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

[Thereisnospoon]

Another attack ??

https://m.reddit.com/r/ethere...8/dao_is_under_attack_again/

Judging from charts this time nobody bothers -hot pancakes lol

[TrueAnon]

This is dead shit please kill it.  This is same prob always with crypto where I know it's "experiment" but please, scammers/hackers are ALWAYS THERE trying their ways to fuck everyone for btc.  THEY don't care.  YOU SHOULD.  Thus don't waste your btc's into such shady UNPROVEN projects that are incomplete.  This is why at least I feel safer with a coin and dev like WBB and a few others ONLY!!!

[Its About Sharing]

So where does Slock.it go from here? I thought it had promise, but I would think the entire community should have lost faith in the team around it.

Slock.it is a great idea. I don't see them having a big problem getting the financing. Perhaps a separate (And much much smaller DAO) can be done just for that reason.

Really? You will trust a lock that was hacked already basically? You will trust the devs behind the DAO? Lol...it's incredible. And that's what happens with Ethereum, they have most of the ETH team as curators and most of them I'm sure looked at the DAO code and found nothing wrong. ETH proved to be a joke, their platform might be secure but it allows for bad code to be written so smart contracts are useless.

Will you trust the next DAO or dApp that ask for your money? Written by some kid in java that have a massive backdoor? Etheroll crowdfund met the same fate and Marker DAO had a similar bug...

If you can't trust a small smart contract in Ethereum, then you are talking about no Ethereum. Is that something to "LOL" at? Is that your level or understanding or the simplicity you see in this? Black or White? Good or Evil? We are dealing with a tech that is brand knew. And though I am primarily a Bitcoin supporter, I support this whole space. So I don't want to make this A vs. B.

I think the whole smart contract thing is extremely dangerous but also promising. So, to answer your questions:
- I would trust a simpler contract wth a smaller amount at stake. I would only be willing to risk as much as is comfortable. And at this point, with open code review and extreme amounts of testing.
- I do trust the devs behind the DAO, for the most part anyway. I hope nothing malicious was done here.
- I would not trust a kid writing code (usually) but the problem there is, how would we know?

Welcome to crypto and expect more growing pains.

[haggis]

So where does Slock.it go from here? I thought it had promise, but I would think the entire community should have lost faith in the team around it.

Slock.it is a great idea. I don't see them having a big problem getting the financing. Perhaps a separate (And much much smaller DAO) can be done just for that reason.

Really? You will trust a lock that was hacked already basically? You will trust the devs behind the DAO? Lol...it's incredible. And that's what happens with Ethereum, they have most of the ETH team as curators and most of them I'm sure looked at the DAO code and found nothing wrong. ETH proved to be a joke, their platform might be secure but it allows for bad code to be written so smart contracts are useless.

Will you trust the next DAO or dApp that ask for your money? Written by some kid in java that have a massive backdoor? Etheroll crowdfund met the same fate and Marker DAO had a similar bug...

Don't be a drama queen. Every new technologie needs to learn by early mistakes and experiences. New dev tools for code analyzation and coding support will be developed, documentation will be extended, knowledge shared etc.
There were heavy NASDAQ crashed due to software misbehavior. Did this cause windows, linux or c++ to fail? No, it didn't.

You also can't blame the slock.it team for things nobody else has seen as well. The error was very subtile and educates the whole dev community at whole.

The big dao revolution is canceled for now. But it will happen, it just got postponed

[chicken65]

Trump Coin Dev Here (and investor of both) ETH/DAO:

I just want to say that whilst my project is minuscule compared to ETH/DAO in terms of value I would be absolutely mortified if something like this happened to
my project. I would be so ashamed I would absolutely be refunding people somehow. The bottom line is those devs become instant millionaires and they couldn't give a damn
about the investors when they have the money. Are we supposed believe they are sitting behind their computers working on their projects  Of course they
are not. They are partying, living the life, laughing and joking at how easy it was.

