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Apparently many ConstitutionDAO participants have been screwed because in order to get their money back they've had to pay transaction fees which exceed 200$. Q

Apparently many ConstitutionDAO participants have been screwed because in order to get their money back they've had to pay transaction fees which exceed 200$. Quite the racket.

leppr 5y ago
These transaction fees are determined dynamically by the Ethereum network depending on network usage, and given to Ethereum miners, not the particular dApp with which one interacts or their developers. Anyone using ETH would presumably have been aware about the enormous fees involved.
- ShamelessC 5y ago
  That doesn't make it any less absurd/off-putting.
  - gjs278 5y ago
  - deleted 5y ago
    [deleted]
  - smorgusofborg 5y ago
    I think this potential conflict of interest for miners to push DAOs and then maybe for raised beurocracy in a DAO for more gas money and questions of whether a seller in some of these auctions realizes they should become a large holder in DAOs that might bid 100X the valuation of their asset are the kinds of conflicting interests that make this kind of system less practical than a legacy system where the structure for regulators to subpoena whatever they need is part of the licensing, etc.
  - leppr 5y ago
    A racket implies intentional malicious activity, which is the accusation I'm clearing up here.
    - ShamelessC 5y ago
      Ah indeed there's not direct evidence of foul play. Poor choice of words on my part.
cdata 5y ago
Fun fact: after the DAO had essentially folded, the $PEOPLE token folks were left holding could be traded for more than 10X the value it cost to go in on the DAO. To this day, it still trades for ~10X its initial value on Uniswap: https://info.uniswap.org/#/tokens/0x7a58c0be72be218b41c608b7fe7c5bb630736c71 https://info.uniswap.org/#/tokens/0x7a58c0be72be218b41c608b7... Anyone who bought more than ~$50 of DAO tokens before the auction could stand to make a profit on the aftermarket even accounting for gas fees. In case it needs to be said: this all seems crazy to me, but it is what it is.
- ShamelessC 5y ago
  "I don't want to live on this planet anymore."
vmception 5y ago
Yes that was widely reported and some naive participants feel slighted that way but thats not controversial and is a weak argument this isnt like a ticketmaster convenience fee, everything on that network costs that much

Apparently many ConstitutionDAO participants have been screwed because in order to get their money back they've had to pay transaction fees which exceed 200$. Quite the racket.

leppr 5y ago

These transaction fees are determined dynamically by the Ethereum network depending on network usage, and given to Ethereum miners, not the particular dApp with which one interacts or their developers. Anyone using ETH would presumably have been aware about the enormous fees involved.

ShamelessC 5y ago
That doesn't make it any less absurd/off-putting.
- gjs278 5y ago
- deleted 5y ago
  [deleted]
- smorgusofborg 5y ago
  I think this potential conflict of interest for miners to push DAOs and then maybe for raised beurocracy in a DAO for more gas money and questions of whether a seller in some of these auctions realizes they should become a large holder in DAOs that might bid 100X the valuation of their asset are the kinds of conflicting interests that make this kind of system less practical than a legacy system where the structure for regulators to subpoena whatever they need is part of the licensing, etc.
- leppr 5y ago
  A racket implies intentional malicious activity, which is the accusation I'm clearing up here.
  - ShamelessC 5y ago
    Ah indeed there's not direct evidence of foul play. Poor choice of words on my part.

cdata 5y ago

Fun fact: after the DAO had essentially folded, the $PEOPLE token folks were left holding could be traded for more than 10X the value it cost to go in on the DAO. To this day, it still trades for ~10X its initial value on Uniswap: https://info.uniswap.org/#/tokens/0x7a58c0be72be218b41c608b7fe7c5bb630736c71 https://info.uniswap.org/#/tokens/0x7a58c0be72be218b41c608b7... Anyone who bought more than ~$50 of DAO tokens before the auction could stand to make a profit on the aftermarket even accounting for gas fees. In case it needs to be said: this all seems crazy to me, but it is what it is.

ShamelessC 5y ago
"I don't want to live on this planet anymore."

vmception 5y ago

Yes that was widely reported and some naive participants feel slighted that way but thats not controversial and is a weak argument this isnt like a ticketmaster convenience fee, everything on that network costs that much