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Of course the DAO is very likely to fail. It's an experiment. Like the system it's based on. It will fail, we're going to learn from these failures, and then t

by gst 10y ago

Of course the DAO is very likely to fail. It's an experiment. Like the system it's based on. It will fail, we're going to learn from these failures, and then try again. And then again. And again. And after enough iterations and learning from earlier mistakes there could be a chance for it to succeed. It's not about the money, but about the technology. Yes - people are throwing lots of money at the DAO, but it's their own decision to place an extremely high risk investment for the chance of a potential gain in the future. Don't blame the technology for that. I'm really glad that there are people who try to continue pushing things forward, although everyone tells them that their ideas are never going to work out. If those people wouldn't exist we'd still be throwing rocks together to light a fire.

rdlecler1 10y ago
Thanks for posting this defense. There are so many detractors that are calling this stupid because it's not fully baked. People voted with their wallets to make this happen and effect change. Let them. There are risks and unknowns. Will it fail? Probably. But most ideas and ventures fail. So a high likely hood of failure (which is inherent in all novel ideas and ventures) is an intellectually lazy reason to reject it. It also bothers me that you have these lawyers calling this sloppy and poorly executed. Like the founder had any idea that this would take off as it did. This is a cool project and I think it can self correct. If not, it's a wonderful experiment to eat hand the worlds a better, more interesting, place because of it because it's things like this that could be zero to one events. And that is rare.
drumdance 10y ago
I only recently because aware of Ethereum and the concept of DAO so my understanding is pretty hazy. It strikes me that this is version .1 of something could be really cool, but which like most products doesn't really become usable for the masses until version 3.0. Sort of like Friendster -> MySpace -> Facebook I hope the evangelists keep iterating but I'll stay away from it until I feel like it's something that will stick around for at least 10 years.

by gst 10y ago

rdlecler1 10y ago

Thanks for posting this defense. There are so many detractors that are calling this stupid because it's not fully baked. People voted with their wallets to make this happen and effect change. Let them. There are risks and unknowns. Will it fail? Probably. But most ideas and ventures fail. So a high likely hood of failure (which is inherent in all novel ideas and ventures) is an intellectually lazy reason to reject it. It also bothers me that you have these lawyers calling this sloppy and poorly executed. Like the founder had any idea that this would take off as it did. This is a cool project and I think it can self correct. If not, it's a wonderful experiment to eat hand the worlds a better, more interesting, place because of it because it's things like this that could be zero to one events. And that is rare.

drumdance 10y ago

I only recently because aware of Ethereum and the concept of DAO so my understanding is pretty hazy. It strikes me that this is version .1 of something could be really cool, but which like most products doesn't really become usable for the masses until version 3.0. Sort of like Friendster -> MySpace -> Facebook I hope the evangelists keep iterating but I'll stay away from it until I feel like it's something that will stick around for at least 10 years.