$ 47 Million Memes: The DAO Law, The Future of Cryptocurrency, and Utilities

Jonah Ehrlich was one of the key members of a group called ConstitutionDAO, which raised money to buy the first US legislature on an offer from Sotheby's luxury store.

Developing the Internet is a well-known concept, with utilities such as new products, movies, and political science. However, most of the public services we provide are provided by central service agencies. Kickstarter, GoFundMe or Indiegogo.

However, under DAO law, DAO means a decentralized autonomous organization. Jonah and around 30 other people created the DAO and then used the Ethereum blockchain to give people around the world the ability to fund DAO. In return, they will have the right to vote and decide what to do with a copy of this law and what the organization should do in the future. And this fundraising effort has been very successful. The ConstitutionDAO raised around $ 47 million and raised enough funds at the Sotheby's auction house to participate in the auction.

Jonah explains how the ConstitutionDAO started, what the race was like, what happened when he won, the real goal is to throw in one of the copies of the Constitution, and how for all the money now.

There is a lot in this story that is not really told. Lots of insight, which is the promise of crypto technologies like smart contracts and DAOs, and a team put together… well, and the tension of reality and everything.

The big question is, why do you need this skill to achieve your goal? I think this is a big deal for a lot of cryptocurrencies. Thank you very much Jonas for coming to my interview and talking about this issue.

The following is a transcript of a discussion between Jonah Erlich and Nilay from ConstitutionalDAO.

Clearly, this script has been modified slightly.

Nilay: Jonah Ehrlich, you are a software engineer and one of the main contributors to ConstitutionDAO. Welcome to the debate.

Thanks, Neil. I'm happy to be here.

So from my understanding of your project, you want to buy a law.

At first I was joking on Twitter and wanted to have a real contest for a copy of the American code of conduct. In just one week of reaching this goal, we saw and harnessed the power of the Internet.

There is a lot to be said about the outcome of the bet, how the betting process has gone and how you plan to deal with the money you have raised so far. You have raised up to $ 47 million. Although this is an Ethereum number, this number is always variable. But I want to start with the simplest. What does DAO represent for the decentralized autonomous organization DAO?

The definition of DAO is a group that comes together around a community of sharing and sharing of resources. The most detailed explanation is that DAOs are bank and group discussions. Importantly, with DAO, you have a cohesive organization that allows you to move assets and interact with the world.

We spent a lot of time discussing the organizational structure of this show. After all, very few actually wear DAOs. If you were in a group discussion with a bank, how would you decide how the money would be used in that bank?

"If DeFi is the fastest in the history of finance, DAO is the fastest in the history of the organization."

It depends on the DAO. The DAO architecture is still in its infancy today. What they usually do is the voting process. Basically, anyone with DAO tokens can vote. They will make the request. For example, we want to buy a law. Anyone holding the sign has the right to vote. There are now many ways and expansions in the world of DAO in education. The global crypto joke is that while DeFi (decentralized finance) accelerated the history of finance, DAOs accelerated the history of the design process. Because of the new DAOs, they often run very easily on independent direct models.

What would I buy if I donated to the ConstitutionDAO?

A donation to the ConstitutionDAO means that if our campaign is successful, we will have the power to enforce US legal information. We tried to guess and got one of 13 copies of this form. The DAO will then vote on what to do. For example, you have a museum in a row, and the museum provides information on how to store and display this form. The DAO can also vote on any text that should appear next to this law. What do we want to share with the world? Suppose the DAO receives a copy of the law and places it in a museum. We may have surplus money to provide to communities interested in working. Future directions will be determined by the token holder.

I've seen major websites buy Managed Tokens when someone donates money. The $ PEOPLE token is very interesting. Buying $ PEOPLE has a dark meaning.

Yes, this is the dark side. It's something we do very quickly. In fact, we are planning to change the name of the token to something better.

How do you plan to rename your brand?

It will be a WTP account. He is our people. This is an important idea. We want this DAO to be good, so we listened to the opinions of the community when members said they weren't comfortable with the PEOPLE token. It was chosen very quickly and we wanted to adapt it to the needs of the communities.

