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Not what he is referring to, the DAO was not a gambling contract and the funds lost accounted for ~14% of all ETH, not some administrators' personal losses. Tho

Not what he is referring to, the DAO was not a gambling contract and the funds lost accounted for ~14% of all ETH, not some administrators' personal losses. Those who disagreed with the proposed hard fork stayed on what became Ethereum Classic and everyone else jumped ship to what is now Ethereum.

nullc 7y ago
That is exactly what I was referring to. DAO was an "investment" with an unspecified way to make money, it was essentially a gamble. The funds in it were a majority coming from ethereum foundation members. The reason that they were 14% of all ethereum at the time was that at the time something like 85% of ethereum in existance had been premined by the ethereum foundation (at the moment it's 75%). Most people who opposed the fork also stayed with ethereum because the ethereum foundation, which they'd collectively invested millions in, announced it would not support the fork. (in fact, it announced that the fork wouldn't even exist-- which caused companies like coinbase hundreds of thousands in losses from replays due to not being prepared for it)
- Acrobatic_Road 7y ago
  >That is exactly what I was referring to. DAO was an "investment" with an unspecified way to make money, it was essentially a gamble. The DAO was supposed to be a VC firm. If you want to say that the DAO was gambling then so is all Venture Capital. > The funds in it were a majority coming from ethereum foundation members. The reason that they were 14% of all ethereum at the time was that at the time something like 85% of ethereum in existance had been premined by the ethereum foundation (at the moment it's 75%). What a laughably stupid thing to say. Ethereum did an ICO before that term was a thing, mined a shit ton of ETH and sold almost all of it for Bitcoin. By the time the DAO was a thing the Ethereum foundation controlled ~12M ETH, which did not overlap with the ~11.5M ETH in the DAO (The funds were for the development of Ethereum, not speculative purposes). There was an additional some 60M ETH from the initial sale + ETH from newly mined blocks, not in the DAO and not part of the ETH foundation. >Most people who opposed the fork also stayed with ethereum because the ethereum foundation, which they'd collectively invested millions in, announced it would not support the fork. The Ethereum foundation announced it would not support what exactly? If you mean Ethereum Classic well that is not a fork of anything - but a continuation of the original DAO chain. 11% of people voted against the Ethereum fork and presumably did not migrate (or likely just used both). >in fact, it announced that the fork wouldn't even exist-- which caused companies like coinbase hundreds of thousands in losses from replays due to not being prepared for it Er, what? Assuming you are referring to ETC, which again is the original chain, the Ethereum Foundation does not have the power to determine its existence or non-existence. The original chained continued to be mined and supported by nodes.

nullc 7y ago

That is exactly what I was referring to. DAO was an "investment" with an unspecified way to make money, it was essentially a gamble. The funds in it were a majority coming from ethereum foundation members. The reason that they were 14% of all ethereum at the time was that at the time something like 85% of ethereum in existance had been premined by the ethereum foundation (at the moment it's 75%). Most people who opposed the fork also stayed with ethereum because the ethereum foundation, which they'd collectively invested millions in, announced it would not support the fork. (in fact, it announced that the fork wouldn't even exist-- which caused companies like coinbase hundreds of thousands in losses from replays due to not being prepared for it)

Acrobatic_Road 7y ago
>That is exactly what I was referring to. DAO was an "investment" with an unspecified way to make money, it was essentially a gamble. The DAO was supposed to be a VC firm. If you want to say that the DAO was gambling then so is all Venture Capital. > The funds in it were a majority coming from ethereum foundation members. The reason that they were 14% of all ethereum at the time was that at the time something like 85% of ethereum in existance had been premined by the ethereum foundation (at the moment it's 75%). What a laughably stupid thing to say. Ethereum did an ICO before that term was a thing, mined a shit ton of ETH and sold almost all of it for Bitcoin. By the time the DAO was a thing the Ethereum foundation controlled ~12M ETH, which did not overlap with the ~11.5M ETH in the DAO (The funds were for the development of Ethereum, not speculative purposes). There was an additional some 60M ETH from the initial sale + ETH from newly mined blocks, not in the DAO and not part of the ETH foundation. >Most people who opposed the fork also stayed with ethereum because the ethereum foundation, which they'd collectively invested millions in, announced it would not support the fork. The Ethereum foundation announced it would not support what exactly? If you mean Ethereum Classic well that is not a fork of anything - but a continuation of the original DAO chain. 11% of people voted against the Ethereum fork and presumably did not migrate (or likely just used both). >in fact, it announced that the fork wouldn't even exist-- which caused companies like coinbase hundreds of thousands in losses from replays due to not being prepared for it Er, what? Assuming you are referring to ETC, which again is the original chain, the Ethereum Foundation does not have the power to determine its existence or non-existence. The original chained continued to be mined and supported by nodes.