to be very very valuable in the future, especially for illicit, highly profitable unmentionable activities.

DAO is an application that can't be shut down, it acts as an investment bank. You put money (Ether) into it, It then invests that money in something the community votes for, and then the profits are divided based on investors and sent back to you.

"TheDAO", stupid confusing name name, is the first 'DAO'. It is generic organisaiton and it's first investment is Slock.it.

Other DAO's can and will be made. One specifically to fund illegal drug trade for example.

The interesting thing is, because it's decentralised:
It cannot be shut down, and tracing the funds and linking it to a persons is going to be very difficult if that's the intent.

Really what DAO's doing that no one wants to mention, and Ethereum itself... is that it circumvents the law in a way that can't be stopped (like how Bitorrent's can't really be shut down, only the websites hosting them/links, but once you have the magnet link, it's decentrlaized, there's nothing anyone can do to stop you downloading the file off other's computers)...

It's literally legalized techno black money. The authorities at the moment seem to be too dumb to realise it's horrific potential, meaning it's currently very very undervalued.

Ofcourse there are a lot of other uses, It can be used to prevent things like election fraud, it can be used to create global 'polls', gambling, but we could do all those things without it.

The 'new' thing it brings in though is the inability to be shut down or comprimised easily, no matter how much old boomers cry scream, threaten to sue, yell "DELETE THIS RIGHT NOW"....Nothing can be done once a piece of software is on the ethereum network, other than go around and destroy every copy of ethereum on everyone's computer globally.

>muh technology muthafucker

What problem does it solve exactly?

Shitcoiners actually believe there can exist a situation where the USD will collapse and/or you'll be forced to anonymously send money, but somehow their magic internet money will help them buy groceries or be useful at all during a fiat or grid collapse.

Blockchain is a failed experiment with no practical purpose..

Cryptos are just pump n dumps

This is the actual correct answer. As long as anyone pays some amount of the currency into a running software application, that software application has complete, reserved space on the entire network and can not be removed without completely destroying that network. It's a totally legal way to distribute software that cannot be deleted. It's not important for day to day peeps but it's extremely important in that its value is directly represented by the software that runs on top of it.

This is the actual correct answer.

I saw an interview with Max Kaiser, bitcoin fund guy, the interviewee was with Ether and said "Ether is like the oil that powers the economy, Bitcoin is like Gold, a store of wealth"

So the way I take it is that Ethereum is a commodity, and that commodity is worldwide computing power on the ethereum network

But how can you be so sure that the dollar *won't* collapse? Every fiat currency in the past has at some point collapsed, and on top of that the $$ is coupled to oil, what do you think will happen when oil runs out/becomes obsolete?

It like a crowdsourced Venture Capital firm.

Piracy networks and a silk road 2.0 that can never be shut down paying dividends to accounts that funded it through the dao without some middle mad than can be arrested or killed.

what a fucking retard you are
youtube.com/watch?v=cnm7nh7LVPA

>he thinks there is some sort of counter intelligence being used to decieve shitcoiners on an armanian shadowboxing forum
Kek

>implying you know what I'm thinking

>walks like a duck
>quacks like a duck
>posts the most retarded ass pic like a duck would do
Come on bro, it aint too hard.

>thinks calling a spade a spade is info ops

I can you're still in the denial stage

>You put money (Ether) into it, It then invests that money in something the community votes for, and then the profits are divided based on investors and sent back to you.
Why would I want the average Veeky Forumsposter voting on how to invest my money? That's fucking retarded. All you'll end up with is a bunch of DOGE and shorted PRAN.

>It's literally legalized techno black money. The authorities at the moment seem to be too dumb to realise it's horrific potential, meaning it's currently very very undervalued.
Perhaps you didn't notice but various illegal trades (the drug trade for example) do not need a capital infusion. What is a cartel going to do with a bunch of extra cash? Upgrade their drug running vehicles? Buy uzis for every employee? The main barrier to the drug trade isn't that there's not enough money. There's plenty of that. The main barrier is the fact that the business is illegal, to whit: You can't attract the best or brightest employees because they have skills that make them far more valuable as traditional members of society instead of criminals, the employees you do have have a nasty habit of winding up in prison, and every material aspect of your business is subject to arbitrary seizure with no recourse.

