Bitcoin Forum

I've been surprised at the number of people who keep asking about how to buy DAO tokens so I thought it might be useful to start a new topic about it.  If you are not technically minded or have not recently updated your MIST wallet and don't want to wait for it to update the Bittrex DAO page is a quick and easy way to do it.
Before starting you will need to have some ETHER.  ETHER is the currency used to purchase DAO.  The easiest way to get it is in exchange for Bitcoins and you can do this directly on any exchange (including Bittrex).  At the initial price you get 100 DAO tokens for 1 ETHER (https://daohub.org (https://daohub.org)).

A) Transfer Ether to your Bittrex wallet (if it is on another exchange or in your MIST wallet).  If you don't have a bittrex account you will need to make one first. (https://bittrex.com (https://bittrex.com))

B) Once the Ether is in your Bittrex Ether wallet you can go to the Bittrex DAO page (https://bittrex.com/balance/dao (https://bittrex.com/balance/dao)).

C) Click on the generate address button to generate your DAO address (Step 1) then enter the amount and click on the transfer button (step 2).

D) Confirm you want to withdraw your Ether to the DAO creation address (enter your 2fa code if required) and wait up to 30 minutes.
 
E) After a while the number of DAO tokens will be listed on the same page under where it says Step 3 "Validate your balance".


Important Notes:

-If you are really wary or unsure try going through the process with a small number of Ether.

-You can do it as many times as you like during the DAO creation period using the same address. Just remember to go through the steps as above (except for Step 1 on the DAO generation page as you only need to do this once).

-You will always need to send your ether to the regular Bittrex wallet first then use the Bittrex DAO page to transfer it. You can't just send directly to the DAO creation address.

-You won't be able to trade DAO or move it from Bittrex until the DAO creation period is over (28th May 2016 at the earliest).

-For more information on the dao go to: https://daohub.org (https://daohub.org)

Oh Thx! I am also whant to be DAOholder! ;) Using Bittrex best way for me.

in announcement DAO interest causes the market of activation of project...

I'd advise all interested DAO purchases to do it via the Ethereum Mist wallet. From there you can set up the smart contract to watch and will use it for voting proposals.

I agree you can find the latest versions of MIST here:

https://github.com/ethereum/mist/releases

It is definately the best ethereum wallet.

But for those who are new to ETH will have difficulty downloading the whole ETH blockchain because of unstable peers.

It takes a few hours. You still have circa 21 days to jump on the DAO.

Is bittrex a trusted exchange? who is CEO?

Their twitter say they are in seattle but their website says las vegas...

ETH deposit/withdrawal on their site still says eth is in frontier, is the site not being updated?

OP, where is the generate button?

Bittrex is one of the biggest altcoin exchange right now, alongside with poloniex

I use bittrex more than 1 year and so far good, i trust them

If you have a more question you can join  their slack channel

When will the DAO tokens be tradable do you know please?

im confused by this. I tried it... I went to https://www.bittrex.com/balance/dao

then selected 48 ETH then transfer. Then nothing happened lol

where is my DAO tokens kept in reccord. In my wallets my DAO value is zero.

I think I just wasted 1 Bitcoin here. DAMN.

It's not in your wallet.  It will be on the same page where you create the DAO tokens and you need to wait some time before it will appear (where it says "Step 3 Validate Your Balance").  The tokens will only be available to trade after the DAO creation period (28th May at the earliest).  If you still think there has been some sort of error submit a support ticket to Bittrex and they will be able to help you out.

what are DAO use for?

They are tokens for a Decentralised Autonomous Organisation and grant the holder certain rights within the DAO entity. It's like a new company where the token holders get to choose what it invests in and get rewarded as part of the investment.  It's similar in some respects to a venture capital company but there has never strictly been anything else exactly like it before.

You can read more here:

https://daohub.org (https://daohub.org)

There is also a useful discussion on episode 57 of The Bitcoin Podcast which explains some of the basic concepts quite well:

http://thebitcoinpodcast.com/episode-57/ (http://thebitcoinpodcast.com/episode-57/)

Wanted to invest to it lately but found out about how to buy DAO and seem like they recommend ETH - I move away after learning it since it don't have ETH.
And seem a hassle buying with bitcoin, it looks like they've partner with the rest like ETH and gatecoin which is good though but still I only have multibit and an online wallet blockchain.

all you need if you wanna buy DAO is just click the red button with GET DAO TOKEN on it..

It's obvious you don't understand how the DAO works so why did you want to buy it in the first place?  You definitely should not be investing if you can't even be bothered to find out what you are investing in.

DAO is based on ether and the ethereum blockchain so obviously it has to be created using ether. 

I don't see why this would be an obstacle to anyone.  If you don't have ether, buy some ether.  You can buy it on Bittrex or any of the other exchanges where it is traded. 

