POLL: Should the DAO approve Slock.it's proposal?

[BitFomo]

Slock.it is highly risky and the returns are minimal. For example, to install a smart lock on 1 room, the hardware costs alone will be over $200. Assuming a 1% fee, it would take a year of full occupancy to simply pay off the hardware. Not to mention the issue with adoption, as paying with credit card or cash is much more convenient.

Should we vote Yes or No to slock.it's proposal or wait for something better?

[Sark]

The DAO should wait until they actually see the proposal before making a decision on whether to fund it.

Deciding ahead of time would be retarded.

[BitFomo]

The DAO should wait until they actually see the proposal before making a decision on whether to fund it.

Deciding ahead of time would be retarded.

You should probably go read their proposal then. 

[Minecache]

Slock.it is highly risky and the returns are minimal. For example, to install a smart lock on 1 room, the hardware costs alone will be over $200. Assuming a 1% fee, it would take a year of full occupancy to simply pay off the hardware. Not to mention the issue with adoption, as paying with credit card or cash is much more convenient.

Should we vote Yes or No to slock.it's proposal or wait for something better?

Yeah everything is much more convenient with credit / debit card just as it was much more convenient going to library before the Internet. How have we ever survived without geniuses like yourself?

[Cryptotraider16]

DAO is our future guys!!!

[slaveforanunnak1]

I don't think the DAO will ask for more than 2% of the funds. Thats my guess.

[smooth]

The proposal should be approved for a small amount of seed capital after which the progress of development, and the quality of the financial disclosure (i.e. accounting for how it was spent), can be carefully evaluated for another possible small renewal.

This is especially critical given the new and experimental nature of the DAO concept and business model. If slock.it is able to abuse its privileged position (i.e. why is slock.it literally the only proposal on the DAO fundraising web site?) to syphon a large amount of funds from the DAO with minimal accountability, then the DAO will be a failure right from the start.

I have several thousand DAO tokens, treating it as an experiment, so in practice my vote counts almost not at all. My plan is to split off and retrieve my funds if I see the DAO having been 'captured' by slock.it and used as a piggy bank for imprudent and excessive spending on a very risky concept. For now that appears quite likely, but I suppose some miracle is possible.

[albert11]

The proposal should be approved for a small amount of seed capital after which the progress of development, and the quality of the financial disclosure (i.e. accounting for how it was spent), can be carefully evaluated for another possible small renewal.

This is especially critical given the new and experimental nature of the DAO concept and business model. If slock.it is able to abuse its privileged position (i.e. why is slock.it literally the only proposal on the DAO fundraising web site?) to syphon a large amount of funds from the DAO with minimal accountability, then the DAO will be a failure right from the start.

I have several thousand DAO tokens, treating it as an experiment, so in practice my vote counts almost not at all. My plan is to split off and retrieve my funds if I see the DAO having been 'captured' by slock.it and and used as a piggy bank for imprudent and excessive spending on a very risky concept. For now that appears quite likely, but I suppose some miracle is possible.

I 100% agree

[Sark]

Smooth, have you read the thread on the DAO forum about the Slock.it proposal? There literally hundreds of comments ripping it apart

I think the most prudent thing would be for the DAO to take some time and get its shit together before even considering any proposal. I know Slock.it is eager to get things moving, but I think they are going to find it tough sledding to just jam through a proposal.

Slock.it created a beast... its hard to predict how the DAO is going to operate or act. I have a feeling it will be like watching "twitch plays Pokemon", except they are in charge of spending $150m.

[smooth]

Smooth, have you read the thread on the DAO forum about the Slock.it proposal? There literally hundreds of comments ripping it apart

No. Frankly I only have a small stake in DAO and I follow or am involved with a lot of different projects so it is a real PITA to visit all these separate forums. I have been following some of the discussion on reddit, but I didn't see a lot about the slockit proposal specifically. If there is something particularly useful please post or send me links.

I think the most prudent thing would be for the DAO to take some time and get its shit together before even considering any proposal.

That is quite prudent, especially considering that the scale of DAO is now far beyond what anyone could have predicted. It needs to adjust and adapt.

[BitFomo]

The proposal should be approved for a small amount of seed capital after which the progress of development, and the quality of the financial disclosure (i.e. accounting for how it was spent), can be carefully evaluated for another possible small renewal.

This is especially critical given the new and experimental nature of the DAO concept and business model. If slock.it is able to abuse its privileged position (i.e. why is slock.it literally the only proposal on the DAO fundraising web site?) to syphon a large amount of funds from the DAO with minimal accountability, then the DAO will be a failure right from the start.

I have several thousand DAO tokens, treating it as an experiment, so in practice my vote counts almost not at all. My plan is to split off and retrieve my funds if I see the DAO having been 'captured' by slock.it and used as a piggy bank for imprudent and excessive spending on a very risky concept. For now that appears quite likely, but I suppose some miracle is possible.