When someone buys tokens called $ PEOPLE or $ WTP, does they have a ticket for each token?

We do not yet know the business model. In the rush to buy these phrases, we have to decide many points after winning. In fact, when we win, we are talking about running a different model. A major concern is that some of the major holders of the cryptocurrency world (we call them the great whales) have too much control over what happens to their data. Our motto is: It's a movement that helps people. This is human data, so we want it to be manageable by humans.

We are looking for another machine. We are looking for direct voting. Vote We are also looking for tickets for each wallet. He is not a real agent, but very close. The second ballot is another way, if a person has too many tokens, they will lose their right to vote: for 100 more digits, they will not have 100 more polls. However, as the number of tokens increases, the number of votes decreases. To do.

When DAOs said they were preserving the history of organizations, they described the history of democratization. It is about establishing a vote and identifying how these elections will represent the people. However, these decisions have to be made by many people and are not completely independent. What does this mean for ConstitutionDAO?

There is a good idea of ​​decentralization. It is very difficult to start decentralizing everything, so you have to start early with a team, develop something and lead to decentralization. Our plan for Dao Law is to complete all distributions as soon as possible if we win this race.

What we hear a lot about blockchain operations is reliability and proof. What is responsible for this process? If I buy this project, you agree to decentralize it as soon as possible. What prompted you to do this?

Everyone involved in this project is very open. The signatures of [multiple wallet signatures] are very public. We are partnering with a nonprofit called Endaoment to donate money to the chain, preserve and compete on behalf of Sotheby's. The personal reputation of trusted people in the cryptocurrency community is at stake, leading us to this point of decentralization. This is what we rely on a lot at the start of this process. The problem with many newer technologies is, unfortunately, that they may not work perfectly in the first place. We are still on the basics of DAO features and cryptocurrency features. We want to do it as soon as possible, keep our promises and achieve our goals. If you win this article I am sure you will reach your goal soon.

I want to support it because I have heard in the cryptocurrency community that you don't have to trust anyone. The software will work for you one way or another. We can create automated, transparent or audited processes. Not all of these processes require centralized control. In fact, many times you have to trust a group to do what they tell you to do. Did you feel that frustration when you competed in this race?

You are 100% right. You have to trust the main group of Constitution Dao. Initially, we had a so-called multi-signature. This is the essence of a smart contract with funds managed by 13 different signatories. Seven of them need to be signed to transfer money. At first, for the safety of those signatories, we made them anonymous due to the large sum of money, and we were also concerned about their own safety. But we have heard the voice of the communities. "Hey, we don't agree to do this." A lot of people don't want to donate because they are anonymous, so they ask signers to let them know if they're willing to give [your] consent. It depends on our website. Everyone decides to volunteer. It really is a retrospective.

In the long run, trust is something we want to reduce, and I think the really interesting thing here is how to use those trusts to connect the world physically and in encryption. How can I make sure that the actual data is managed according to the needs of the character bearer? One strategy we are exploring is to move DAOs to 501 (c) (3). Here, the law requires signatories to comply with the requirements of the token holder.

The needs of token holders have been put forward by a vote that has yet to be decided.

Yes, there are some great tools out there, but no one can guarantee the facts.

After all, voting only means something political if you have to trust a group you know personally. Why do we need an international computer network organization to manage it? Really, you are buying a stake in something to give yourself some control. It's like any business in the United States.

The way we think about this relates to two important promises we made to the world. One is a human-to-human agreement. This is in accordance with the law against theft or tax evasion. You apply the rules of all the people, don't do anything bad to special people (even if some people are political).

The other is the human contract and the commercial contract. We believe this creates more controversy over personal contracts, allowing us to get as much as possible in the rules instead of using legitimate information. It's easier to simulate what's really going on when you're in your code. It's harder to explain in an unwanted way. You can put it where people want to explain it, but it gives a stronger and more effective effect on human perception. That's why it's so important, in that sense, it's in this decentralized model because it allows us to work faster and better.

