ETH to DAO swap at Bittrex

[ttookk]

Ok, so here:

https://bittrex.com/balance/dao (you need to be logged in to see the page)

you can swap ETH to DAO.

Can somebody explain to me, what DAO is as if I was 5 years old? Or at leat provide some links?

Apart from that: thoughts? Do it / don't / just another ICO ?

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[hedge]

Check

DAO Sale
https://daohub.org/

http://download.slock.it/public/DAO/Proposal1.pdf
https://download.slock.it/public/DAO/WhitePaper.pdf

[ttookk]

Check

DAO Sale
https://daohub.org/

http://download.slock.it/public/DAO/Proposal1.pdf
https://download.slock.it/public/DAO/WhitePaper.pdf

Thanks.

So it's the slock.it guys. Interesting.

It looks like it helps the price of ETH quite a bit.

[mookid]

The DAO is the contract by which you buy shares of 'virtual company'. Slock.it will abide by the DAO, and they will produce the Ethereum computer, revenue from the products sold by Slock.it will be sent to the DAO as profit. DAO token holders can decide to keep the profit or reinvest.
Token holders can also send proposals for review.

[ICOcountdown.com]

https://daohub.org/

The DAO

The DAO’s Mission: To blaze a new path in business organization for the betterment of its members, existing simultaneously nowhere and everywhere and operating solely with the steadfast iron will of unstoppable code.

Created Once. Endless opportunities.

DAOs will be at the center of many economies going forward and intend to be at the forefront of supporting innovative and promising projects, products and services in order to become 'The DAO': A flexible decentralized autonomous organization leveraging the wisdom of the crowds to benefit the DAO Token Holders.


Profits. Ethics. Technology.

The DAO is a for-profit DAO that will diligently use the ETH under its control to create value and provide benefits to its members while collaborating and improving the decentralised ecosystem as a whole.


Multiple Projects, Several Contractors

While there is a particular interest in the sharing economy and IoT applications of the blockchain, The DAO is not limited to these market verticals. It is open to exploring any and all new markets unlocked by blockchain technology.

The DAO’s Token Holders debate the viability and profitability of Proposals on or off-chain through its forums.

Manifesto

https://daohub.org/manifesto.html

Proposals

https://daohub.org/proposals.html

Principles

https://daohub.org/principles.html

Voting

https://daohub.org/voting.html

DAO Creation

https://daohub.org/creation.html

Terms

https://daohub.org/explainer.html

DAO Forums

https://forum.daohub.org/c/theDAO

See the countdown on http://icocountdown.com

It is basically like decentralized organization/hedgefund who will hire slock.it to build out it's technology, it can also contract other parties

[Za1n]

You can purchase DAO tokens directly from the Ethereum Mist wallet by sending ETH to the DAO contract address: 0xbb9bc244d798123fde783fcc1c72d3bb8c189413

There is no need to use a third party, but I suppose that option may be more convenient if you already have ETH on the exchange.

[mishax1]

Watch out, the ethereum chain might fool you..

This is how I received 10eth and sent it 100 times to THE DAO,  (look at received and sent  )

https://www.etherchain.org/account/0x391fc9c9663a61eeb3dc267e4fe9d4188ee7c1b8#txsent

[klarki]

Development contracts is nice.
I hope it will not lead us to deception (

[Za1n]

Development contracts is nice.
I hope it will not lead us to deception (

From what I understand, if none of the proposals suit your needs, you can always vote no and get your eth back. It only becomes committed once you vote for a proposal.

[sandiman]

The DAO is the contract by which you buy shares of 'virtual company'. Slock.it will abide by the DAO, and they will produce the Ethereum computer, revenue from the products sold by Slock.it will be sent to the DAO as profit. DAO token holders can decide to keep the profit or reinvest.
Token holders can also send proposals for review.

During initial presentation. They said something like 1% of the slockit smartlock activation cost would be sent to the dao.

You are basically fundind them for a share of a 1/100 of their benefits.

That rather insignificant ...

[cryptohunter]

The DAO is the contract by which you buy shares of 'virtual company'. Slock.it will abide by the DAO, and they will produce the Ethereum computer, revenue from the products sold by Slock.it will be sent to the DAO as profit. DAO token holders can decide to keep the profit or reinvest.
Token holders can also send proposals for review.

During initial presentation. They said something like 1% of the slockit smartlock activation cost would be sent to the dao.

You are basically fundind them for a share of a 1/100 of their benefits.

Who is buying this that has good background with investments and why? does it look a good move?

[Hollowman338]

Watch out, the ethereum chain might fool you..

This is how I received 10eth and sent it 100 times to THE DAO,  (look at received and sent   )

https://www.etherchain.org/account/0x391fc9c9663a61eeb3dc267e4fe9d4188ee7c1b8#txsent

 
Holy shit.  Double Spend!

User is full of shit

[manav1112]

Watch out, the ethereum chain might fool you..

This is how I received 10eth and sent it 100 times to THE DAO,  (look at received and sent  )

https://www.etherchain.org/account/0x391fc9c9663a61eeb3dc267e4fe9d4188ee7c1b8#txsent

Myth has been busted!

https://bitcointalk.org/index.php?topic=1457728.0

[bticgoinsuxial]

In a case of a real double spend who will be the one to lose money?

