The DAO was a total failure, but a more robust one could emerge

[Abiky]

We all know what happened to The DAO which caused a big sum of ETH to be stolen by a hacker, and thus it resulted into a disaster that caused ETH to loose credibility and separate itself from the rest of the crypto community.

All of this was just a result of security flaws, from with the contract's source code.

Now, I think that it can be improved on and emerge as a whole new DAO, but this time not on the ETH chain, but on the true original chain that is Ethereum Classic. If devs, take their time to analyse the contract code, they may be able to fix security flaws and make The DAO a reality on the ETC chain.

Maybe it won't have the same name as the ETH counterpart, but it could be a great way to make the "DAO concept" to become a reality.

What do you think? 

[oblivi]

I believe ETC is going to eventually rise, and we will see people moving from ETC to ETH, at least during the pump. Im not sure about long term performance. I honestly don't like both anymore, but some dapps are really interesting.

[Abiky]

I believe ETC is going to eventually rise, and we will see people moving from ETC to ETH, at least during the pump. Im not sure about long term performance. I honestly don't like both anymore, but some dapps are really interesting.

Yeah. Dapps is perhaps the only thing that makes ETH and ETC good in my opinion. If we could do this with Bitcoin, then it will be a blast and so there would be no need for ETH/ETC. Rootstock is being actively developed and I hope that once it goes public, it will make Bitcoin a smart contract platform too. Imagine the number of dapps that could be developed on top of the Bitcoin protocol. 

[oblivi]

I believe ETC is going to eventually rise, and we will see people moving from ETC to ETH, at least during the pump. Im not sure about long term performance. I honestly don't like both anymore, but some dapps are really interesting.

Yeah. Dapps is perhaps the only thing that makes ETH and ETC good in my opinion. If we could do this with Bitcoin, then it will be a blast and so there would be no need for ETH/ETC. Rootstock is being actively developed and I hope that once it goes public, it will make Bitcoin a smart contract platform too. Imagine the number of dapps that could be developed on top of the Bitcoin protocol. 

Yep, I think next year we can see the first sidechains working. In 0.13.1 we will have segwit.

[European Central Bank]

the dao never got to carry out its major balls up which was to invest in eth projects.

as far as I can tell there has hardly ever been a crypto project that ever came up with anything approaching returning the original cash injection let alone any actual profit.

[Abiky]

Yep, I think next year we can see the first sidechains working. In 0.13.1 we will have segwit.

Sounds great. This will be a major step towards Bitcoin scalability and mainstream adoption. I hope that after this, BTC price would increase up to $1000. In the meantime, it would be up towards getting cheap BTC. 

the dao never got to carry out its major balls up which was to invest in eth projects.

as far as I can tell there has hardly ever been a crypto project that ever came up with anything approaching returning the original cash injection let alone any actual profit.

Yeah it seems so. Still, the concept of a DAO could come up sometime in the future but this time it will be perfected making it a fully efficient way to handle anything decentralized and autonomously. Imagine the possibilities this would have in the near future. 

[Divinespark]

Agreed, the idea that the holders of the tokens can also fund innovation at the app layer natively as an opt-in is an extremely powerful idea whose time will come once the kinks are ironed out

[Minecache]

We all know what happened to The DAO which caused a big sum of ETH to be stolen by a hacker, and thus it resulted into a disaster that caused ETH to loose credibility and separate itself from the rest of the crypto community.

All of this was just a result of security flaws, from with the contract's source code.

Now, I think that it can be improved on and emerge as a whole new DAO, but this time not on the ETH chain, but on the true original chain that is Ethereum Classic. If devs, take their time to analyse the contract code, they may be able to fix security flaws and make The DAO a reality on the ETC chain.

Maybe it won't have the same name as the ETH counterpart, but it could be a great way to make the "DAO concept" to become a reality.

What do you think? 

I've no idea what drugs you are smoking but they are seriously affecting your cognitive thought processes. Seek immediate medical assistance.

[Abiky]

We all know what happened to The DAO which caused a big sum of ETH to be stolen by a hacker, and thus it resulted into a disaster that caused ETH to loose credibility and separate itself from the rest of the crypto community.

All of this was just a result of security flaws, from with the contract's source code.

Now, I think that it can be improved on and emerge as a whole new DAO, but this time not on the ETH chain, but on the true original chain that is Ethereum Classic. If devs, take their time to analyse the contract code, they may be able to fix security flaws and make The DAO a reality on the ETC chain.

