DAO raised ~$150M!! WTF is wrong with you people?

[Sukovsky]

It can be avoided by not buying any get rich quick shitcoins like Eth. The last couple of months were disgusting.

[Zitdadast]

It can be avoided by not buying any get rich quick shitcoins like Eth. The last couple of months were disgusting.

I think the Etheruem price could drift for some time before the crisis ends. It depends on the effort of the Eth community.

[1btcdream]

I've lost all my confidence on ETH/DAO that's why I've already sold all my holdings before its too late.

[Bit_Happy]

I am disgusted how there is no 1 answer by anyone here.
The crickets are deafening.

How did it get that high ?
...

Looks like the answer involves greed,
slick marketing,
blindness to history,
and not enough attention to details.


Edit: Checking the price... // It's starting to recover! 

[Zitdadast]

I've lost all my confidence on ETH/DAO that's why I've already sold all my holdings before its too late.

It is very good for you to sell to cut the loss or take some profit. Many people are taking different approach at the moment.

[RoseMann]

I've lost all my confidence on ETH/DAO that's why I've already sold all my holdings before its too late.

It is very good for you to sell to cut the loss or take some profit. Many people are taking different approach at the moment.

The price has risen from $10 to $13. So it maybe too early for him to sell. But we do not control the price.

[fedmahnkassad]

I am disgusted how there is no 1 answer by anyone here.
The crickets are deafening.

How did it get that high ?
...

Looks like the answer involves greed,
slick marketing,
blindness to history,
and not enough attention to details.


Edit: Checking the price... // It's starting to recover! 

I am with you, mate.

[Piston Honda]

it's crypto, ppl are dumb and these eastern euro/russian devs know they can make up fancy BS (flawed or not) and make tons of btc for doing fuck all work.

[twostepsally]

Hi, despite the inflammatory title, I would honestly like to hear the answer to these questions:

1) The lead "coder" was very young and inexperienced, should not that have shaved ~$140M off the max they could raise?
2) Why did this happen (yet again) and how can similar things be avoided, without interfering with the benefits that can come from a free market environment?

And the Monday morning quarterbacks have levitated out of their basements.

It's all about the Benjamins, brother!

A lot made a killing on this deal.

Don't be sad that you couldn't afford to get in. Because if you could afford it, you would of been a vagina not to throw some money at it.

I love reading posts from dust holders.

[jubalix]

what they set out to do was complex, and bound to have unexpected ways to get eth to where other thought it would not go

they were seting out to make a general computing system that was distributed and unable to be stopped or turned off

thats exactly what they did.

it is just a person found a way to write a program that transfered eth in a way the offeres of DAO were not happy about, but logically legit.

in some way I understand that satoshi avoided the general computing in BTC even though he could have put it in, op_codes etc, to avoid this in the early times.

I think there may be too many way to write programs in ways people have not even conceptualiized that can transfer eth in a DAO like environment.

so it may be a limiter on smart contracts.

[ZedZedNova]

1) The lead "coder" was very young and inexperienced, should not that have shaved ~$140M off the max they could raise?

So are many other internet entrepreneurs. Sometimes they make it big, others just disappear, never to be heard from again. Steve Jobs, Bill Gates, Sean Parker, Sean Fanning, Mark Zuckerberg, and many others got started fairly young and made it big. People were willing to bet a lot of money on them. This isn't all that different; just a variation on a theme.

1) The 2) Why did this happen (yet again) and how can similar things be avoided, without interfering with the benefits that can come from a free market environment?

It happened because people do not learn from history, or they believe that they are "special." Visionaries are all snowflakes, believing that they are "more unique" than others, and perhaps they are.

The free market would not be the same if there was nobody willing to risk it all to try something new. So what's the trick to make it work? As a provider of funds (fiat, crypto coin, etc.) your definition of "all" needs to be what you are willing to see disappear with no hope of ever seeing a return.

