DAO will be shutting down, confirmed

[BitcoiNaked]

Stephan Tual, one of the creators of the DAO, stated on the DAO slack channel:

“The DAO will be winded down completely and transformed into a simple contract where you can only withdraw. It’s shutting down but as no ether was stolen and no ether was spent, nothing was lost.”

[BitUsher]

Stephan Tual, one of the creators of the DAO, stated on the DAO slack channel:

“The DAO will be winded down completely and transformed into a simple contract where you can only withdraw. It’s shutting down but as no ether was stolen and no ether was spent, nothing was lost.”

Nothing lost at all , besides the credibility of the developers , and of the project in general , and also the large drop off in value....

... and the future value due to loss of credibility , but other than those things , nothing at all lost.

[The Sceptical Chymist]

Gee and I never even got to learn what DAO freaking was supposed to be.  I meant to read the wiki page that someone linked to, but I didn't.  Wow.  People here were so enthusiastic about it--whatever it was. 

Nothing surprises me in the world of crypto.  If bitcoin suddenly shut down tomorrow it wouldn't surprise me.  If Satoshi floated down on a cloud dressed in a toga, it wouldn't surprise me.  Certainly another failure doesn't.

[iamnotback]

Stephan Tual, one of the creators of the DAO, stated on the DAO slack channel:

“The DAO will be winded down completely and transformed into a simple contract where you can only withdraw. It’s shutting down but as no ether was stolen and no ether was spent, nothing was lost.”

Nothing lost at all , besides the credibility of the developers , and of the project in general , and also the large drop off in value....

... and the future value due to loss of credibility , but other than those things , nothing at all lost.

And the huge liquidity pump which maybe enabled some insiders to cash out.

And possibly someone with prior knowledge of the coming fiasco made a lot of money shorting, so if so then isn't true that no ETH was "stolen".

Looks like the "hacker" was already paid with 3k BTC (2.2million in USD) shorts on ethereum before he used the DAO (as it was correctly designed.)

https://twitter.com/EthereumWiki/status/743905989682855936

Think about this for a moment . Now a precedent has been set for these weak turing complete blockchains- ETH and any future DAO , that incentivizes hackers to attack and exploit weak code regardless of HF freezing and reversing Txs. Expect more attacks in the future!

But it is all fair and square. This is the game. Know the rules (or lack thereof) before you play.

[stan26]

So what will happen to the currency? Delisted? Coin swap for another "DAO 2.0"?

[BlindMayorBitcorn]

So what will happen to the currency? Delisted? Coin swap for another "DAO 2.0"?

What currency? ETH the gas or DAO the token?

[mhbays]

when can we get our ETH back? 1.5 ETH - 100 DAO!

[BitUsher]

So what will happen to the currency? Delisted? Coin swap for another "DAO 2.0"?

If Vitalik is smart he will avoid the HF, allow the scammer to keep the mETH, keep ETH PoW , and focus on fixing all the security holes within ETH.

I have a feeling none of this is going to happen... and ETH will suffer the same fate as Nxt And Vericoin -

https://twitter.com/kristovatlas/status/743855063597121536

Almost 2 years ago exactly, Vericoin (VRC) forked to recover stolen funds
http://www.coindesk.com/bitcoin-protected-vericoin-stolen-mintpal-wallet-breach/

VRC chart since:

[vuduchyld]

And the huge liquidity pump which maybe enabled some insiders to cash out.

That would be interesting to note, wouldn't it?  

Obviously, Vitalik was aware of what was happening long before any of us were aware: http://pastebin.com/aMKwQcHR

Did he sell his DAO at the then-market value?  

If you sold yours in the panic when it was down 45%, did you exit the contract?  Does that count as your "payback"?

Will you simply get back exactly what you paid in BTC, whatever that was?  Sounds like a NIGHTMARE to administer.

[stan26]

So what will happen to the currency? Delisted? Coin swap for another "DAO 2.0"?

What currency? ETH the gas or DAO the token?

DAO the token

[Tie Warutho]

Will you simply get back exactly what you paid in BTC, whatever that was?  Sounds like a NIGHTMARE to administer.

Tual has no ability to give anyone anything back. He is just trying to keep the mob at bay a little longer.

[BlindMayorBitcorn]

From what I understand the contract will be replaced or reversed somehow?

[Daimaru]

in fact some people lost thousond dollar durring ethereum down at margin trade
i can say all people lost, no people winning in this situation except hacker.

[BlindMayorBitcorn]

in fact some people lost thousond dollar durring ethereum down at margin trade
i can say all people lost, no people winning in this situation except hacker.

What hacker? You mean the beneficiary of the immutable code contract?

[vuduchyld]

From what I understand the contract will be replaced or reversed somehow?

But reversed to WHAT?  What ETH/DAO price?  Does it depend on when you bought it?  Or does it revert to some price at some arbitrary time before they realized what was going on?

[BlindMayorBitcorn]

From what I understand the contract will be replaced or reversed somehow?

But reversed to WHAT?  What ETH/DAO price?  Does it depend on when you bought it?  Or does it revert to some price at some arbitrary time before they realized what was going on?

You invested in a broken contract. Just hope someone can unbreak it. I have no advice.

Here: https://www.reddit.com/r/TheDao/comments/4oky3j/when_we_will_be_able_to_withdraw_our_eth/

[vuduchyld]

From what I understand the contract will be replaced or reversed somehow?

But reversed to WHAT?  What ETH/DAO price?  Does it depend on when you bought it?  Or does it revert to some price at some arbitrary time before they realized what was going on?

You invested in a broken contract. Just hope someone can unbreak it. I have no advice.

Here: https://www.reddit.com/r/TheDao/comments/4oky3j/when_we_will_be_able_to_withdraw_our_eth/

Just to clarify, I did not invest/speculate in that garbage.  I wish that the shitstains who are overseeing that mess would handle this honorably, because it reflects on all crypto.  About $1.25 billion in total market cap shaved off in the last 24 hours. 

[BlindMayorBitcorn]

You and me both, brother. That thing was trouble.

[Spoetnik]

Good and hopefully all the scammy greedy scheme pushers + supporters learned something.

Why do i doubt that though ?  

Maybe you all should focus your time & energy and MONEY FIAT CASH $$$

..on CURRENCIES instead of Schemes for profit ?

[corather]

This "credibility" word gets tossed around a lot in crypto space. I doubt many people here actually know what it means.