Maybe it won't have the same name as the ETH counterpart, but it could be a great way to make the "DAO concept" to become a reality.

What do you think? 

I've no idea what drugs you are smoking but they are seriously affecting your cognitive thought processes. Seek immediate medical assistance.

Lol.  I know that this may sound somewhat ridiculous or out of mind,  but I just imagined a possibility of a new DAO emerging into the near future. Even if it's not based on ETH,  or ETC still it could gain tracction and make the concept of a DAO to become a reality.  Speaking of which,  Wings looks like a very interesting platform for new DAOs to emerge.   

[raphma]

We all know what happened to The DAO which caused a big sum of ETH to be stolen by a hacker, and thus it resulted into a disaster that caused ETH to loose credibility and separate itself from the rest of the crypto community.

All of this was just a result of security flaws, from with the contract's source code.

Now, I think that it can be improved on and emerge as a whole new DAO, but this time not on the ETH chain, but on the true original chain that is Ethereum Classic. If devs, take their time to analyse the contract code, they may be able to fix security flaws and make The DAO a reality on the ETC chain.

Maybe it won't have the same name as the ETH counterpart, but it could be a great way to make the "DAO concept" to become a reality.

What do you think? 

I've no idea what drugs you are smoking but they are seriously affecting your cognitive thought processes. Seek immediate medical assistance.

Lol.  I know that this may sound somewhat ridiculous or out of mind,  but I just imagined a possibility of a new DAO emerging into the near future. Even if it's not based on ETH,  or ETC still it could gain tracction and make the concept of a DAO to become a reality.  Speaking of which,  Wings looks like a very interesting platform for new DAOs to emerge.   

dont mind about minecache... he is just a mETH head. don't expect any valid argument about anything he may say.

about the topic,
well, i dont see that happening, at least not for now. The main reason isnt eth or ETC, is simple because with the dao fail the whole concept got "affected". If someone try it again, i hardly believe they will have investors and even if they got any, wont be much.

[SmirkinPepe]

To let others vote what happens to your money you don't have to go to DAO, just pay your taxes, and just watch how your money is squandered on some unqualified wankers' pet project.
Now that I think of it the parallels are immense, up to the total mismanagement of money culminating in a bailout.

[dinofelis]

To let others vote what happens to your money you don't have to go to DAO, just pay your taxes, and just watch how your money is squandered on some unqualified wankers' pet project.
Now that I think of it the parallels are immense, up to the total mismanagement of money culminating in a bailout.

THIS !

[Abiky]

dont mind about minecache... he is just a mETH head. don't expect any valid argument about anything he may say.

about the topic,
well, i dont see that happening, at least not for now. The main reason isnt eth or ETC, is simple because with the dao fail the whole concept got "affected". If someone try it again, i hardly believe they will have investors and even if they got any, wont be much.

Yeah. The DAO has managed to damage to good name of a concept that would have turned out to become successful. Now if another one emerges, people would think twice before investing any money into it. As of ETH, it has remained very silent since the hard fork occurred with no announcements of any updates whatsoever. I wonder if soon we will see ETH announcing the release of Casper and the transition towards Metropolis release. Even so, I wonder what will be of ETH and ETC as time goes by. 

[Abiky]

What is this 2014?

BitShares has been a DAO for years.  Never hacked.  Next we will be talking about the bitcoin block size... yawwwnnn.

http://bytemaster.github.io/article/2014/12/20/BitShares-as-a-Bank/

http://docs.bitshares.org/bitshares/history.html

Here let me help you:

Grandpa's crypto topics (crypto history):

Decentralization - this topic has been discussed to death, all the while, no big cap crypto has ever been successfully doublespent, therefore this topic has mopphed into the modern discussion of "unstopability"

Bitcoin block size - this topic died the day Ethereum gained its independence, now, bitcoin realizes that if it ever forks, then there will be not only a Coce-a-Cola Classic, but a BitcoinClassic as well

Digital Autonomous Organizations have been operating unhacked for years before the DAO convinced you to diversify DAC portfolio

Block times - are no longer discussed ever since mach 2 was broken (3 seconds)

Scalability - again, now that we can scale a blockchain to do more transactions per second than the New York Stock Exchange, nobody has wasted their time talking about this subject since.