>Hue hue I'm subverting the system! Down with THE MAN! I'm gonna get rich because all those squares don't realize the power of muh technology.
In the best of cases you are going to have idiots wasting your money on terrible ideas. In the worst of cases you'll just be giving money to gangsters who will turn around and not pay out because what are you going to do, come to their door and ask for it?

>circa 1905
>Henry Ford invents his T-model or what ever

The public: Hey, so we must use this weird thing called gasoline to run this weird box on wheels without a horse? Holy crackers the whole world is going to use this, its going to make crude oil prices go way way up. G O L D TWO POINT OH WHEN?

Henry Ford: No, gas is nothing more than just a comodity that makes this technology work, im sure gold is going to stay gold for a long long time. Please dont treat oil rig mining as a "gunna be rich quick" scheme

To be fair if this technology is going to kick off it needs to have an incentive for mining or keeping the flow of cash up to a high level. Yes, when ether really kicks off in about 2 year and makes mining obsolete(switch from PoW farming to PoS jewing out) when people realize there is so much potential, it will be treated as internet 2.0 and it will be important for you to have an incentive to keep as much as possible. There will be ether barons i guarantee it

>internet 2.0
You're retarded. Name just ONE mainstream use for ethereum.

Golem project - pay for computation (summer)
String - synthetic real world securities though CFDs (2 weeks)
Akasha - social media (Alpha soon)

Best Explanation: youtu.be/Kbu-Xbr3fdQ?t=6m00s

Nope. The first 2 are never going to become mainstream. Explain how (or why) your average individual would use either.

>social media
Kek.

That was pretty bad. I can see why it didnt get much views or attention.

why

I'm in the DAO but let's be honest and accept that this stuff is ultra-niche nerd stuff with no practical use by normies.

doge will never be funny

Lets see. Model T vs horses
>goes farther
>goes faster
>more comfortable
>carried more passengers
>no need to tack up to go somewhere just hop in and go
>needs only a moment to refill the tank every so often
>fuel is cheap
>vehicle is cheap
>doesn't need food, stables, farrier services.
>wont go lame
>won't be eaten by wolves
>wont die, freeze, starve, get diseased

Eth vs cash
>decentralized

So here's the concept:

>DAO pays Slock.it to build smart locks and other smart terminals to act as payment terminals
>Slock.it builds said items using funding being raised right now, retains rights & patents to sell the hardware (transaction/payment terminals)
>The DAO retains rights to the network (like a VISA or Mastercard for cryptocurrencies), and takes a (small, 0-5%) share of all transactions processed on the network, and utlizes the Ethereum crypto tools & hashing power to process the transactions
>the DAO keeps the profits (aka transaction fees) from the users who use the hardware built by & purchased from Slock.it

That's how this particular DAO is initially proposed. Now, if the DAO opts not to invest all of the shared funds in Slock.it, they can alternatively invest in other ventures proposed by DAO members. In this way, the DAO is like a hybrid of crowdfunding and VCs, in the sense that you vote on things you want to see happen with your money/DAO stake (a la a crowdfunding venture), but instead of a shitty mug, you get a share of profits generated or equity in the ventures voted on, per the agreement terms voted on by the DAO and agreed upon by the people/companies requesting sponsorship from the DAO.

It's genius, somewhat simplistic, but ultimately has the potential to be incredibly lucrative.

Like all start-ups, slock.it is a crapshoot, and who knows what will happen in the long run, but it's worth throwing a couple hundred bucks at it if you can spare it, because if the funds from this DAO wind up financing the "sharing economy" of the future, that ownership stake could be worth some real money in a few years, plus it would likely pay royalties (IF people actually use the tools slock.it winds up building; we'll see, but the precedent is already there for ride-sharing, automated payment terminals, etc.; the only difference is that instead of using dollars to process your next bike rental or taxi ride, you could use Ether/BTC, etc.)

So the real benefit there becomes if someone wants to create an unstoppable clandestine organization.

You invest in the "Cartel 2.0" DAO, each member votes on business decisions related to trafficking, and then the drug underworld gets hold of this network to both launder money and support their business; you force drug buyers to pay with BTC, use the Ether network to process payments, and the venture is backed by & funded through a DAO. The profit-sharing is immediate, irreversible & unable to be traced to a specific person, and the funds are laundered automatically via transactions processed using the crypto exchanges.

