Anyone into ÐΑΩs? [Ethereum|Bitcoin]

[Ufostrahlen]

Since Bitcoin was quite a topic on the Nexus, I guess folks don't mind wrapping their head around ÐΑΩs:

A decentralized autonomous organization (DAO), fully automated business entity (FAB), or distributed autonomous corporation/company (DAC) can be thought of as a self-governing organization under the control of an incorruptible set of business rules. These rules are typically implemented as publicly auditable open-source software distributed across the computers of their stakeholders. A human becomes a stakeholder by buying digital tokens, similar to shares in a company, or by being paid in those tokens to provide services for the company. These tokens may entitle its owner to a share of the profits of the DAO, participation in its growth, and/or a say in how it is run.

https://forum.daohub.org/t/faqs-about-the-d-q-a/37/1

ETH is the 2nd largest crypto currency and gaining momentum, I think there might be something wonderful in the making.

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coinmarketcap.com

Thoughts?

 

[The Traveler]

Sounds like a nice pyramid scheme.


Kind regards,

The Traveler

 

[Ufostrahlen]

Sounds like a nice pyramid scheme.


Kind regards,

The Traveler

Haha, could be. But isn't Bitcoin already super sketchy? ETHs are like Bitcoins plus a smart contract capability. Smart Bitcoins on steroids so to speak. And DAOs are tokens which you can convert back into ETHs or vice versa. But with DAOs you are able to cast votes within this decentralized autonomous organization. It's like a share. And if a proposal gets enough votes, something will be produced or invested in. If you don't like the ideas or want to get out of the DAO, you can sell it in the future on major crypto markets like these:

https://www.poloniex.com/dao/

Kraken adds support for the Ethereum Standard DAO Framework

You can now access the full power of the Ethereum network from Kraken’s platform! We have added a data field for ether withdrawal addresses that is capable of interacting directly with the Ethereum blockchain, including existing DAOs (Decentralized Autonomous Organizations) and existing smart...

blog.kraken.com

It's already quite big and the ETH price is rising due to the DAO sale.

'The DAO', as it’s called, takes its name from the description for a new type of entity: a distributed autonomous organization. Intended to act as a vehicle for supporting Ethereum-related projects, The DAO has garnered over $50m worth of ethers (ETH) – the digital token of the Ethereum network – from investors.

But what does The DAO do exactly? Think of it as a hub that disperses ETH to other startups and projects. Backers of The DAO receive voting rights by means of a digital token, which can be used to help determine the future direction of the organization and which projects will actually get funded following a voting period.

http://www.coindesk.com/the-dao-just-raised-50-million-but-what-is-it/

I somehow like the idea and bought some. ETH/BTC rose 1150% within a year. But yes, risks are involved, no need to downplay that. But that's the nature of crypto currencies I guess.
Having $450M on an USB stick like the guy from last week news would make me super nervous.