Distribution - who cares if you own 100% of all coins if your miners are printing 5000 coins every 10 seconds!  This conversation quickly evolved into how many more coins will be produced, and what is the current market cap.  A 3rd grader could do the rest.  Anybody who cries about poor "distribution" can't do third grade math.

Public vs private blockchains - This conversation lasted all of 5 minutes

Centralized fund freezing - is now the definition of a private chain

smartcoins - ancient history

UIA - Issue your own coin to attempt to grow its value thourgh your own entrepreneurship, has become "draw attention to your posts to earn coins"

Future crypto milionaire (modern) topics:

fungability - no crypto is anonymous but some coins have the option to make transactions that don't show up on block explorers, like Bytecoin, Monero, IOTA, BitShares, WBB V5, etc

automatic dividends (from automated business operations) - What, your coin does not pay you dividends automatically?

insertion - coming soon

unstopability -  "My coin is more decentralized than yours" has now become "My coin is more unstoppable than yours because not even the original devs can stop it".  One aspect that gives a crypto value is the "if your developers disappeared tomorrow, would your coin live on?" Question.  So far, the only top cryptos to survive after their main dev quit developing them are:

1. bitcoin (duh)
2. Ethereum Classic
3. BitShares

unique user base - how many different real people are REALLY own some of your favorite coins? (STEEM makes people prove their true identity by making them post embarassing selfies, but it works)

attention economy....Sleep through a Synereo hangout and you will dream of this topic of September

Very useful information indeed. Thanks banano. Actually, I've never thought that we already had DAOs all around being Bitshares one of the most advanced platforms in the blockchain industry. And yes, it has never been hacked as well as Bitcoin (being an DAC itself) due to their strong networks (especially Bitcoin) with a large amount of nodes and hashrate. Therefore, the more nodes and mining hashrate is on a blockchain the more stronger it becomes against hacks.

Now that you mention Synereo, it looks pretty interesting to me although the AMP supply is around 90% premined so I have my doubts whenever it could be worth it or not in the long term. I have the feeling that Steemit users will migrate to Synereo once its stable release comes out to the public. 

[bbc.reporter]

We all know what happened to The DAO which caused a big sum of ETH to be stolen by a hacker, and thus it resulted into a disaster that caused ETH to loose credibility and separate itself from the rest of the crypto community.

All of this was just a result of security flaws, from with the contract's source code.

Now, I think that it can be improved on and emerge as a whole new DAO, but this time not on the ETH chain, but on the true original chain that is Ethereum Classic. If devs, take their time to analyse the contract code, they may be able to fix security flaws and make The DAO a reality on the ETC chain.

Maybe it won't have the same name as the ETH counterpart, but it could be a great way to make the "DAO concept" to become a reality.

What do you think? 

No. The Dao was a stupid idea from the beginning. Why would you democratize the process of funding a start up? That system can be gamed. Now if you think deeply about it Tual and the slock.it team created the Dao as a way to fund their own ideas. They had influence on the community especially that Vitalik would surely help them because he also has vested interest in slock.it.

[dinofelis]

No. The Dao was a stupid idea from the beginning. Why would you democratize the process of funding a start up? That system can be gamed. Now if you think deeply about it Tual and the slock.it team created the Dao as a way to fund their own ideas. They had influence on the community especially that Vitalik would surely help them because he also has vested interest in slock.it.

I couldn't agree more.  The DAO was a complicated way of having others vote over how your money is going to crowdfunding.
On paper.  In code, it was a hacker's bait.

[Abiky]

No. The Dao was a stupid idea from the beginning. Why would you democratize the process of funding a start up? That system can be gamed. Now if you think deeply about it Tual and the slock.it team created the Dao as a way to fund their own ideas. They had influence on the community especially that Vitalik would surely help them because he also has vested interest in slock.it.

I couldn't agree more.  The DAO was a complicated way of having others vote over how your money is going to crowdfunding.
On paper.  In code, it was a hacker's bait.

Definitely agree with you. Now that The DAO is doomed to failure, so will ETH as time goes by. I've read somewhere that the hacker might dump all his ETC during or after September 2, 2016 (yesterday) so get ready for a massive decline in its price in the upcoming days. Even still, it would be a great opportunity to get some cheap ETC if it manages to survive (and come up with fresh new ideas) during the next days. It would be best if ETC stays as a PoW cryptocurrency, while ETH goes full PoS. Just my opinion.