>smart locks
Stupid idea. Keypads already exist and they are usually high niche (vaults, high security clearance areas, secure data centers) because your average joe doesnt need to shell out extra money for a super secure locking mechanism when keys work fine. In the rare cases that someone has access to your keys and abuses that access, it is extremely easy and cheap to replace a lock. I hate worthless tech startups that try to find complicated and expensive solutions for products that were already efficient as is. You havent even explained how this would replace a simple keypad with a changeable code or a door card reader. I actually heard some retard on here mention Airbnb as to why this is going mainstream. Topkek.

...

Is this the Digix DAO stuff?

It will enable big corporations such as Apple to become impervious to any legislation or laws or pretty much anything trying to stop them. Big corps will become unstoppable entities stored safely in an encrypted cloud.

It's fucking future shit beyond our comprehension

You dont even know what a smart lock is

>keypad

Go away grandad

Nein.

Its decentralised which means no apple, google botnet etc

Ether is irrelevant thanks to Bitcoin's sidechains (see Rootstock)

Thing is just that slockit doesnt seem appealing. There is no obvious upside to using ether for renting as opposed to credit card or paypal. Even worse, legal recourse becomes harder when something goes wrong with the rented item.

Im open to discussion and i like crypto but slockit just seems meh to me.

The irony with all these "decentralized" apps is that they need to anchor to an oracle in the end, which is always a centralized point of power and based on the existing legal system.
For example, if we have a dao that has to payout based on some events irl, lets say weather events, you still need a trusted source to give an account of this event, lets say a well known weather API.
Now this is still a centralized, corruptible entity that can make errors as well.
So the weather API publishes the wrong data and the wrong ppl get payed through the dao... there is absolutely no legal recourse at this point...

On a philosophical level, i think this whole lust for decentralization comes from the (subconscious) will to be free from power exerted by more powerful individuals and institutions (kind of like lolbertarians), but its a pipe dream in the end.
See how fast power got usurped in BTC by the mining cartels and dev team.
So part of ether is an illusion, power structures will exist in any field that has value to humans... just make sure you grow in power.

whatever happened to lisk. fuck these trinket coins.

Slock.it team holding a Q&A on the dao and their proposals right now. www.youtube com/watch?v=YuAkeYwsXrQ

Lol rootstock. Nope

Thats not how it works.

A betting market can predict and determine events without a centralised oracle

nice rootstock meme

it's pretty funny how clueless everyone here is. it's making me want to buy even more ether :^)

ethereum is basically buttcoin + stored code. you can send your buttcoin to some contract address and that contract can split it into 3 pieces that go to a savings account, your insurance and your mom. that same contract can also do whatever the fuck else you want it to do because it's just code

you could decide that the contract doesn't send that money unless a shit sample that's biometrically tested to be yours and less than 24 hours old is sent from some other contract

there is no other public network on earth that makes money this malleable. there's going to be a lot of asspain on this board when ethereum is more successful than bitcoin 2 years from now

I read this whole thread and nobody has yet explained how this shit is actually useful or improves on any existing models. Its whole premise is that decisions are made autonomously by a large group of people? Sounds like you introduce an unnecessarily high risk of groupthink. I'm not seeing the vision at all gentlemen.

>A person is smart. People are dumb, panicky dangerous animals
-Kay

The Dao is like a meme word for corporations in the Ethereum network. There are some differences (check for yourself, i'm not an expert, but this is what I know):

> DAO is a funding for an idea. Because it is based on the blockchain, the funding would be returned if funders reached consensus that project did not meet potential, or did not spend money where it promised

> a DAO can be for any project, the first DAO is for Slock.it (a physical lock based on Ethereum. You can lock anything and build a smart contract for something tha unlocks it. Like a paypal payment to unlock your house etc.)

> People who buy into a DAO are shareholders. Their value appropriates back to Ether (so you can sell out the amount of DAO you buy to Ether at any time). That value compared to Ether changes based on the performance of Service.

TLDR: Dao is a corporation based on a fund me you can't cheat. funders are investors, they can change their 'stocks' (daos) to Ether if they want to cash out.

This is most specific misunderstanding of Ethereum I've ever read.

It digitizes trust. I know that sounds like some vague bullshit, but it's true.

Right now, it allows you to send me a condition for code to be executed.

You can say:

John, I want you to pay me 1 Ether (10 bucks), when you do that, I will send you this code.

You can see that code too, so I can't cheat you. You can see that it will happen when you do what i ask you to do.

This is in its infancy because it requires another language to write it, so we can't just build apps that can e.g. let you rent the access to anyone's wifi and charge you a small amount, because it's not ready for that yet, but it its technically possible. This has never been possible with any technology before.

