Benefits of Running a DAO

[369]

Gediminas said:
You are probably used to seeing DAOs that are created to raise funds or are some form of financial vehicle.

There are so many use cases for DAO! it's not only about fundraising. It can be a private cooperative, friends union, family office, you name it! And when it is properly structured (with actual knowledge and not a random yolo), there are zero problems with the regulators, because it can fully align with the law. And to add to your last sentence - yes, there are real-life experiences and examples, also developed by me.
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you even understand how the voting system works in a DAO ?
A single person in the right position can change all the voting results if he wishes.
The diffrence between me and you is you talk theoraticly where i leaded the biggest existing DAO for nearly 5 years.

 

[Don]

Gediminas said:
Nope, such DAOs can be attached to a legal entity in any jurisdiction when structured properly. For example, even in the EU and this way you would have an option for EU banking. That's just one example.
p.s. yes, AI helped me to shape my words due to me being not a native English speaker. It's like an instant copywriter who fixes all mistakes and styling errors. Welcome to a new era!
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Hi Gediminas,
Please elaborate which EU jurisdictions are best for DAO-s in your opinion.

 

[Gediminas]

369 said:
you even understand how the voting system works in a DAO ?
A single person in the right position can change all the voting results if he wishes.
The diffrence between me and you is you talk theoraticly where i leaded the biggest existing DAO for nearly 5 years.
Click to expand...

Yes, I do understand, I have developed such DAOs, everything from scratch. You are just stuck on your own early experience and can't really understand what I am trying to tell you.

Congrats with the previous DAO success!

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[369]

Gediminas said:
ok, giving you one example: Governor DAO Becomes First Legally Recognized DAO - ArticleCity.com
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You able to read?
show me one bigger dao which succeeded in the long run

Who the f**k is governordao.co ?
You compare Bitshares/EOS with governordao which nobody knows or even cares?

 

[Gediminas]

Don said:
Hi Gediminas,
Please elaborate which EU jurisdictions are best for DAO-s in your opinion.
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Most of the time we would go with NL or UK partnership attached to it.

369 said:
You able to read?
show me one bigger dao which succeeded in the long run

Who the f**k is Home 2 - Governor Dao | Proof Of Existence | One Voice = One Vote. ?
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dude, I am not trying to match who has bigger balls. the point is different. can you read?

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[369]

Gediminas said:
Yes, I do understand, I have developed such DAOs, everything from scratch. You are just stuck on your own early experience and can't really understand what I am trying to tell you.

Congrats with the previous DAO success!
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it was a failure because the DOA system is very vunerable and in the end has been taken over by one corrupt dev.
every doa voting system works the same way.It takes only one person to destroy the whole system.

Gediminas said:
Most of the time we would go with NL or UK partnership attached to it.



dude, I am not trying to match who has bigger balls. the point is different. can you read?
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its not about balls.
You claim DAO's are the future and i ask you show me one decent DOA which didn't failed because of greed/corruption or manipulation.
You pointing me to a DAO nobody knows are even cares which means there are no serious participants.
There is no DAO which had a decent seize and succeeded.

All failed because of the same reasons.

 

[Gediminas]

369 said:
You claim DAO's are the future and i ask you show me one decent DOA which didn't failed because of greed/corruption or manipulation.
You pointing me to a DAO nobody knows are even cares which means there are no serious participants.
There is no DAO which had a decent seize and succeeded.
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as I mentioned above, there are different purposes for DAOs and they can be structured in different ways. And that includes the voting mechanism. You have created a DAO very early when such organizations had no clear framework for how it should be established and most likely you been dealing with 3rd party funds which is generally speaking a licensed activity. feel free to DM me, happy to discuss it more in detail.

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[369]

Doesn't change the fact that its very easy to manipulate any DAO not important for what purpose it is.
The legal structur is also a joke as it instantly takes the orginal idea of a DAO away or you wanna tell me that legal structur has no special authority in the "DAO" ?

had no clear framework
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We had legal opinions that our tokens where only utility tokens and not security tokens done by the law firm which member sits in the SEC
Cost back in 2018 was $450k

 

[Gediminas]

369 said:
We had legal opinions that our tokens where only utility tokens and not security tokens done by the law firm which member sits in the SEC
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You had legal opinions about it when even SEC isn't sure enough whether it is a commodity or security. Are you joking, man? We are now 6 years after 2017. The worst thing you can do now is to think that you know it all. I am giving you an expert opinion that is used in practice and verified by multiple legal.

369 said:
Doesn't change the fact that its very easy to manipulate not important for what purpose it is.
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Wrong

369 said:
The legal structur is also a joke as it instantly takes the orginal idea of a DAO away are you wanna tell me that legal structur has no special authority in the "DAO" ?
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The legal structure can serve the purpose, and yes, this way you would have to take away the original idea of DAO and bridge it to traditional finance. For its own purpose. I will write more threads about different purposes so you would get into the know.

