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[deleted]

by street 10y ago

[deleted]

ZenoArrow 10y ago
Thanks for the explanation. Sounds like a Ponzi scheme to me. Is there any independent site that verifies how much funding they've already got?
- street 10y ago
  [deleted]
  - rhizome 10y ago
    Telling deletion
    - ZenoArrow 10y ago
      For what it's worth, street's response was in the form of a joke, I wouldn't read too much into the deletion.
- m0se 10y ago
  Yes, there are several independent sites where you can find all the information needed to verify. Here you can check how much Ether (ETH) was raised on two different block explorers (both not affiliated with the DAO): http://etherscan.io/address/0xbb9bc244d798123fde783fcc1c72d3bb8c189413 http://etherscan.io/address/0xbb9bc244d798123fde783fcc1c72d3... https://etherchain.org/account/0xbb9bc244d798123fde783fcc1c72d3bb8c189413#txreceived https://etherchain.org/account/0xbb9bc244d798123fde783fcc1c7... ..and to convert that to USD or whatever you can even use https://duckduckgo.com/?q=1+ETH+in+USD&ia=cryptocurrency https://duckduckgo.com/?q=1+ETH+in+USD&ia=cryptocurrency or check the price directly at one of the exchanges that trades ETH/USD, like https://www.kraken.com/charts https://www.kraken.com/charts.
smitherfield 10y ago
Sounds like a pyramid scheme. Edit: For the interested, the distinction between a pyramid scheme and a Ponzi scheme is that a pyramid scheme is relatively more upfront about how it generates returns, and relies on the investors themselves to recruit new investors, not the fund manager.
- simondlr 10y ago
  How is it a pyramid scheme? Investors pool funds and proportionally vote on what to invest in. There's no requirement to recruit new investors.
acgourley 10y ago
The "panel" of curators is far more limited than that. Taking from the page: A Curator is a failsafe mechanism that indirectly prevents malicous actors from executing 51% attack. Curators do not add centralization to the DAO: they are nominated by the DAO Token Holders themselves, and can be fired at any time, for any reason. Curators curate the whitelist, the list of Contractors authorized to receive ether from the DAO. A Curator therefore holds two primary functions: First, when a DAO Token Holder submits a Proposal in the form of a smart contract, the Curator checks that the published Contract on the Ethereum blockchain matches the source code the Contractor claims to have deployed (this is done by comparing bytecode). Second, a Curator confirms that a Proposal comes from an identified person or organization. This is done by asking the entity submitting the Proposal to send a signed transaction with a certain set of data only known to the Curator and the author of the Proposal, thereby confirming the author of the Proposal. The above are the only two functions of a Curator. For clarity, the following tasks are therefore not the role of a Curator, but instead the role of the DAO as a whole: Evaluate whether a Proposal is ‘good’ or not. Audit the Proposal’s smart contract code. Provide legal advice regarding the Proposal (if any). Take responsibility for the Proposal.

[deleted]

by street 10y ago

[deleted]

Thanks for the explanation. Sounds like a Ponzi scheme to me. Is there any independent site that verifies how much funding they've already got?

street 10y ago
[deleted]
- rhizome 10y ago
  Telling deletion
  - ZenoArrow 10y ago
    For what it's worth, street's response was in the form of a joke, I wouldn't read too much into the deletion.
m0se 10y ago
Yes, there are several independent sites where you can find all the information needed to verify. Here you can check how much Ether (ETH) was raised on two different block explorers (both not affiliated with the DAO): http://etherscan.io/address/0xbb9bc244d798123fde783fcc1c72d3bb8c189413 http://etherscan.io/address/0xbb9bc244d798123fde783fcc1c72d3... https://etherchain.org/account/0xbb9bc244d798123fde783fcc1c72d3bb8c189413#txreceived https://etherchain.org/account/0xbb9bc244d798123fde783fcc1c7... ..and to convert that to USD or whatever you can even use https://duckduckgo.com/?q=1+ETH+in+USD&ia=cryptocurrency https://duckduckgo.com/?q=1+ETH+in+USD&ia=cryptocurrency or check the price directly at one of the exchanges that trades ETH/USD, like https://www.kraken.com/charts https://www.kraken.com/charts.

smitherfield 10y ago

Sounds like a pyramid scheme. Edit: For the interested, the distinction between a pyramid scheme and a Ponzi scheme is that a pyramid scheme is relatively more upfront about how it generates returns, and relies on the investors themselves to recruit new investors, not the fund manager.

simondlr 10y ago
How is it a pyramid scheme? Investors pool funds and proportionally vote on what to invest in. There's no requirement to recruit new investors.

acgourley 10y ago

The "panel" of curators is far more limited than that. Taking from the page: A Curator is a failsafe mechanism that indirectly prevents malicous actors from executing 51% attack. Curators do not add centralization to the DAO: they are nominated by the DAO Token Holders themselves, and can be fired at any time, for any reason. Curators curate the whitelist, the list of Contractors authorized to receive ether from the DAO. A Curator therefore holds two primary functions: First, when a DAO Token Holder submits a Proposal in the form of a smart contract, the Curator checks that the published Contract on the Ethereum blockchain matches the source code the Contractor claims to have deployed (this is done by comparing bytecode). Second, a Curator confirms that a Proposal comes from an identified person or organization. This is done by asking the entity submitting the Proposal to send a signed transaction with a certain set of data only known to the Curator and the author of the Proposal, thereby confirming the author of the Proposal. The above are the only two functions of a Curator. For clarity, the following tasks are therefore not the role of a Curator, but instead the role of the DAO as a whole: Evaluate whether a Proposal is ‘good’ or not. Audit the Proposal’s smart contract code. Provide legal advice regarding the Proposal (if any). Take responsibility for the Proposal.