For me, do that. I went to law school. I have been studying contract law for many years and am not sure what I have learned but still keep it. Contract law is a legal person, and there are centuries of doctrines after human consent. What can you put in your rights to supplement the law?

Much remains to be seen today.

But why do we need a free computer to control the location of the law that will be placed in the museum? Why can't this be done on a mainframe?

Centralized computers do not have the same guarantee as in blockchain. For example, you can directly read and check the rules of the interconnection protocol. It's more difficult with intermediary services. This is not the case with some large companies such as financial management companies. This makes it easier for new users to access and create new services, and someone can check your numbers and say "this is what they are doing".

Obviously, we cannot expect all kinds of people to look at our rights. Most people don't know how to read the rules, but there is a growing market of very strong contract researchers in this field who have a good understanding of best practices and what can be gained from a smart contract.

Are smart contract reviewers just lawyers?

No, they are software engineers.

Details. Likewise, my story is very simulated. We will write a contract. We will send you the contract. You should only sign the contract if your lawyer has read it. Do I have to wait for the smart contract reviewer to read it before signing the smart contract?

It doesn't matter if you are a smart contract consultant or a business you trust. In fact, I have a great example of smart engagement. You might find it interesting. One of the most important issues for tech workers in the tech world is the issue of manufacturing. When you join a business, you get stock options. It was the year of the cliff. All you can do is put these tools in your smart card. The really interesting thing is you can see this money in action. They are in this contract. You can withdraw at any time, so you can withdraw at any time for a period without receiving your monthly payments. The almost constant supply of these products has gone out of the contract and is much more relevant.

I have read some agreements and they contain 200 to 300 lines of code. If you use the old one, you'll find that it's the same contract Google uses for 100,000 people - it's safer and more reliable than its repeaters. legal documents. For example, when you read apartments in New York, there are fire protection laws in New York. I'm not sure I'm reading here. With the idea of ​​modularity in the software, you can say, “Okay, I know there's fire control here, and we can move on. "

I think many lawyers will say the same about reading the contract. There are many interactions between practicing lawyers and the way software engineers work. Larry Lessig (Larry Lessig) had a long article titled "Code is Law", which is -----.

But what I want to counter is that for software you can choose your own interface. For legal documents, this option is not available.

This has a significant impact on the finances and payments of the products. In this project you will be doing something else. It is up to you to decide which museum will receive the law. I don't know why it should work on a computer without interference, not the model that a group that you trust gives you a part of the organization and you let people be ruled.

I understand. Part of the reason is the speed of our actions over time. It is not possible to do this through traditional payment processing mechanisms. Big payouts are coming. Overnight, $ 4.5 million in donations arrived. It is an advantage of using a decentralized system, as most payments cannot solve this problem in 15 seconds like a blockchain. It is also more difficult to implement these voting rules where traditional procedures are used. This does not happen outside the financial world and not in financial instruments. Free and managed data. This is why you need this skill. Because these tools allow you to manage without being distracted by many important processes. It also helps ensure that voters are who they are talking about.

I think that makes sense, but at that point the second half of the assembly has not yet been formed. These tokens do not provide clear voting rules or standards. I wonder why people might not know what they have, but before I talk about freebies and DAO elections, I want to talk about how the ConstitutionDAO started. The DAO has 30 key members. How did it start?

"It started out as a meme."

Like all good things online, it started out as a meme. There was an article in which Sotheby's put US Legal in the race, and a few crypto jokes: “Oh, what if crypto got together to buy the Legislature? "Amplifying effect, half of the people are joking and the other half are serious. After the meeting was called, everyone decided, “Okay. We want to do it.

Available in advance for cryptocurrency groups to bet on tournaments. For example, PleasrDAO bought the Wu-Tang Clan album for $ 4 million. So we think. It's $ 20 million, but it can be. From there, we started planning and planning. I created a site with Discord. We started talking to museums and retailers. Just seven days later, we were auctioning nearly $ 50 million at Sotheby's.