Ill give you an example of the amatuerness of some of these people. My co partner in the Trump project spotted a serious flaw in Lisks code. Max was informed and
they changed it. (And BTW max doesn't know shit...) That flaw if not discovered would have been a disaster. The greedy Fk never even gave my partner some lisk for
bringing it to his attention. This speaks volumes of their characters (greed). Oh, and the reason the chain went down when they released was because they used the
cheapest servers on the market. $15 per month, no DDOS, no protection. Yet his bank account had millions and they wouldn't pay for quality servers.......
Don't believe the fancy website complete with photos of their pals as if they are all working on their projects. All of it is BS.

[mtnsaa]

I was a long term ETH holder but I'm not stupid and I'm not emotionally invested, it's clear that writing a smart contract is not simple and Ethereum without that it's nothing. If 50% of dapps and daos will have a vulnerability (because you can expect that if you let any amateur coding come up with one) then will you trust them?

The big problem here is that they shot themselves in the foot, the DAO had a former ETH dev and full of ETH devs curators and couldn't write a secure smart contract. The dude was trying to sell secure locks! it's just too much!

It was also advertised with words like "iron", "code as law", "unstoppable". They rushed something, they are inmature kids playing around with 250 millions and now they will face the consequences.

[haggis]

Trump Coin Dev Here (and investor of both) ETH/DAO:

I just want to say that whilst my project is minuscule compared to ETH/DAO in terms of value I would be absolutely mortified if something like this happened to
my project. I would be so ashamed I would absolutely be refunding people somehow. The bottom line is those devs become instant millionaires and they couldn't give a damn
about the investors when they have the money. Are we supposed believe they are sitting behind their computers working on their projects  Of course they
are not. They are partying, living the life, laughing and joking at how easy it was.

Ill give you an example of the amatuerness of some of these people. My co partner in the Trump project spotted a serious flaw in Lisks code. Max was informed and
they changed it. (And BTW max doesn't know shit...) That flaw if not discovered would have been a disaster. The greedy Fk never even gave my partner some lisk for
bringing it to his attention. This speaks volumes of their characters (greed). Oh, and the reason the chain went down when they released was because they used the
cheapest servers on the market. $15 per month, no DDOS, no protection. Yet his bank account had millions and they wouldn't pay for quality servers.......
Don't believe the fancy website complete with photos of their pals as if they are all working on their projects. All of it is BS.

You obviously have no clue what you're talking about. 1st, The DAO was no ico. Nobody got rich from the eth deposits.

Regarding lisk: at the time the lisk team had to rent the servers, they were not yet able to withdraw their BTC millions because it was released only after launch. Furthermore, they had multiple strong DDOS protected Microsoft Azure cloud servers (which was still not enough, yes).

[ocminer]

Sorry dear DAO

[bitbitch]

Trump Coin Dev Here (and investor of both) ETH/DAO:

I just want to say that whilst my project is minuscule compared to ETH/DAO in terms of value I would be absolutely mortified if something like this happened to
my project. I would be so ashamed I would absolutely be refunding people somehow. The bottom line is those devs become instant millionaires and they couldn't give a damn
about the investors when they have the money. Are we supposed believe they are sitting behind their computers working on their projects  Of course they
are not. They are partying, living the life, laughing and joking at how easy it was.

Ill give you an example of the amatuerness of some of these people. My co partner in the Trump project spotted a serious flaw in Lisks code. Max was informed and
they changed it. (And BTW max doesn't know shit...) That flaw if not discovered would have been a disaster. The greedy Fk never even gave my partner some lisk for
bringing it to his attention. This speaks volumes of their characters (greed). Oh, and the reason the chain went down when they released was because they used the
cheapest servers on the market. $15 per month, no DDOS, no protection. Yet his bank account had millions and they wouldn't pay for quality servers.......
Don't believe the fancy website complete with photos of their pals as if they are all working on their projects. All of it is BS.