If you can't be bothered with a regular exchange Shapeshift (https://shapeshift.io/ (https://shapeshift.io/)) makes it even more straightforward. 

You would have to be monumentally lazy to pass up the opportunity of making money just because you can't be bothered to exchange some BTC to ether first.

lol some people just want it easy. I wish it was easier myself though as my mist mac wallet keeps freezing. I have had to use kraken mainly and a bit on bittrex. these are not the recommended ways to do it by the DAO. but hey ho.

Thanks for the link. :)

You're welcome:)

Why are you suggesting to transfer using an Exchange if it says clearly in the DAO page not to do so? The recommendation is using a personal Mist wallet, eventhough it might take a half day to finish synching. If someone does not understand how to do it, better not to invest at all than risk losing all your investment. I woudn't trust letting my tokens tied to an ETH address rather than my own.

The fact is that people normally learn it by the hard way, losing their tokens. Good luck for those who want to do so.

Actually the DAO page recommends using the MIST wallet for purchasing DAO tokens but there are certain exchanges that have partnered up with the DAO such as Bittrex to make the process easier for those who are not technically minded or can't wait for their wallet to update.  It is misleading to say that the DAO page warns people not to.  Whilst it is obviously more secure to purchase tokens using your own wallet, using an established exchange is hardly a high risk strategy.  Your post misses the entire purpose of this thread.

So, buying DOA's through Bittrex would acquire you some tokens that can be traded later on (after the creation period ends), though Bittrex would be the one in ownership/control of it's voting part; am I correct on this one?

No.  You can move your DAO tokens off Bittrex once the creation period is over and use your voting rights as anyone else would.  You probably couldn't vote with them whilst they're on the exchange though and whilst technically Bittrex could use your tokens to vote whilst they are on the exchange I don't see them doing that unless they want to piss off their customers.

I created some using a web browser wallet, some with gatecoin and some with bitterex...


Please note everyone that gatecoin has been hacked

Thank you, yet the next question pops up:

I'm not into Ethereum, so forgive me ignorance. I find this DAO thing interesting, but it still confuses me. I was reading somewhere that any DAO purchased are tied with the ETHER spend on them, and that's where it buzzez me; DAO's are tradable and exchangeable, just like regular coins?

Yes, once the creation period is over.

Ah, many thanks for explaining, as well as all the other info you posted around regarding. It sure helped me a lot in understanding it better  ;)

You're welcome.  I'm glad it helped. I'm not an expert or anything and I don't know if the DAO will succeed or not but I would like to spread the message so others like me can get involved.  Might completely fail or be as big or even bigger than Bitcoin itself - either way I would hate to miss out.  I just wish someone had done the same for me in the early stages of Bitcoin, lol!

Tried to buy but theres no GUI, these devs suck!

GUI for what?  If you use an exchange like Bittrex you don't need a GUI.

Thought people may find this relevant - 1st mainstream media attention:

Fortune Magazine: Leaderless, Blockchain-Based Venture Capital Fund Raises $100 Million, And Counting :

http://fortune.com/2016/05/15/leaderless-blockchain-vc-fund/ (http://fortune.com/2016/05/15/leaderless-blockchain-vc-fund/)

You can also buy DAO tokens via Poloniex.

Now in WSJ (this article is also hilariously clueless): Chiefless Company Rakes In More Than $100 Million

http://www.wsj.com/articles/chiefless-company-rakes-in-more-than-100-million-1463399393 (http://www.wsj.com/articles/chiefless-company-rakes-in-more-than-100-million-1463399393)

Now TechCrunch: The Tao of “The DAO” or: How the autonomous corporation is already here

http://techcrunch.com/2016/05/16/the-tao-of-the-dao-or-how-the-autonomous-corporation-is-already-here/ (http://techcrunch.com/2016/05/16/the-tao-of-the-dao-or-how-the-autonomous-corporation-is-already-here/)

Also DAO is now THE biggest Crowd Fund in history.  Over $120 million now.

https://en.wikipedia.org/wiki/List_of_highest_funded_crowdfunding_projects (https://en.wikipedia.org/wiki/List_of_highest_funded_crowdfunding_projects)

An article about the DAO in the financial Times: Automated company raises equivalent of $120m in digital currency

http://www.ft.com/cms/s/0/600e137a-1ba6-11e6-b286-cddde55ca122.html (http://www.ft.com/cms/s/0/600e137a-1ba6-11e6-b286-cddde55ca122.html)

The Forbes article and the WSJ article are pretty funny. Both authors seem to think it is some sort of "magic".  Either way great press for the entire crypto community!