What is your role in this organization?

There is so much confusion and our success is rapid. My particular role is to train beginners. How do you advise cryptocurrency newcomers to participate in securities? We also have Open Discord to help people solve their problems. It also helped boost the industry and some industry issues. We find it easy for people to get to where they need to go.

Enjoy. The reason I am attending the interview now is because I am a beginner. This is me. I appreciate your expertise. Obviously, you need a banking partner when talking to a vendor. I have a partner called Endaoment. It's a good name. There is a "dao" in the middle, not "DAO". It's perfect. A lot of people try to do more than one thing at the same time. What did he really do? Can't create?

You never know the end. Many unresolved issues arise and many uncertainties. The more money we have, the greater our legitimacy in other institutions.

It is generally an American story. The history of the United States is that more money is legal.

"The American story is that more money increases legitimacy."

To the right. I think a lot of people will want to know. The most important part of this knowledge is that we are talking to a museum and want to know more now. They see us raising $ 40 million to $ 50 million depending on the value of Ethereum. They once said, “It will take about six months to get that money together. Let's talk: what are you doing? Obviously there has been particular improvements made here, but now the members and all the other things that we've been talking about in this organization want to know more.

Are you happy with the copy of the Act, or would you like to learn more about the speed of technology and organization?

I appreciate both. What I really like is this story. Many people are interested in this project for various reasons. I encourage you to visit our fundraising website. It uses a platform called Juicebox. You can post comments on why you want to donate, but I posted a nice and honest post. Regarding the descendants of slaves, I am very happy to have this document now, even if it has dangerous connotations. Immigrants write and parents use a day to share this information with their children. Most of the fantastic stories that the project conjures up in the human mind really fascinate me. I also want to learn more about the technology, but this is the second time.

Enjoy. Seven days before the race, the race itself was in an activity cycle, and after it got out of the circle really quickly, we heard about a bit of cutting-edge technology. I've heard that this project proves X, Y, and Z for DAO and entry into the major cryptocurrency. What I find most difficult is that I rarely hear about the Fa. There are only 13 copies of this product circulating, which appears to be a meme. As with all online jokes, the only major ones are trolls. Do you think this copy of the Constitution will be revoked when it really needs to be governed?

What I want to counter is just a joke. I think people are excited and curious to have this document. Most of the descriptions revolve around technology. Because the technology is very new. These technologies are not well understood and people are still trying to understand them, but all technologies exist for one reason or another. Just make it available to people. So I tell people and their stories inspire me.

But a good process is very important because it guides the description. "Hey, this cryptocurrency freak wants to buy a copy of US law. What is DAO? Why are they raising the chain? What does chained mean?" The combination of these two things is what makes this story possible. Yes, technology is an important part. But again, technology makes people better.

The difference is the users' money. I watched a video on how to break free. You're asking for an additional $ 100 or $ 200 for volunteers to pay for gas, the Ethereum network's exchange rate. For a lot of people in this country, it's real money. A lot of people were already involved, but there really was no plan for the second half. After collecting the money and winning the Sotheby's auction, what do you think is the next step? What happens after that?

We have a goal of 501 (c) (3). These two goals were not met, but the main goal is to maintain the record until Endament has a legal framework.

My real problem is that your organization is spending money and you want to donate it to another organization. It's a very difficult contract, isn't it?

Yes.

Are you considering signing a contract with Endaoment "I'll take care of this document"? Do you have a lawyer in this relationship?

As already mentioned, this is a very experimental experience. This is something that we do in a very heavy way because it is very new. It's something we do in a very religious way. Endaoment is very popular in the cryptocurrency community and we believe you will never want to risk doing anything wrong. It is the model that causes this problem. In the future, we hope to see better legal models that do such a job. One of the most important things about DAO legislation is that the technology is near, not yet ready. There are many rough edges that should be polished easily in 2, 5, or 10 years.

