[ANN][slock.it][Company] IoT meets blockchain - A TheDAO proposal

[Nxtblg]

So I read you can buy DAO with BTC on Bittrex. Anyone knows more about how it works? is there a tutorial from bittrex or something similar?

Log in on Bittrex, then go to

https://bittrex.com/balance/dao

there you can buy DAO tokens with ETH.

Thanks a lot for the link! It cut short a lot of hassle for me.

[Sam123]

Can DAO go mainstream?

[Patriarch]

Can DAO go mainstream?

it will go mainstream.

[fartbags]

I wonder if this DAO could be abused as a way for a  company to get free funding. Do we even get equity shares in slock.it?

[bitbitch]

what are the voting thresholds of the DAO?

if a couple of whales take large blocks of 'shares' that guarantee that their preferences are passed due to their voting power over the other stakeholders where's the true democracy? they could direct the DAO to fund their own company and syphon off the ICO funds. if the identities of DAO 'shareholders' are unknown then fraud is a possibility.

[110110101]

what are the voting thresholds of the DAO?

if a couple of whales take large blocks of 'shares' that guarantee that their preferences are passed due to their voting power over the other stakeholders where's the true democracy? they could direct the DAO to fund their own company and syphon off the ICO funds. if the identities of DAO 'shareholders' are unknown then fraud is a possibility.

From https://daohub.org/voting.html

Accepting a Proposal requires a majority decision after a debating period of two weeks minimum, and a participation rate of 20% or higher calculated proportionally to the value of ETH requested in the Proposal.

So yes, one or more large holders could potentially sweep in and affect the outcome of a proposal. As for whales setting up their own proposals seeking investors, sure they can. But it's then up to the rest of the investors to go through the proposals and vote for or against said proposal. I guess will we have to see how this all plays out once the DAO has launched.

As a comparison, looking to how the budget proposal voting works in DASH, each proposal has to be voted up before any funding can be paid out. There is a threshold that goes up so the proposal has to have a % more YES than NO, not just a general 20% yes based on the value of the proposal. Say for instance a proposal has 20% yes and 15% no, it will most likely not get passed in the DASH system.

[bitbitch]

the big problem here is that ETH ICO holders from 2014 will be able to dominate the DAO allocation. with ETH at $9/ $10 new entrants will be at a serious economic and therefore voting disadvantage. it's engineered from the outset to favour the few over the many. very unbalanced indeed.

[nikster]

Didnt like the fact you cant buy it with BTC, what's the deal here?
Why do I need to download an eth wallet..?
seems like promotion to eth on the way, which is pumping the price ofc..
the foundation is starting to resemble apple :|

also bittrex dao wallet is not working atm

[110110101]

Didnt like the fact you cant buy it with BTC, what's the deal here?
Why do I need to download an eth wallet..?
seems like promotion to eth on the way, which is pumping the price ofc..
the foundation is starting to resemble apple :|

also bittrex dao wallet is not working atm

Start the GET DAO TOKENS wizard, and then you can choose between:

Step 1 : Choose your Currency
Select the currency you want to use to create DAO tokens. We strongly recommend the use of a direct transfer of ETH.
In doubt, please follow the Tutorial Video. Note that support is exclusively provided by the community on our support forum.

* ETH (Recommended)
   Select to use ETH that you already own.
* BTC (Uses Gatecoin)
   Select to use BTC via Gatecoin directly on this website.
* BTC or other digital currencies (Uses ShapeShift)
   Select to use any digital currencies supported by ShapeShift.
* USD, EUR, CHF, HKD or Exchanges (Uses Bity, Bittrex or Gatecoin)
   Select to use national currencies, or if you would prefer to hold your DAO tokens on an exchange.

[redcow]

Pretty impressive numbers so far.

And it's only the beginning..

[rajeshgarnaik]

Pretty impressive numbers so far.

And it's only the beginning..

it will be a huge.

[mtnsaa]

For anyone looking for the same answer as me regarding Jaxx wallet and DAO tokens here's the link to fix it, I'm still trying to sync my Mist wallet but I hope this works:

https://forum.daohub.org/t/how-to-transfer-jaxx-accounts-to-mist/765

[lewis.jr]

Didnt like the fact you cant buy it with BTC, what's the deal here?
Why do I need to download an eth wallet..?
seems like promotion to eth on the way, which is pumping the price ofc..
the foundation is starting to resemble apple :|

also bittrex dao wallet is not working atm

Start the GET DAO TOKENS wizard, and then you can choose between:

Step 1 : Choose your Currency
Select the currency you want to use to create DAO tokens. We strongly recommend the use of a direct transfer of ETH.
In doubt, please follow the Tutorial Video. Note that support is exclusively provided by the community on our support forum.