Be patient with them. ;)

Bloomberg Article here: Blockchain Company Wants to Reinvent Companies :

http://www.bloomberg.com/view/articles/2016-05-17/blockchain-company-wants-to-reinvent-companies (http://www.bloomberg.com/view/articles/2016-05-17/blockchain-company-wants-to-reinvent-companies)

CNBC: Automated company raises equivalent of $120M in digital currency

http://www.cnbc.com/2016/05/17/automated-company-raises-equivalent-of-120-million-in-digital-currency.html (http://www.cnbc.com/2016/05/17/automated-company-raises-equivalent-of-120-million-in-digital-currency.html)


Reuters UK: Virtual company may raise $200 million, largest in crowdfunding

http://uk.reuters.com/article/us-blockchain-crowdfunding-idUKKCN0Y82LI (http://uk.reuters.com/article/us-blockchain-crowdfunding-idUKKCN0Y82LI)

New Article in the Economist:

The DAO of accrue : http://www.economist.com/news/finance-and-economics/21699159-new-automated-investment-fund-has-attracted-stacks-digital-money-dao (http://www.economist.com/news/finance-and-economics/21699159-new-automated-investment-fund-has-attracted-stacks-digital-money-dao)

Dammmmmmnnn.

Well I hope doesn't turn out to be scammy, cause it'll look bad on crypto and ETH as a whole.

Indeed. This whole DAO thing could prove a nice mileage towards how crypto is being looked upon in general...  :)

Whether it succeeds or not is different matter but given the people involved it's definitely not a scam.

So it reached The Economist. Groovy. :)

OK so there was an article relating to Ether being added to Coinbase (which is also going to rebrand to GDAX).  The most interesting part though talks about the DAO:

https://i.imgur.com/oPXPZ0n.png?1

Article Link: http://www.coindesk.com/coinbase-exchange-rebrand-ethereum-trading/ (http://www.coindesk.com/coinbase-exchange-rebrand-ethereum-trading/)

New article of relevance to both Ether and DAO:
 
Forbes: Digital Currencies Show Potential To Be New Asset Class As Demand For Bitcoin Rival Ethereum Rises

http://www.forbes.com/sites/laurashin/2016/05/20/digital-currencies-show-potential-to-be-new-asset-class-as-demand-for-bitcoin-rival-ethereum-rises/#6b32a6876841 (http://www.forbes.com/sites/laurashin/2016/05/20/digital-currencies-show-potential-to-be-new-asset-class-as-demand-for-bitcoin-rival-ethereum-rises/#6b32a6876841)

the main thing is when you transfer the DAO from Bittrex to the MIST WALLET and the DAO is there (((  ARE YOU forced to inverst in a investment or can you just keep the DAO and wait till it goers up in value I heard that they take 1/2 the DAO weather you like it or NOT )))))

You still don't seem to understand how it works.  Nobody takes your DAO tokens.  You can sell them at any time after the creation period.  I suggest you go and read the basics if you are confused (https://daohub.org/ (https://daohub.org/)) also if you prefer go and look through the forums (https://daohub.org/forums.html (https://daohub.org/forums.html)) most of these points have been asked and answered multiple times there.

what is the benefit from buying dao tokens with eth???
 

If you want to buy during the pre-sale, ETH is the only way to get some. That'll change once the pre-sale closes and The DAO is listed.

ok from what i understand it's an ether investment that's right ?

It is during the pre-sale. In a sense, it always is because the successful Contractors will receive ethers to fund their approved proposals and will be obliged to pay out ethers once they make money.

please give me simple answer i can't understand good because my 1st lang not English

Yes, it's an ether investment.

Currently, you can only buy DOA's with ether.
After the 28st of May, when DOA's get listed on exchanges, you can also trade DOA's for other currencies.

New DAO article in New York Times:
A Venture Fund With Plenty of Virtual Capital, but No Capitalist
http://www.nytimes.com/2016/05/22/business/dealbook/crypto-ether-bitcoin-currency.html?_r=0 (http://www.nytimes.com/2016/05/22/business/dealbook/crypto-ether-bitcoin-currency.html?_r=0)

Once DAO is on exchanges will the price ever go up? Or will it stay at a particular set price? And will the price of eth. Affect DAOs price?

Thanks for the topic  ;)

It will go up and down like anything else most likely.

You're welcome:)

If you use the daohub.org to create DAO via Eth, they want you to send ETH to some addy, 0x123.....

So who owns the private key for the newly created DAO and how do you access them? I feel like ETH just sent off into the ether ... I'm still a little confused.

Don't worry.  As long as you use the right kind of wallet (i.e. myetherwallet or MIST) then the DAO becomes automatically associated with your sending address and is associated with the private key of your send address.  Only you should have control of that private key.  The whole process is automated.  When you are using an exchange like Bittrex then obviously they are in charge of the private key so you have to trust them.

I c, thx!