The Traveler wrote: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/http://blog.kraken.com/p...he-ethereum-standard-daoIt's already quite big and the ETH price is rising due to the DAO sale.
Quote:'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/...-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.