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This needs to be confirmed, but on the live event they said the loss was due to strict requirements around proper storage of the document which the seller didn’
by pfraze 5y ago
This needs to be confirmed, but on the live event they said the loss was due to strict requirements around proper storage of the document which the seller didn’t feel the DAO had satisfied. EDIT: https://news.ycombinator.com/item?id=29277129#29277637 https://news.ycombinator.com/item?id=29277129#29277637
This was an interesting ordeal. One comment on Twitter suggested we may have seen the start of a new phenomenon, “money swarms” [1], in which groups of Internet people can raise really large sums quickly for some goal. Bit of chaos energy to be sure.
FWIW I think at least some of the people involved in this feel a very genuine connection to what they were doing. People who get excited about DAOs right now differ a bit from the earlier extreme-libertarian crypto; they’re into the idea of active participation in government rather than no government at all. It’s not much different than the 2010 conversations that Occupy folks were having on Reddit, when that seemed like a big novelty.
1. https://twitter.com/co_eq/status/1459987329511145477?s=21 https://twitter.com/co_eq/status/1459987329511145477?s=21
- pamplemoose 5y agoI think these "money swarms" will learn and be able to coordinate more effectively relatively soon. One of my favourite projects is pooltogether.com, a no-loss lottery where the prize is generated from the interest on the pooled money that is deposited. I can imagine similar efforts for crowdfunding projects where those that pool their money together don't actually have anything but the interest to lose. Maybe built on top of Alchemix platform? This will certainly be more likely once the transactions fees are lower and people are using layer-2s.
- adbachman 5y agoIsn't that just a mutual fund with 0% interest for all but one person?
- taylorfinley 5y agoThese actually exist in the fiat world as well, and have been shown to increase the savings rate. Interesting coverage on the Freakonomics podcast here: https://freakonomics.com/podcast/say-no-no-lose-lottery-rebroadcast/ https://freakonomics.com/podcast/say-no-no-lose-lottery-rebr...
- Jonovono 5y agoI don't understand. Gofundme, kickstarter. This has been happening. And lots of those end up being scams. This is crowdfunding, why do we need a new term? DAO adds some new dimensionality to it, but not significant that I can tell. Kyle was able to raise millions for his defence fund very quickly.