[sandiman]

In a case of a real double spend who will be the one to lose money?

that won't happen 

[mobnepal]

I am looking at thin DAO thing more like contract simple contract rather than usaul coin with value in both short term and long term. Somebody have explained that DAO tokens are like voting rights in the companies which will addapt DAO in their system or something. Still more need to know about this but for sure this is helping ethereum to roar more than it could have without it. Power of DAMPP or Smart contracts is taking action 

[Soul_eater_123]

I am looking at thin DAO thing more like contract simple contract rather than usaul coin with value in both short term and long term. Somebody have explained that DAO tokens are like voting rights in the companies which will addapt DAO in their system or something. Still more need to know about this but for sure this is helping ethereum to roar more than it could have without it. Power of DAMPP or Smart contracts is taking action 

I would recommend listening to the latest episode of the Bitcoin Podcast (here: http://thebitcoinpodcast.com/episode-57/ , also available on Itunes). 

I was also very skeptical about the DAO but after reading more about it and hearing Stephen Tual (creator of Slock.it) talk about it on the podcast I really began to understand it better.  One way of thinking about the DAO (assuming I'm not misunderstanding) is a bit like a Venture Capital firm operating on the Ethereum blockchain. 

The holders of the DAO tokens get to vote on the important decisions (like the board of a VC company) and decide which companies to invest in.  Those companies then use the investment to create their business and the DAO (comprising of the DAO token holders) share in the profits from those companies, raising further capital which can then be reused to invest in other new companies. 

Although there is no guarantee of success it is interesting to imagine what would happen if one of the companies that the DAO invested in became the next Facebook, Google or Microsoft. 

It is also quite feasible that Vitalik and his cohorts will go with a private for profit foundation for the next iteration of Ethereum, DAO would be the perfect way to do it and note that Vitalik and the rest of the Ether team are already part of the DAO too.

Whatever happens I think this certainly has the potential to be massive considering it has almost equalled the amount of money (in dollars) that Ethereum raised, in a matter of a few days and there are still 23 days to go.  As the deadline approaches the hype will become unstoppable and more and more money will pour in due to people's FOMO.

[64dimensions]

I am looking at thin DAO thing more like contract simple contract rather than usaul coin with value in both short term and long term. Somebody have explained that DAO tokens are like voting rights in the companies which will addapt DAO in their system or something. Still more need to know about this but for sure this is helping ethereum to roar more than it could have without it. Power of DAMPP or Smart contracts is taking action  

I would recommend listening to the latest episode of the Bitcoin Podcast (here: http://thebitcoinpodcast.com/episode-57/ , also available on Itunes).  

I was also very skeptical about the DAO but after reading more about it and hearing Stephen Tual (creator of Slock.it) talk about it on the podcast I really began to understand it better.  One way of thinking about the DAO (assuming I'm not misunderstanding) is a bit like a Venture Capital firm operating on the Ethereum blockchain.  

The holders of the DAO tokens get to vote on the important decisions (like the board of a VC company) and decide which companies to invest in.  Those companies then use the investment to create their business and the DAO (comprising of the DAO token holders) share in the profits from those companies, raising further capital which can then be reused to invest in other new companies.  

Although there is no guarantee of success it is interesting to imagine what would happen if one of the companies that the DAO invested in became the next Facebook, Google or Microsoft.  

It is also quite feasible that Vitalik and his cohorts will go with a private for profit foundation for the next iteration of Ethereum, DAO would be the perfect way to do it and note that Vitalik and the rest of the Ether team are already part of the DAO too.

Whatever happens I think this certainly has the potential to be massive considering it has almost equalled the amount of money (in dollars) that Ethereum raised, in a matter of a few days and there are still 23 days to go.  As the deadline approaches the hype will become unstoppable and more and more money will pour in due to people's FOMO.

Thanks for the explanation.

There seems to be a potential problem with this approach though. What happens if after a successful startup, the DAO funded company walks away with the idea(s)/IP and builds it into a wealthy company via a more traditional route? It would seem like DAO based investors are SOL. How would breach of contract be pursued? What exactly do the DAO funders own? How is any agreement drafted in accordance with business contract law? Claiming that the DAO holders can fund the next MS, GOOG, or FB is a bit of a stretch because someone could come in and skim off the cream.

[Soul_eater_123]

Thanks for the explanation.

There seems to be a potential problem with this approach though. What happens if after a successful startup, the DAO funded company walks away with the idea(s)/IP and builds it into a wealthy company via a more traditional route? It would seem like DAO based investors are SOL. How would breach of contract be pursued? What exactly do the DAO funders own? How is any agreement drafted in accordance with business contract law? Claiming that the DAO holders can fund the next MS, GOOG, or FB is a bit of a stretch because someone could come in and skim off the cream.

Not really a problem.  There would still be contracts just as with any business deal and if the company broke the contract the DAO or someone elected by the DAO could sue them.  Same way any company or corporation takes another entity to court.

[Sark]

Thanks for the explanation.

There seems to be a potential problem with this approach though. What happens if after a successful startup, the DAO funded company walks away with the idea(s)/IP and builds it into a wealthy company via a more traditional route? It would seem like DAO based investors are SOL. How would breach of contract be pursued? What exactly do the DAO funders own? How is any agreement drafted in accordance with business contract law? Claiming that the DAO holders can fund the next MS, GOOG, or FB is a bit of a stretch because someone could come in and skim off the cream.

I think it is a valid concern considering that the DAO has little legal recourse or protection. What would happen if say Samsung just came in and bought out Slock.it next year? The DAO has no equity, so they would not benefit like a traditional VC would in the case of a buyout.

On the other hand, one of the primary benefits for a start up receiving investment from the DAO is that they are not giving up equity in their company. If they went with traditional funding, that would not be the case, so there are direct financial benefits that the owners of these companies get by going the DAO route.

I think as this area matures, we will see more detailed contracts and more protection for DAOs. I think it will be *very* interesting to see the kinds of proposals that the DAO receives after it is up and running. There is a lot of money there for the taking - we could very well see hundreds of proposals being made for basically everything under the sun. The DAO could end up having a lot more leverage than would initially be thought.