In the last 2 weeks it was possible to buy DAO tokens, a major new form of distributed business constructed to run on ETH blockchain. Until Friday 12 May 2016 some 50 M$ were invested. Then the price of these tokens has started raising [following the pre-determined rule] for the last 2 weeks of token pre-sale. This has resulted in an unprecedented spike in investment: just during this week-end investors have invested another 57 M$. It has captured more than 13% of all ETH in existence and counting.
The DAO is claimed to be created by an anonymous or leader-less entity. This seems to be just a pure publicity stunt and a lame attempt to avoid any legal responsibility for the people who has created it and run it (cf. DAO Curators here). This DAO is simply another blatant attempt to create a new form of social organization which can circumvent stock markets, investment banks, venture capital firms, etc. Congratulations for the people behind it for their courage. If by any chance they go to prison, for example due to US securities laws, we will send them oranges. We have set up a special “blockchain oranges fund” to support blockchain geeks while in prison. Please donate here.
The DAO has announced that they subscribe to the following values:
- Voluntary participation
- Privacy and the right to anonymity
Furthermore they say that they will not seek profits through means contradictory to these stated values or to the categorical imperative.
DAO has raised 162 M$ total.
Then it has apparently been another opportunity for criminals to steal 50M of dollars in Ethers.
It is not clear what happens next.