Of course, is this a technical problem? This is a question I often think about. What I understand now is the tracking of upfront payments and the financial management of the computers offered by the bank. Let's decentralize this computer. You can go from here to there. You have one of the country's 13 Important Documents, but you haven't planned what to do next. Technology does not solve this problem. Is not it ?

To the right.

You have to grab it and keep it, not destroy it. You must do this when you receive the information. Who is going to do this?

This is a technical problem and a management problem. Some stakeholders were ready to champion this cause. Sotheby's is prepared to keep it for an additional 30 days. One of the reasons we don't pay in full is because we know we need the money to keep our records and pay our taxes. It is not only a question of governance, it is also a question of economy. Because you must know these models. There are now many good organizations that can be made easier by working with managers. What I mean is that this is one of the products that sets cryptocurrency apart from many other tech industries. Some organizations, such as the Coin Center and the Blockchain Association, are working very hard to make regulators understand. Many here are not trying to persuade the administration to let it all go, "he said. Investment. Human security."

Wait, how do you make the frameworks in your plan legal?

So I say this is a legal and regulatory issue, and I try to tie the two together so that we can identify if the string associations can be picked up by the special text data on the body. .

Which of them is regulated?

There are no clear tools for DAOs to interact with real organizations.

So you can collect a lot of money in this DAO. Have you created a limited liability company? It costs $ 50 to build one.

Yes. If our relationship with Endaoment is not established, we have a limited liability company that forms the backbone.

Now DAO has the money and keeps it on the Ethereum blockchain. Are you planning to transfer money to Endaoment? Will you give it to them?

We will deposit the funds into our FTX account, which will be used by Sotheby's to verify the authenticity of the funds, and Endaoment will make an offer for us.

It's a win-win situation. I give you this opportunity. Sotheby's confirmed the money.

Thank you. I am grateful for this.

It's a big problem. I don't think Sotheby's has done that yet. I want to know the real steps. I have money and I bet. If you win the bet, what will happen to your next paycheck?

FTX to Sotheby's directly or from Endaoment to Sotheby's. I am not going directly to this process. Like I said, I'm more involved with startups and startups, so unfortunately I don't have good and unique answers.

The reason I am asking this question clearly is that if I am an entrepreneur who is considering financing a project, the answer to the question "What else?" Will answer the questions I want to know.

In fact, it is.

Who will get the law? Looks like it hasn't really been released yet. You are the only third party I can trust. There are no software contracts or legal agreements. Let's take a look and we can say that we are going to transfer $ 47 million to Sotheby's. Something else would happen if this intermediary organization won this law, whose governance relationship with the ConstitutionDAO was not clear. For me, everything is a lawyer job. Change the corporate responsibility to 501 (c) (3) and resend the information. Do you have a lawyer budget?

Yes, it is in our budget and you are right. There's a lot of trust here, but it was a transparent and very trusting process from the start. It didn't explode at all when we started. The main team worked hard to finish the small division as quickly as possible. We have been very transparent about these beliefs from the start. People think we can be trusted and join us on this journey. Thank you.

You say when you start that half of the people think it's a joke and the other half is heavy. Some have called for the legal symbol to be burnt. What has been the internal administration of the student body this week?

There is a lot of politics. What's most interesting is the speed of action and how that leads to confidence, and speed means people really have to make choices. If I work on this project, who can control it? Who has the power to judge? Many things are often not clear. One thing that often happens is that we vote for Discord, where we have an hour to comment on our main group.

Some of these decisions are very important. It's usually in a very confident environment. There are a lot of new people who don't know each other, but since almost everyone has at least one previous acquaintance, the network is very loose and everyone knows each other vaguely. Domestic politics is the opposite of leadership. There is no real politics like entering a business because everyone has a responsibility and we know we just have to do it quickly.

I think the goal of blockchain technology is to improve reliability, not trust. Many of our interviews seek to explore this stress by returning to the environment of human trust.

I think it boils down to the fact that this is the Surun DAO infrastructure. We are making money using unreliable technology like Juicebox. Customers can view the contract in Juicebox and see how it works. Its very important for us. This is accomplished in the contract. This is not a big sign for fundraising.