* ETH (Recommended)
   Select to use ETH that you already own.
* BTC (Uses Gatecoin)
   Select to use BTC via Gatecoin directly on this website.
* BTC or other digital currencies (Uses ShapeShift)
   Select to use any digital currencies supported by ShapeShift.
* USD, EUR, CHF, HKD or Exchanges (Uses Bity, Bittrex or Gatecoin)
   Select to use national currencies, or if you would prefer to hold your DAO tokens on an exchange.

watching

[richiela]

Didnt like the fact you cant buy it with BTC, what's the deal here?
Why do I need to download an eth wallet..?
seems like promotion to eth on the way, which is pumping the price ofc..
the foundation is starting to resemble apple :|

also bittrex dao wallet is not working atm

Sorry, had an issue with address generation... fixed now.

Thanks,
richie@bittrex

[nikster]

Didnt like the fact you cant buy it with BTC, what's the deal here?
Why do I need to download an eth wallet..?
seems like promotion to eth on the way, which is pumping the price ofc..
the foundation is starting to resemble apple :|

also bittrex dao wallet is not working atm

Sorry, had an issue with address generation... fixed now.

Thanks,
richie@bittrex

Thanks richie, now I can participate.
 

[samspaces]

I have a question though...

If the point is to 'get rid of the middleman' in the services such as AirBnb, etc. then isn't Slock a new middleman?  It's just a decentralized one, but at the end of the day, it's still a middle entity.  

The only advantage to this is if we lose trust in centralized entities.  But there's still going to be a fee for transactions, otherwise no one would bother investing into these slocks.  My point is, for many of the applications like renting and selling, we already have a lot of trust in the centralized providers.  The place where people lack trust is in the banks and financial institutions, but even there, most people who have the problem are conspiracy theorists.  I keep most of my money in the bank.  It's bitcoin and cryptocurrency that are in fact much more dangerous.  If you don't store it properly you can get hacked, stolen, etc.  But with a bank, that's all taken care of.  I live in the US, so unless you're a loony nut who thinks the world is going to collapse, your money is fairly safe in a bank, under $250k.  

So really why do we want to get rid of AirBnb?  Is a decentralized system really better?  And will it actually cost less?

Nonetheless, I will be investing in this for short term profit.  I'm sure it will moon, but most people don't really care about the real world application.

I think of it this way. When Email appeared people probably were asking the same question: Why do we need this, we already have a letter box and postman-everything works just fine...I guess it's all about speed and cost  of contract creation and execution+security and automatic disputes settlements etc.Accountants ,lawyers and bankers would become obsolete in a such system .Although it will take many years if at all because of such system complexity to get there but I would love it  

And on the subject of keeping your assets in a Bank, well simply  you don't own them because they are not in your custody and you rely on trust and promises that you will be covered under £250k or any other amount  they promise. However in a real live promises can and are broken... and when that happens people want to turn a clock back and take some actions unfortunately it is not possible. And to find out  how banks "take care"  of your money you just need too look at the history-they do care until they have "problems" and when that happens-you are the one who is paying for it .By the way banks also are hacked and personal information and money are stolen on everyday basis and on the massive scale. Just guess what would happen in a real SHTF scenario...  
So there is a lot of room for system improvement and block chain technologies doing exactly this.

This answer doesn't address coinbiz' issues. Why would we need a decentralised middleman? In the end, we have a middleman again. By the way, with a decentralised one, there's no support desk whatsoever. And there are plenty of things that can go wrong with 'smart' contracts.

As for 'owning' stuff, that's all just custody until we are gone. And keeping funds solely decentralised raises the same issue as above. Who is going to mediate disputes? No sir, everything is not all that utopic, it seems.

Oh, by the way coinbiz, this is from the DAO participation terms.
..."represent and warrant that you are not exchanging cryptocurrencies for The DAO tokens for the purpose of speculative investment;"

Guess you can't join.

[unsoindovo]

but it is possible to partecipate to ipo just by ETH???

[bitbitch]

but it is possible to partecipate to ipo just by ETH???

also BTC and some fiat currencies. go to Gatecoin or Shapeshift.

[CryptoTrout]

How many dogecoins for a DAO?

[zmhaha]

I am looking to invest into DAO and I risk to ask a really dumb question, but I will ask it anyways.

I see that in the description of the DAO, it stands that people that are not OK with the propositions and voting can decide to ask for their Ethers back. Does this mean we would get the same 1 ETH for 100 DAOs like during the ICO?

Or have I missed something?