Great explanation, saved.

You can't read or what's your deal her m80?

>is that it circumvents the law in a way that can't be stopped (like how Bitorrent's can't really be shut down, only the websites hosting them/links, but once you have the magnet link, it's decentrlaized, there's nothing anyone can do to stop you downloading the file off other's computers).

No one is talking about a cash incentive greater than the current. The guy literally wrote: "you can create a trading network that authorities cannot shut down."

This is actually the only problem a successful drug trade has.

I definitely hope and believe Ethereum can do greater than drug trading, but your only point is that you don't actually understand what he wrote.

What do you like most about facebook?

>a quote by a guy disproves the fact that crowd wisdom is superior.

Fucking boomers i swear...

The dao is basically a smart contract. A huge multisig wallet set up as a sort of giant fund to fund things (mainly other distributed applications) that will not only generate profit back to the DAO but also bring added value to the underlying ethereum network that the DAO is built on.

Most of the DAO investors are ETH holders or miners so there is an alignment of interests in that direction.

Slock.it is the first proposal with a high likelihood of achieving both of those goals- generate profit & enlarge the ethereum network

Holding DAO gives you the power to vote on proposals

Anyone can submit proposals to the dao for 2ETH

It's basically an alternative to dollars for payment purposes, but that's not the point. Slock.it could just as easily be used to process dollars as BTC or Ether or some other form of currency. The upside is that Slock.it would automatically translate that buyer's currency into the preferred format for the seller, and would (theoretically) do it with a smaller transaction fee, less time lag (most credit card transactions or paypal transactions take at least a day to clear/settle, and can be easily reversed by the buyer if they decide they're not happy with what they purchased), and (here's the big thing for a lot of sole proprietorships) with automated accounting records.

For instance, say you own a bicycle ridesharing Slock.it; you own 10 bikes with smart locks on them, people can use them at their will as long as they pay .2 eth per hour (~$2.25/hr). If someone rents your bike (aka uses a Slock.it smartphone app or other form of payment key to open it), that money is automatically deducted every hour, on the hour, from their account, and sent to you on yours. When the person locks the bike up again, and validates it by closing out the transaction in the app, the bike is immediately available for someone else to rent, you've gotten most of your money even before the borrower returned the bike, your management accounting for the transaction was performed entirely automatically, and zero human interaction was required for the entire transaction. So, as long as you can handle the paperwork involved with managing the accounting, you can scale more efficiently, hire fewer people than you otherwise would have to (if, say, you owned a traditional bike shop that offered rentals, took cash or checks, and had to hire cashier staff to perform the dirty work of actually rending the bikes), and are secure in the knowledge that you are not beholden to Visa or Mastercard's mandatory transaction fees or other onerous processing requirements.

That's the ideal, anyway.

Lisk still hasn't been released, to the best of my knowledge. They keep delaying the ICO.

>basically can be put on anything you have ensured and then rented out

>The "value" is not in the fucking currency, of the fucking Platform, but in what the platform will enable.

>It's literally legalized techno black money.

>value is directly represented by the software that runs on top of it.

>is a commodity, and that commodity is worldwide computing power on the ethereum network

>It like a crowdsourced Venture Capital firm.

>it will be treated as internet 2.0 and it will be important for you to have an incentive to keep as much as possible.

>It's fucking future shit beyond our comprehension

>like a meme word for corporations in the Ethereum network.

>It digitizes trust

>basically a smart contract

>basically an alternative to dollars for payment purposes

Topfucking kek. You retards cant even come to a concensus on WHAT THE FUCK THIS EVEN IS, let alone come to any agreement on a crowdfunded business platform. This is why this shit is doomed to fail because it is all hype and buzzwords and very little substance with only potential for niche markets. There is no actual real life problem that this solves or that can't be solved much more efficiently with centralized systems. So much for your brand new ponzi.

You realize that all those responses are people describing the same vision in different analogies, right? It's all a common concept; a secure, crowdsourced funding platform that uses the Ethereum blockchain to build-in contractual obligations and voting rights/implied trust for the funding of various startup ventures.

Slock.it is a potentially key part of the automation of daily transactions, and while it doesn't have to use Ether to perform the transaction, that's the blockchain/platform it's built on, so it's only natural that Ether would become more valuable in the long run, due to the confluence of technological advancement possible and the overall community buy-in for the concept.

