Topic: DAO raised ~$150M!! WTF is wrong with you people? (Read 2240 times)

I'm not religious by any stretch of the imagination, but 1 Timothy 6:10 sums up the current state of this community pretty well. 
"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows."

When you say "this community", do you mean Eth, or the crypto community at large?

You think I am "butthurt" from missing out on something called "Ethereum" and "DAO"?
LOL
Please try again...

Back on topic:
What is it about this community that fails to attract real, genuine opportunities in favor of marketing and short-term greed?

as usual look at that manipulation go  - pumps come.
be careful as prob more dumps will come.
whale bots playing like fire now!

Reminds me of a recent discussion Franko and I had lol

https://twitter.com/FrankoCurrency/status/745230649339031553

And therein lies the rub, experience will tell you when to get in and out, know your 'asset' of choice I guess...

So are many other internet entrepreneurs. Sometimes they make it big, others just disappear, never to be heard from again. Steve Jobs, Bill Gates, Sean Parker, Sean Fanning, Mark Zuckerberg, and many others got started fairly young and made it big. People were willing to bet a lot of money on them. This isn't all that different; just a variation on a theme.


It happened because people do not learn from history, or they believe that they are "special." Visionaries are all snowflakes, believing that they are "more unique" than others, and perhaps they are.

The free market would not be the same if there was nobody willing to risk it all to try something new. So what's the trick to make it work? As a provider of funds (fiat, crypto coin, etc.) your definition of "all" needs to be what you are willing to see disappear with no hope of ever seeing a return.

What's my deal? I "invested" less than I have spent on a ho-hum meal at a purportedly "really good" restaurant with my wife. Am I pissed? Nope. Not at all. I didn't bet more than I was willing to completely write off, if TheDAO fell on it's face, like it did. If TheDAO had hit it big, perhaps with the growth of my investment I could buy a set of dentures when I got older.

Personally I think that Ethereum will survive. Solidity will be fixed, and smart contracts will move forward. In fact I am holding onto my ETH and still running my one-GPU mining rig that earns me about one ETH per week.  The "weakness" that was exploited to drain TheDAO was known, as were the ways to prevent it from being exploited, but the writers of the smart contract used to create TheDAO apparently didn't think anyone would exploit it. It was likely a combination of hubris and naiveté. Will it happen again? Yep, that much I know for certain. Just don't ask me when.

For what it's worth, Bitcoin wasn't much different in it's early days. When I stumbled upon it back in late 2011 it was trading hands for about the price in USD as ETH is today. I didn't "invest" in it back then as crypto currency was even newer and less known than it is today. Bitcoin was "Goxxed" and survived, so there is precedent for ETH surviving.

Sometimes you're the bug; sometimes you're the windshield.

Cheers,

- zed

what they set out to do was complex, and bound to have unexpected ways to get eth to where other thought it would not go

they were seting out to make a general computing system that was distributed and unable to be stopped or turned off

thats exactly what they did.

it is just a person found a way to write a program that transfered eth in a way the offeres of DAO were not happy about, but logically legit.

in some way I understand that satoshi avoided the general computing in BTC even though he could have put it in, op_codes etc, to avoid this in the early times.

I think there may be too many way to write programs in ways people have not even conceptualiized that can transfer eth in a DAO like environment.

so it may be a limiter on smart contracts.

And the Monday morning quarterbacks have levitated out of their basements.

It's all about the Benjamins, brother!

A lot made a killing on this deal.

Don't be sad that you couldn't afford to get in. Because if you could afford it, you would of been a vagina not to throw some money at it.

I love reading posts from dust holders.

it's crypto, ppl are dumb and these eastern euro/russian devs know they can make up fancy BS (flawed or not) and make tons of btc for doing fuck all work.

I am with you, mate.

The price has risen from $10 to $13. So it maybe too early for him to sell. But we do not control the price.

It is very good for you to sell to cut the loss or take some profit. Many people are taking different approach at the moment.

Looks like the answer involves greed,
slick marketing,
blindness to history,
and not enough attention to details.


Edit: Checking the price... // It's starting to recover! 

I've lost all my confidence on ETH/DAO that's why I've already sold all my holdings before its too late.

I think the Etheruem price could drift for some time before the crisis ends. It depends on the effort of the Eth community.

It can be avoided by not buying any get rich quick shitcoins like Eth. The last couple of months were disgusting.

Eth investers are noobs and believe everything that snake oil charmer tells them. Eth is run more like a corrupt business than a cryptocurrency, imagine if satoshi premined 50% of all bitcoins. Nobody (intelligent) would touch that shit!

Nah, they had this coming. If you did the diligence on the DAO in any meaningful way, there was no way you could not see the myriad people screaming "be careful"

Which leads to the answer for the question the thread's title presents. This is because of uneducated investors, children to speak plainly, being allowed to throw money at something they think will "go to the moon". The fact that we have so much leet/nerdspeak in our crypto terminology should speak to the perspective and maturity of the average investor in this space this is why the SEC exists, to protect investors from themselves as much as from the " wolves abroad".

If the funds stolen by the hack is frozen and return to the DAO investors, they will lose less. But the value of Etheruem will be reduced in the short term at least.