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[369]

Gediminas said:
ok, giving you one example: Governor DAO Becomes First Legally Recognized DAO - ArticleCity.com
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btw the paid sponsored article on such a poor news website says a lot about the quality of that project


Get a DAO of a decent seize and look how creative scammers will get to make the DAO participants rekkt.
Once you experience it we can keep talking how safe DAO's are.

 

[Gediminas]

369 said:
Get a DAO of a decent seize and look how creative scammers will get to make the DAO participants rekkt.
Once you experience it we can keep talking how safe DAO's are.
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You just can't understand that DAOs can serve purposes other than a financial vehicle or fundraising. And even for that, if it aligns with regulations (doable), it can get properly structured and engineered. We aren't living in 2017. Enough said.

369 said:
show me one bigger dao which succeeded in the long run
Click to expand...

What about Maker DAO?

Last edited: Mar 29, 2023
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[Martin Everson]

369 said:
DAO's are scams.Theoraticly BS which are not working because of human greed and scammers.
Also its very easy to take control.
Best example first Decentralized exchange and DPOS/DAO ever bitshares.
Never ending fight of control and scams and in the end a single programer taking control over the whole voting system via a hidden code added in a node update.

Also a major problem no regulations which makes it possible to buy votes using incentives which makes the whole DOA system irrelevant and corrupt.Perfect systems for scammers.


These are real life experience and not theoratical bulls**t


US made is very clear if there is no legal entity but "decentralized" the people who make it possible running it like node runner/witnesses and programer will be held responsible.
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Please no swearing its not needed. thx

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[369]

Gediminas said:
You just can't understand that DAOs can serve purposes other than a financial vehicle or fundraising. And even for that, if it aligns with regulations (doable), it can get properly structured and engineered. We aren't living in 2017. Enough said.



What about Maker DAO?
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you deny to understand the infrastructur for a dao and how easily it can get manipulated.

Maker DAO?
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DAI's creator was one programer from the bitshares community and he has the same issues like bitshares had.
How often did people lose nearly everything because of malfunction of DAI system ?
How often had the community to fight against bad actors ?

Now their DAI token is listed on centralized exchanges where they literly have no control if the sold DAI tokens really exist or not.
What would happen if a centralized exchange starts selling non existing DAI tokens to unpegg it ?
Any clue how their system works ?
You call this a success when that token can exist today and tomorrow be zero ?

 

[latindev]

369 said:
you deny to understand the infrastructur for a dao and how easily it can get manipulated.


DAI's creator was one programer from the bitshares community and he has the same issues like bitshares had.
How often did people lose nearly everything because of malfunction of DAI system ?
How often had the community to fight against bad actors ?

Now their DAI token is listed on centralized exchanges where they literly have no control if the sold DAI tokens really exist or not.
What would happen if a centralized exchange starts selling non existing DAI tokens to unpegg it ?
Any clue how their system works ?
You call this a success when that token can exist today and tomorrow be zero ?
Click to expand...

"How often did people lose nearly everything because of malfunction of DAI system ?": That's bad coding, nothing to do with a DAO since bad developers are everywhere since now people call themselves developers after seeing a tutorial on youtube

"How often had the community to fight against bad actors ?": What the hell has that to do with a DAO?

"What would happen if a centralized exchange starts selling non existing DAI tokens to unpegg it ?": An arbitrage opportunity will be opened since the exchanges can't mint it

"Any clue how their system works ?": 100%

"You call this a success when that token can exist today and tomorrow be zero ?": It is a success wether you like it or not. I don't personally like it because they use others stablecoins as part of the collateral and that opens the system to third party risk

Btw, If a DAO can be easily manipulated is because the creators wanted to be that way (or are just idiots), as easy as that. A well designed voting solution and development process is not going to be manipulated easily

@Gediminas what jurisdictions you use to wrap DAOs? Marshall Island (if true are you directly working with MIDAO?) and foundations in Panama/Cayman? I'm currently interested in incorporating a DAO but I don't want to use the US for that

 

[koohl]

What is a DAO - someone able to explain in easy words?

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[Gediminas]

latindev said:
"How often did people lose nearly everything because of malfunction of DAI system ?": That's bad coding, nothing to do with a DAO since bad developers are everywhere since now people call themselves developers after seeing a tutorial on youtube

"How often had the community to fight against bad actors ?": What the hell has that to do with a DAO?

"What would happen if a centralized exchange starts selling non existing DAI tokens to unpegg it ?": An arbitrage opportunity will be opened since the exchanges can't mint it

"Any clue how their system works ?": 100%

"You call this a success when that token can exist today and tomorrow be zero ?": It is a success wether you like it or not. I don't personally like it because they use others stablecoins as part of the collateral and that opens the system to third party risk

Btw, If a DAO can be easily manipulated is because the creators wanted to be that way (or are just idiots), as easy as that. A well designed voting solution and development process is not going to be manipulated easily

@Gediminas what jurisdictions you use to wrap DAOs? Marshall Island (if true are you directly working with MIDAO?) and foundations in Panama/Cayman? I'm currently interested in incorporating a DAO but I don't want to use the US for that
Click to expand...

