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The people in the DAO partnership are responsible. Just like they would be in a partnership that doesn't have a DAO managing their money.
by street 10y ago
The people in the DAO partnership are responsible. Just like they would be in a partnership that doesn't have a DAO managing their money.
- chii 10y agowhen you're a shareholder of a company which commits an illegal act, you're not responsible (limited liability or something?) - why would it be any different with DAO?
- street 10y agoFirst: if you vote to do something illegal as a shareholder, then you can be held responsible. Even in a limited liability corporation. [0] Second: it's not a company: it's a partnership, by my interpretation. By law (in all countries I know of) partnerships by default do not have limited liability. If you want limited liability, you're going to need to set up a proper corporation/LLP, file the proper paperwork, adhere to various laws, keep books, etc. Otherwise, in the US you are probably jointly and severally liable.[1] The defense "The DAO did it" wouldn't work, since people are voluntary members of the DAO, and presumably voted/stayed in when it got to the point of criminal acts. The legal system is not a machine you can bypass with magical internet code. (As opposed to a legal system as a Smart Contract running on Ethereum, perhaps.) [0] https://en.wikipedia.org/wiki/Piercing_the_corporate_veil https://en.wikipedia.org/wiki/Piercing_the_corporate_veil [1] https://en.wikipedia.org/wiki/Uniform_Partnership_Act https://en.wikipedia.org/wiki/Uniform_Partnership_Act
- jrochkind1 10y agoBecuase you get limited liability by being incorporated as a corporation that is legally given limited liability. And the DAO is (intentionally?) not such. http://techcrunch.com/2016/05/16/the-tao-of-the-dao-or-how-the-autonomous-corporation-is-already-here/ http://techcrunch.com/2016/05/16/the-tao-of-the-dao-or-how-t... https://news.ycombinator.com/item?id=11706669 https://news.ycombinator.com/item?id=11706669