There are a few other important things, but it comes down to the fact that we are still in their infancy. These systems are too recent. People like to compare it to internet stars in the 90s. I think that's really true.

How do you think the software would change the authority of your organization?

This is a very broad question.

You have to decide. Vote for Discord. It changes the cost and speed of decision making. I know for sure. For example, the DAO can act as a direct candidate, with symbols for each vote. Token storage blocks that can interact with token holders from other blocks still exist. You will also have old business meetings where you vote for leadership. How has this software changed? Or are you speeding up this event?

When reviewing software, it is best to look at CAD tasks. Because there are some interesting and cool things that people are working on. There is a DAO called Index Co-op which creates an investment index. For example, you can buy the DeFi Pulse Index with 20 different DeFi tokens. This organization is absolutely DAO. Vote to decide which products will be advertised, who will manage them, and how much money will be spent on marketing. All of this is chain-managed. What they see is the need for more collaboration to speed things up.

Recently at their meeting there was an in-depth discussion which led to a change in the organization. Index Co-op now has a special feature called Smart Owl. Find a way to fix the problem or take the problem to someone who can fix it. What makes this clear is that the really cool thing about this software is that you can define the hard work of someone in your organization.

Can I call the work on a smart contract? Can they control some of the money in the bank? In addition, the development of more DAOs is a further extension of the study on this issue. Because they have been active in this Index cooperative, which has been run for over a year, and they have full-time staff. of the project.

I found everything very attractive, but in the end it was the ConstitutionDAO that raised all the money and got all the colors. For me, it's different when you look at the statistics. For 5% of donors, this project is their first commercial use of the [cryptocurrency] wallet. Almost half of donors make less than 40 transactions with their wallet. Many people are invited to join this circle. This is the number of people who believe in your money. And now?

You're right that's why a lot of people trust us and give us money. That's why two things are important here. The first is transparent. In the process, we were honest about everything that happened.

The second most important is the reimbursement. The built-in refund feature is an important reason to choose a smart contract for fundraising. We do what we say. We want to raise money. You are going to an auction. We will refund the money to you if we lose or lose. People can ask for a refund.

Let's talk briefly about competition and come back to the issue of cashback. Received $ 47 million. Your highest bid on the competition is $ 43 million. Sotheby's advises you to check your highest bid, then collect the taxes, fees, savings, and all of those investments. This will give you $ 43 million. When did you know that $ 43 million was the highest value?

It's very, very fast. Proof of payment 3 hours before the race. We were hoping to be able to collect more money in the last few hours, but we fully understood that we had to go through this process so that they made sure we had the money. This is very new for Sotheby's and we sincerely thank you for choosing to work with us and review this fundraiser with us.

Constitution DAO does not win. Ken Griffin, the famous billionaire investor who ran the Citadel, won the auction. Its value is $ 43.2 million, not more than the revenue collected by DAO. I think it is very disappointing.

It's stress, but it's the world. If we can't win on our own merits, I think we need to work harder to build a stronger ecosystem. I think it's time to touch. I want to congratulate "Ken". There are good plans to disseminate this information to the public. Then I hope Ken gets the chance to be a part of a lot of the things that we do.

Ken, if you're listening - I'm sure he's listening - call Jonah. What is it like to watch a tournament?

Our team eventually reunited in New York to watch the tournament together. Very happy Inside, we know the name of the person who bet on us, but obviously we cannot announce the results of the contest until we have obtained it. I think I'll throw out according to the numbers stored in the store. If we win, we would probably cry. It's very frustrating especially after this crazy week.

One of the coolest things is meeting a lot of people I know online which is a great experience. Even if we fall, people are a little depressed, but we have hope for our success. We integrated DAO into the world's largest broadcast media and brought this technology to the public. We asked all these new people to try this. This is an important part of the new tools, especially when it comes to cryptocurrencies. People will understand best when they try really hard.