BTC didn't hit it big until drug dealers and slanteyes wanted it so they could avoid losing money to government seizure; Ethereum will hit it big because AirBnB and rideshares will run off it, since the platform essentially automates many of the currently manual aspects of scaling a business (transaction acceptance, customer identification, management accounting, etc.).

What is a computer? What value does it produce?

Look, if you think it's retarded or you just don't understand, that's ok. But you can't turn everything into a clickbait article.

Have someone in the 80's pitch the PC to an investor. I fucking guarantee you 90% of them said what you said. The last 10% didn't and then they came with a product for the 90% which made them go "Fuck why didn't we see this sooner".

100% dead on. These guys don't even know what it is, let alone explain it concisely.

>Ethereum will hit it big because AirBnB and rideshares will run off it
Naw.

Appeal to novelty.

>this is going to become mainstream because its a brand new technology! All brand new technologies are useful! People didn't understand the PC in the 80's and people don't understand what the fuck the DAO is so this means they are both the same.

You should feel shamed for even making this comparison but you don't. Stupid people rarely feel shame.

Why should i feel ashamed? Neither of us has any clue what Ethereum will be come and you don't even understand what it is. How can you possibly feel provoked by me making this comparison?

You know sage doesnt work on here? Seems like you have a grudge against ethereum. Why?

wow, look at you defeating every internet argument on Veeky Forums

aren't you just brilliant?

>"a bunch of kids on Veeky Forums can't explain it well"
>therefore, it will never work

there's a reason that a lot of extremely smart people are backing this shit. continue to feel superior about your ignorance while these "retards" make money from actually having a shred of a clue more than you

"I think there is a world market for maybe five computers" - Thomas J. Watson, IBM Chairman. 1943

"I think Betamax is going to revolutionize the movie industry as we know it" - some dumb retard that nobody remembers the name of. 1975

nice sub
reddit.com/r/TheDao/

Jesus, if you even need to ask that question at this point.. personally I wouldn't be caught dead with ethereum in my wallet.

download the mist client. "google ethereum mist" get the one for your OS. follow the instructions on daohub.org it will take less than 1 minute :D

>You know sage doesnt work on here? Seems like you have a grudge against ethereum. Why?

cuz that little faggot missed the 40x boat AHHAHAHAHAHAHHAHAHAHAHAHAHA

>Jesus, if you even need to ask that question at this point.. personally I wouldn't be caught dead with ethereum in my wallet.

stay poor faggot

Whos voting yes on slock.it maximum proposal?

Voting yes masterrace

Please explain the options

Only option: vote yes on slock.it

Implement usn.

im going to guess that they will ask for less than 1 mill!

can somebody give me a TLDR of this?

I don't even understand the dao, even after reading a few articles, and where can I buy in?
What profits can I expect?

This.

>This is why this shit is doomed to fail

Because a bunch of unemployed NEETs cannot understand it? Come on now...

Dao is life

please? anyone?
I really want to do this, however I still don't understand the basics of this..
will there be like a market for the dao tokens? will they rise in price as well?

I'm with you say we halfway understand the concept - what we would like to get an understanding of is should we buy etherium or DAO tokens. If the DAO is successful will it drag etherium up as well? Help me out this niggas got kids.

I would but I'm really REALLY tired, I can't sleep though because insomnia, by the time I can give a proper response it'll be too late. Try reading the daohub site and their forum faq, and other shit. It's not as complicated as it seems, it's self describing too, a distributed autonomous organization, the members and software itself are distributed and not centralized, it's software so it's autonomous it only relies on humans a little bit for curation, and it acts as an organization, something you can go to for a particular purpose (more than likely mostly investment in the case of this dao).

>What profits can I expect?
You receive rewards depending on the contracts that get voted on, if for instance someone wants to receive a lump sum of x ETH for a reward ofy% of earning annually that is possible, it all depends on what the contract is what the voters choose. Again you should read up on it, I'm skimming over details here and am really tired.

ok will do thank you

how much should I invest? 25% total of my eth? 20?

My professional financial advice is to research the product you're considering investing in before investing in it, I'm not saying you have to understand it fully if you're okay with taking risks but I think you should decide on the amount yourself since my opinion shouldn't matter or relate to your decision.

pls dont hate on me, but what is etherium or dao or whatever? i know about cryptocurrencies like bitcoin or litecoin, but Ive never heard these other things