You obviously have no clue what you're talking about. 1st, The DAO was no ico. Nobody got rich from the eth deposits.

Regarding lisk: at the time the lisk team had to rent the servers, they were not yet able to withdraw their BTC millions because it was released only after launch. Furthermore, they had multiple strong DDOS protected Microsoft Azure cloud servers (which was still not enough, yes).

the Lisk team still doesn't have access to the ICO funds. they are incorporating a gGmbH (the 'g' is not a typo) as a tax efficient not-for-profit entity. peripheral spending will be strictly limited. the entire fund will be by law spend on the development of the project. there will be no champagne lifestyle.

[tradoz]

It was bitter experience to invest into unqualified team project and so many people in terrible situation after this mess.

[Wilhelmer]

It was a nice run DAO, had high hopes for ya but just not meant to be when your very creators didn't take security seriously.

[Neptunium]

Thank god I never bought DAO. It looked really appealing but I decided against it and had some regret after the ICO ended. Now I'm happy I stayed away.

[Anduril_FotW]

Interesting article about the inherent flaws of Solidity, the Ethereum programming language:

http://nakamotoinstitute.org/mempool/ethereum-is-doomed/

[mikeymg2]

Interesting article about the inherent flaws of Solidity, the Ethereum programming language:

http://nakamotoinstitute.org/mempool/ethereum-is-doomed/

FUD from people who don't get it. 

The first time a contract loophole was exploited did the lawyers throw up their arms and declare the English language insufficient?  No.  Then why are people spending so much time blaming the language when it was the contract that was poorly written?  (answer: it's cos they don't get it)  This is a lesson learned, and while it's expensive in dollars and cents, it's nowhere near as expensive as other lessons that we learned using new technology while it was still being developed.  For example, how long did we have to drive around at high speeds in metal boxes before we thought seatbelts were a good idea?

Laypeople: Don't think that ponying up your cash bought you any knowledge about how any of this works.  If you aren't comfortable investing in something you don't understand the inner workings of, don't invest.

Developers: Don't ask Shakespere to read over your contracts.  Ask a lawyer.

Lawyers: Learn how to read smart contracts as well as you can read English contracts.

The baby stumbled.  Let's move on from this it really isn't that big of a deal, we'll be walking and running soon.

[TrueAnon]

How people still trade DAO shit when it's proven failure?!  They should remove from exchanges!!  As usual big whales and those with btc will just keep playing the charts with just another shit coin.

[greentea]

Interesting article about the inherent flaws of Solidity, the Ethereum programming language:

http://nakamotoinstitute.org/mempool/ethereum-is-doomed/

Cornell somewhat agrees:
https://www.cryptocoinsnews.com/ethereum-solidity-flaw-dao/

I wonder what businesses are going to want to build using Solidity after this fiasco?

[fartbags]

I find it hard to believe that slock.it could not issue a token and get funds before someone else got funds.


The DAO is not ready yet. That is why $DCO Decentalized Collaborative Organization is still going strong. Instead of being fully automated we still have lots of human interaction, discussion and voting.

We want the system to be formally verified with functional programming before releasing it.

[vaporware asset wizard]

which of you guys is most likely to end up in court/jail?

what defense are you planning to mount?

[dozerz]

which of you guys is most likely to end up in court/jail?

what defense are you planning to mount?

just trying to collect the $150mil bug bounty but these guys never paid out.

[bones261]

How people still trade DAO shit when it's proven failure?!  They should remove from exchanges!!  As usual big whales and those with btc will just keep playing the charts with just another shit coin.

 

A failure? The ETH Dev team is working overtime, making sure they can make a purse out of this sow's ear. Now they are engaging in white hat attacks. If all else fails, they'll just use proof of Vitalik and fork the shit. They'll cook the books, and make sure the blockchain has only the entries they want.  I'm sure when all is said and done, the insiders will prevail and make huge profits.