As a student of the history of technology, one of the things I like to think about is how people embrace new technology. It is mainly because they have to. For example, if you think about email in the 90s, a lot of people's basic premise is "Why should you use email?" Funny, ”but now“ If you don't use email you won't be able to do your job and you'll be fired, ”DAO said. jobs that need to be involved, but are starting to get curious. More and more people are asking, "What should I do with this stuff?"

Introducing more people to cryptocurrencies and DAOs? Or do you think you taught the Fa to more people?

Many people need to know about cryptocurrencies and DAOs. I'm sure many of you know what the Fa is, but I think you are satisfied because you already know the Fa well. I think people like Nick Cage memes too.

They are very good.

Oh yes.

There was some commotion at the end of the race. You know the identity of the person who dares to represent the DAO Constitution, but the public does not know him. We do not know who the candidate represents. In an instant, the Twitter space is full of cheers. "We won." How did this explosion happen?

We don't know how it happened. All key groups were advised not to post on social media until the results were announced. People involved in the site do not join our team. It was the stress in relationships that arose there. It's never unhappy because people see memes when they think we've won. I cannot do this job with so much joy. I think there is still a lot to look forward to and enjoy. Unfortunately, people who have nothing to do with the band have to do what they do in the media.

When did you see him? Now that you know who the candidate is, can you tell right away?

Yes, we'll find out right away.

What are your plans to publish this information?

We are awaiting final confirmation from Sotheby's and have announced the announcement on social media.

After some confusion about the refund, I returned about 55% of the money. The whole project is wound up and repayments are made one way or another, but there are calls that they have changed the process. How can I get a refund now?

I haven't changed anything to tell the truth. We were looking for other options, but decided not to. We are reverting to our old plan because we believe it is the easiest and most secure.

Please tell me the difference between the two.

We have explored many options, but have yet to make a real decision. Our goal is to top up the Juicebox contract. Then people can refund their money.

This is the current situation.

That's it.

What other plans have you explored but decided against?

Other options are not worth researching, but I have decided that the importance of all of these options is risky enough. There is a risk of losing money due to the risk of venture capital, which is amazing.

One problem now is people now pay $ 100 deposit of 100. Now they have to pay $ 100 in cash to get their $ 100 back. Some people pay more than what they put in to get their money back. Is it not beyond all other costs that one of the major problems of all costs is met?

This is a very important criticism. The question of prices is something we have been transparent about from the start. We say to people, “Hey, the cost is part of it. There is this exchange rate and there is another exchange rate for refunds. People know it. It's an integral part of every new machine.

It reminds me of a story close to my heart about Nintendo's Iwata Satoshi. Satoshi Iwata is developing a gold and silver game for "Pokemon". Pokémon Gold and Silver are two different things to explore. The ink cartridges they use during storage are minimal. In the software world, there is a legendary story of Satoshi Iwata. It is easy to think of how to fit the contents of these two places into the cartridge.

It is the era of cryptocurrency. We haven't gotten full scalability and full bandwidth yet. It's still in its infancy now, so we're trying to install it at the lowest possible price. It's part of the technology. Much of it starts with previous experiences which are a bit worse than the technology at the time. But over time and as your skills improve, it gets better. Another example of this that we will see in the next few years. Now self-driving cars are worse than humans. But in the end I hope not to drive anymore.

I agree with your opinion. In previous discussions, we have talked a lot about self-driving. The idea that the technology will be better in no time solves the problem. That is, when someone buys a law, he likes it, but now he pays 200 yuan because he gives 50 yuan. How can you resolve this person?

This is why it is transparent from the start. It is unfortunately. Hope it costs less. There is a scaling solution, but there is no refund in the contract, which is very important to us.

We think it needs to be very transparent from the start. This is especially true when we focus only on what we call the fundamentals of cryptocurrency. They understand that value is part of it. For those who do not know crypto-currencies, I would like to point out in the study that the use of the network has a cost.

You get about 55% of the money back. We have all the right statistics for new donors or almost free. This is also my first wallet, would you like to request a refund? Does the remaining 45% of income come from the first donor? For me that would be very true.