What's my deal? I "invested" less than I have spent on a ho-hum meal at a purportedly "really good" restaurant with my wife. Am I pissed? Nope. Not at all. I didn't bet more than I was willing to completely write off, if TheDAO fell on it's face, like it did. If TheDAO had hit it big, perhaps with the growth of my investment I could buy a set of dentures when I got older.

Personally I think that Ethereum will survive. Solidity will be fixed, and smart contracts will move forward. In fact I am holding onto my ETH and still running my one-GPU mining rig that earns me about one ETH per week.  The "weakness" that was exploited to drain TheDAO was known, as were the ways to prevent it from being exploited, but the writers of the smart contract used to create TheDAO apparently didn't think anyone would exploit it. It was likely a combination of hubris and naiveté. Will it happen again? Yep, that much I know for certain. Just don't ask me when.

For what it's worth, Bitcoin wasn't much different in it's early days. When I stumbled upon it back in late 2011 it was trading hands for about the price in USD as ETH is today. I didn't "invest" in it back then as crypto currency was even newer and less known than it is today. Bitcoin was "Goxxed" and survived, so there is precedent for ETH surviving.

Sometimes you're the bug; sometimes you're the windshield.

Cheers,

- zed

[frobley]

I've lost all my confidence on ETH/DAO that's why I've already sold all my holdings before its too late.

It is very good for you to sell to cut the loss or take some profit. Many people are taking different approach at the moment.

And therein lies the rub, experience will tell you when to get in and out, know your 'asset' of choice I guess...

[TheMage]

I am disgusted how there is no 1 answer by anyone here.
The crickets are deafening.

How did it get that high ?

NOBODY is talking.

Where are all these Noob accounts that pop up lecturing us all the time ?
They are quick to show up and tell us all to buy DAO or ETH.
Then silent when it comes crashing down as veteran users predicted.

I'd like to see what all these guys say who bought into DAO.
Read the OP's question then tell us guys..

Reminds me of a recent discussion Franko and I had lol

https://twitter.com/FrankoCurrency/status/745230649339031553

[Piston Honda]

as usual look at that manipulation go  - pumps come.
be careful as prob more dumps will come.
whale bots playing like fire now!

[Bit_Happy]

Hi, despite the inflammatory title, I would honestly like to hear the answer to these questions:

1) The lead "coder" was very young and inexperienced, should not that have shaved ~$140M off the max they could raise?
2) Why did this happen (yet again) and how can similar things be avoided, without interfering with the benefits that can come from a free market environment?

And the Monday morning quarterbacks have levitated out of their basements.

It's all about the Benjamins, brother!

A lot made a killing on this deal.

Don't be sad that you couldn't afford to get in. Because if you could afford it, you would of been a vagina not to throw some money at it.

I love reading posts from dust holders.

You think I am "butthurt" from missing out on something called "Ethereum" and "DAO"?
LOL
Please try again...

Back on topic:
What is it about this community that fails to attract real, genuine opportunities in favor of marketing and short-term greed?

[TheMage]

Hi, despite the inflammatory title, I would honestly like to hear the answer to these questions:

1) The lead "coder" was very young and inexperienced, should not that have shaved ~$140M off the max they could raise?
2) Why did this happen (yet again) and how can similar things be avoided, without interfering with the benefits that can come from a free market environment?

And the Monday morning quarterbacks have levitated out of their basements.

It's all about the Benjamins, brother!

A lot made a killing on this deal.

Don't be sad that you couldn't afford to get in. Because if you could afford it, you would of been a vagina not to throw some money at it.

I love reading posts from dust holders.

You think I am "butthurt" from missing out on something called "Ethereum" and "DAO"?
LOL
Please try again...

Back on topic:
What is it about this community that fails to attract real, genuine opportunities in favor of marketing and short-term greed?

When you say "this community", do you mean Eth, or the crypto community at large?

[bones261]

Back on topic:
What is it about this community that fails to attract real, genuine opportunities in favor of marketing and short-term greed?

I'm not religious by any stretch of the imagination, but 1 Timothy 6:10 sums up the current state of this community pretty well. 
"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows."