Benefits of Running a DAO

[369]

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

 

[Don]

Hi Gediminas,
Please elaborate which EU jurisdictions are best for DAO-s in your⁣ opinion.

 

[Gediminas]

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!

 

[369]

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]

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?

 

[369]

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.

its not about balls.
You claim DAO's are the future and i ask you︂ show me one decent DOA which didn't failed because of greed/corruption or manipulation.
You pointing︃ me to a DAO nobody knows are even cares which means there are no serious︄ participants.
There is no DAO which had a decent seize and succeeded.

All failed because︅ of the same reasons.

 

[Gediminas]

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 you︀ been dealing with 3rd party funds which is generally speaking a licensed activity. feel free︁ to DM me, happy to discuss it more in detail.

 

[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" ?

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]

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.

Wrong

The legal structure can serve the purpose, and yes, this︄ way you would have to take away the original idea of DAO and bridge it︅ to traditional finance. For its own purpose. I will write more threads about different purposes︆ so you would get into the know.

 

[369]

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]

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?

 

[Martin Everson]

Please no swearing its︁ not needed. thx

 

[369]

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 token︁ is listed on centralized exchanges where they literly have no control if the sold DAI︂ tokens really exist or not.
What would happen if a centralized exchange starts selling non︃ 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]

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

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

"What would happen if a centralized︆ exchange starts selling non existing DAI tokens to unpegg it ?": An arbitrage opportunity will︇ 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 be︉ zero ?": It is a success wether you like it or not. I don't personally︊ like it because they use others stablecoins as part of the collateral and that opens︋ the system to third party risk

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

@Gediminas what jurisdictions you use to wrap DAOs? Marshall Island (if true are you️ 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?

 

[Gediminas]

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

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

 

[369]

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

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

Like i said no︍ real world experience with DAO.
Once there is bigger money/value involved you will always get︎ groups trying to drain that money/value via DAO.

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

 

[Gediminas]

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 the︀ same as you, there would be no progress in life.

 

[369]

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]

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

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

Do I need to gift you a pair︉ 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 going︋ to be manipulated easily"

Oh wow you mean by incentives so you get control just like️ 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/%

Ok, I'll reach by email