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> With an initial quorum of 20% it will be very challenging to get enough agreement, especially with the downsides associated with actually voting. 20% of tok
by cjbprime 10y ago
> With an initial quorum of 20% it will be very challenging to get enough agreement, especially with the downsides associated with actually voting.
20% of tokens are held by the top 12 account holders. Getting 12 people (perhaps fewer, if someone had multiple wallets) who each invested millions of dollars into the DAO to vote doesn't seem that hard.
- hackcasual 10y agoThe DAO represents about 13% of all Ethereum in existence. Considering over 75% of Ethereum was part of a premine crowd sale for a price between 2,000 - 1,337 BTC per ETH it's a reasonable assumption that the DAO was mostly founded with severely discounted ETH, and doesn't really represent +100M USD investment.
- cjbprime 10y agoAnyone could have sold their ETH at around USD $8 per 1 ETH just prior to joining the Dao. I don't think "it's not real money" applies.
- JoachimSchipper 10y agoAnyone could have sold 1 ETH for 8 USD, maybe, but that is very different from selling all ETH in a large account.
- deleted 10y ago[deleted]
- hackcasual 10y agoDo you think they could have raised ~150 million USD by selling 12% of the existing ETH? I suspect $150 million couldn't be raised by selling all the ETH. It's disingenuous to take the current ETH-USD conversion rate based on a relatively low trading volume and imply that's what the DAO is worth, especially when so much ETH was bought so cheaply.
- amscanne 10y agoPresumably those who have invested millions are going to be even more aware of the downsides to voting (losing the ability to split) than most.
- darawk 10y agoIt's likely that at least some of those large holders are exchanges like Poloniex that allow you to purchase DAO tokens directly on the exchange.