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Buterin is in danger of becoming a parody of himself. I literally thought this was satire for several paragraphs, before glancing up at the byline. A DAICO is
by maxander 9y ago
Buterin is in danger of becoming a parody of himself. I literally thought this was satire for several paragraphs, before glancing up at the byline.
A DAICO is a merger of two dubious ideas, and inherits the flaws of each. It has DAO problems- that it trusts a large quantity of money to public code that can't be fixed without breaking the guarantees provided by the immutability of that same code. It also has ICO problems- the combination of extremely volatile "stores of value," non-expert enthusiasm, and anonymity of the developers is ripe for fraud.
Something like this might work for a "distributed Kickstarter," once the bugs have all been worked out of a standard "form" contract and assuming that no payout is promised to token-holders. But this requires abandoning the core conceit of an ICO (that there are valuable "coins" involved) as well as a reasonably important feature of DAOs (that they can be meaningfully adapted towards specific use-cases.)
- allanmacgregor 9y agoI don't think that is necessarily true, while you might be right in the sense that more complex behaivour has the chance of introducing more bugs into the code. The tools, frameworks and contracts keep getting better and more mature, so hopefully we won't see occurrences like the ones of TheDAO. > But this requires abandoning the core conceit of an ICO (that there are valuable "coins" involved) as well as a reasonably important feature of DAOs (that they can be meaningfully adapted towards specific use-cases.) I honestly don't agree with this, there is no reason for coins not to retain its value.