Hey, feel free to DM me or email and let's have a conversation on that. The jurisdiction really depends on your goals, so I would need to learn more about your business plan.

koohl said:
What is a DAO - someone able to explain in easy words?
Click to expand...

It's like a partnership entity, but on blockchain.

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[369]

latindev said:
"How often did people lose nearly everything because of malfunction of DAI system ?": That's bad coding, nothing to do with a DAO since bad developers are everywhere since now people call themselves developers after seeing a tutorial on youtube

"How often had the community to fight against bad actors ?": What the hell has that to do with a DAO?

"What would happen if a centralized exchange starts selling non existing DAI tokens to unpegg it ?": An arbitrage opportunity will be opened since the exchanges can't mint it

"Any clue how their system works ?": 100%

"You call this a success when that token can exist today and tomorrow be zero ?": It is a success wether you like it or not. I don't personally like it because they use others stablecoins as part of the collateral and that opens the system to third party risk

Btw, If a DAO can be easily manipulated is because the creators wanted to be that way (or are just idiots), as easy as that. A well designed voting solution and development process is not going to be manipulated easily

@Gediminas what jurisdictions you use to wrap DAOs? Marshall Island (if true are you directly working with MIDAO?) and foundations in Panama/Cayman? I'm currently interested in incorporating a DAO but I don't want to use the US for that
Click to expand...

You just proofed you have no real world experience with DAO and DAI.
DAI is very vunerable but you will see it when the time comes.

But you are still free to show me one DAO with decent seize which succeeded

"How often had the community to fight against bad actors ?"What the hell has that to do with a DAO?
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Like i said no real world experience with DAO.
Once there is bigger money/value involved you will always get groups trying to drain that money/value via DAO.

A well designed voting solution and development process is not going to be manipulated easily
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You clearly have not enough experience when making that statement.You can't develop a voting system which will defend from everything.Not possible.
The attackers are very creative when its about bigger money.
I bet i could destroy nearly any DAO because of peoples "greed" offering an incentive to take control over the system and there is no way you could code something to stop it and keep running as a DAO

Last edited: Mar 30, 2023

 

[Gediminas]

369 said:
You clearly have not enough experience when making that statement.You can't develop a voting system which will defend from everything.Not possible.
The attackers are very creative when its about bigger money.
I bet i could destroy nearly any DAO because of peoples "greed" offering an incentive to take control over the system and there is no way you could code something to stop it and keep running as a DAO
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You clearly are basing your opinions on your own unfortunate experience which probably happened due to low competencies in its development (including your malicious dev).

If everyone would think the same as you, there would be no progress in life.

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[369]

Gediminas said:
You clearly are basing your opinions on your own unfortunate experience which probably happened due to low competencies in its development (including your malicious dev).

If everyone would think the same as you, there would be no progress in life.
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yeah low competencies......thats why our old devs are now the leading devs in algorand,dai,eos etc because they all were low competence.
they get millions for their low competence

 

[latindev]

369 said:
You just proofed you have no real world experience with DAO and DAI.
DAI is very vunerable but you will see it when the time comes.

But you are still free to show me one DAO with decent seize which succeeded
Click to expand...

Pff I don't have to show you anything, who do you think you are? the queen?rof/% the one saying nothing without proof is you and I have been writing software and using protocols even before DAI was created

369 said:
Like i said no real world experience with DAO.
Once there is bigger money/value involved you will always get groups trying to drain that money/value via DAO.
Click to expand...

I don't know if you are dumb or are just trolling, that has nothing to do with a DAO because any protocol with value will become a honeypot with or without a DAO involved so that just proof nothing, plus using an entity in order to drain the value inside for the benefits of a few is actually what any politician can do, thinking that such types of behavior is a characteristic of DAOs is not seeing the big picture

369 said:
You clearly have not enough experience when making that statement.You can't develop a voting system which will defend from everything.Not possible.
The attackers are very creative when its about bigger money.
Click to expand...

Do I need to gift you a pair of glasses? rof/% I never said you can design something that can be defend from everything. You even quoted myself "A well designed voting solution and development process is not going to be manipulated easily"

369 said:
I bet i could destroy nearly any DAO because of peoples "greed" offering an incentive to take control over the system and there is no way you could code something to stop it and keep running as a DAO
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Oh wow you mean by incentives so you get control just like you can do with any company or even countries? rof/% Btw there are ways to prevent that, being a DAO doesn't mean being outlaw/anonymous so you can prevent such situations if you're smart 😉 (hence the reason why incorporated DAOs are better than unincorporated DAOs)... The problem is that any noob that watches a youtube video thinks a DAO is some type of anarchy system where everybody is above the law rof/%

Gediminas said:
Hey, feel free to DM me or email and let's have a conversation on that. The jurisdiction really depends on your goals, so I would need to learn more about your business plan.
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Ok, I'll reach by email