The thing is Slock.it insists that the DAO has no right to know how they are spending the money. They insist on a strictly client/supplier relationship.

[albert11]

The proposal should be approved for a small amount of seed capital after which the progress of development, and the quality of the financial disclosure (i.e. accounting for how it was spent), can be carefully evaluated for another possible small renewal.

This is especially critical given the new and experimental nature of the DAO concept and business model. If slock.it is able to abuse its privileged position (i.e. why is slock.it literally the only proposal on the DAO fundraising web site?) to syphon a large amount of funds from the DAO with minimal accountability, then the DAO will be a failure right from the start.

I have several thousand DAO tokens, treating it as an experiment, so in practice my vote counts almost not at all. My plan is to split off and retrieve my funds if I see the DAO having been 'captured' by slock.it and used as a piggy bank for imprudent and excessive spending on a very risky concept. For now that appears quite likely, but I suppose some miracle is possible.

The thing is Slock.it insists that the DAO has no right to know how they are spending the money. They insist on a strictly client/supplier relationship.

The whole point of the blockchain and thedao is transparency, they won't get much funding if trying to hide how they spend TheDAO's money.

[BitFomo]

The proposal should be approved for a small amount of seed capital after which the progress of development, and the quality of the financial disclosure (i.e. accounting for how it was spent), can be carefully evaluated for another possible small renewal.

This is especially critical given the new and experimental nature of the DAO concept and business model. If slock.it is able to abuse its privileged position (i.e. why is slock.it literally the only proposal on the DAO fundraising web site?) to syphon a large amount of funds from the DAO with minimal accountability, then the DAO will be a failure right from the start.

I have several thousand DAO tokens, treating it as an experiment, so in practice my vote counts almost not at all. My plan is to split off and retrieve my funds if I see the DAO having been 'captured' by slock.it and used as a piggy bank for imprudent and excessive spending on a very risky concept. For now that appears quite likely, but I suppose some miracle is possible.

The thing is Slock.it insists that the DAO has no right to know how they are spending the money. They insist on a strictly client/supplier relationship.

The whole point of the blockchain and thedao is transparency, they won't get much funding if trying to hide how they spend TheDAO's money.

Unfortunately, they probably will get the funding as they will be the first proposal and we are grouped with a bunch of amateur investors. I also suspect that slock.it ownw up to 10% of the DAO, so they only need around 30% of the remaining investors to vote YES for their proposal to get approved. This would allow slock.it to recoup its initial investment in the DAO and freeroll with their 10% stake. Really shady stuff.

[DeadBirdzz]

Have Slock.It given a rough estimate about how much money they need?

Or are they waiting to see how much money the DAO collects before giving a figure?

[sandiman]

Smooth, have you read the thread on the DAO forum about the Slock.it proposal? There literally hundreds of comments ripping it apart

No. Frankly I only have a small stake in DAO and I follow or am involved with a lot of different projects so it is a real PITA to visit all these separate forums. I have been following some of the discussion on reddit, but I didn't see a lot about the slockit proposal specifically. If there is something particularly useful please post or send me links.

I think the most prudent thing would be for the DAO to take some time and get its shit together before even considering any proposal.

That is quite prudent, especially considering that the scale of DAO is now far beyond what anyone could have predicted. It needs to adjust and adapt.

https://forum.daohub.org/t/slock-it-proposal-1-discussion-thread/539

In the above link is where slock.it proposal is the more analysed. There are quite some interesting comments that are valuable and being debated, but also some post irrelevant or already answered.

[Minecache]

Each and every single DAO holder will have to read, digest, and think over the proposal word for word before voting. It will be an individual's choice whether or not to approve the proposal.

[smooth]

The proposal should be approved for a small amount of seed capital after which the progress of development, and the quality of the financial disclosure (i.e. accounting for how it was spent), can be carefully evaluated for another possible small renewal.

This is especially critical given the new and experimental nature of the DAO concept and business model. If slock.it is able to abuse its privileged position (i.e. why is slock.it literally the only proposal on the DAO fundraising web site?) to syphon a large amount of funds from the DAO with minimal accountability, then the DAO will be a failure right from the start.

I have several thousand DAO tokens, treating it as an experiment, so in practice my vote counts almost not at all. My plan is to split off and retrieve my funds if I see the DAO having been 'captured' by slock.it and used as a piggy bank for imprudent and excessive spending on a very risky concept. For now that appears quite likely, but I suppose some miracle is possible.

The thing is Slock.it insists that the DAO has no right to know how they are spending the money. They insist on a strictly client/supplier relationship.

These two statements are contradictory. A supplier can certain be transparent about how it is spending money to a client, assuming both parties agree to it. Just look at most bills from law firms or other such professional services, or building contractors, etc.

If slockit refuses to act transparency, they are a lousy supplier at best. The DAO can and should hire someone else. With $100+ million available to spend I'm pretty sure there will be no shortage of proposals.