I hope the statistics are available. The dashboard talks about donors and how the community created them. This is the best of these systems. A totally discreet person can take the data from the blockchain and create this dashboard that shows what happened. I'm sure it wouldn't be very exciting to create a dashboard for this person. They do little, but don't give details like who and how many portfolios. There is a full refund dashboard.

Unfortunately, we do not have this information. But I don't think it's a member of our team, or a member of it. Only third parties need this information. Because he is a citizen of the blockchain, he can join us and join the world.

But doesn't this question affect all the issues we have talked about? It's all about trust, transparency and accountability. In a battle tougher than this, home scorecards are still the most important thing. I understand, but sometimes I don't need to know who are the donors and supervisors who are now entering this important chain? Have you ever thought, "We need to know who the crypto informants are so they can deal with them, because this is really important for the current job"?

That's why we continue to work on our discussion forums and encourage people to try and figure out how. I agree the dashboard would be great, but I love interacting with people asking questions in person, leaving comments, or asking questions directly in the chat area. ? "or" I'm not sure the money was transferred. Can you confirm? “It's good to have a dashboard where you can share with others, but I want to work with these people to make money.

45% of the investment is there. This number has been lost. At least before I started writing I looked at the dashboard. It looks like you've had up to 55% cashback for a few days. Why do you think this is?

I think part of the reason for this is because of the price holding, as we have discussed. Part of the reason is that people don't pay a lot for it. A lot of people in the crypto world move really fast and miss certain things. These are mostly cryptocurrency peoples. They have 50 different things and they are looking at them at the same time. I hope this image does not strengthen in the future, but many crypto players are seeing what will happen.

$ 20 million “Let's see what happens” Is the money in the bank now or in the chains?

Obviously, I think the cost is a big part. I don't think their attitude is "just to see what's going on", but they don't listen or take the time to do so. It's very exciting. If you donate money to an appellate court you want to jump in, but I don't think people will be frustrated because asking for a refund isn't fun.

One business model is to allow people to ask for a refund.

No, we don't have time to receive this money.

What do you plan to do if you still have money in your wallet after 5 years? Ethereum's value has changed a lot. Five years later, if 45% of DAO Law's money is still there, it could be worth another $ 50 million. What's your plan?

These refunds were made on time. Smart contracts are on the chain and can't be changed, so someone will come back 20 years later and say, “Oh, I just know there's money here. I want it. We hope that many tools will improve. . One of the most popular people right now is an app that shows you how many people you don't know. We will see more blockchain devices. Because people will know that money is everywhere and the first time they put it in it, it is worthless. Then, over time, you say to yourself, “Oh, I really want this. "

The second transaction has been created for the $ PEOPLE tokens. It seems strange, since this side matter has nothing to do with the future organization. What do you think of this situation?

You need to be consistent when choosing which platform to use. We really want to optimize our return. Part of that is choosing Juicebox. I have a token. You can claim tokens even if you don't win the tournament. It's not something that we agree with people. We ask people to ask for a refund.

Blockchain cannot stop people. I am closing this project because it is no longer associated with the group. It is happening outside, but we deny it.

Do you know why people want to start a second business for this brand?

People love this meme.

Do you think this is the reason?

Yes. People love to remember and they love to have fun. One thing I have learned while exploring the world of cryptocurrencies is the difficulty of identifying the many forces that arise from memory and data. If people were having fun and doing theirs, I wouldn't go into detail. Because I just want to break my brain.

I want to end here. We've talked about a lot of great ideas here. I think people are basically looking for more money to buy a copy of the Constitution. It's nice. But at the end of the day, the internet is still a good place to launch money rockets. You can go back to the ice bucket challenge. People don't need to be ready when they launch the ALS Association fiat rocket. You want them to spend their money for a good cause and you want them to invest in research. Fortunately, they did.

The first step in this transition is funding the system to rocket the money online in a surprising way. The development of this method also broke my brain. Do you think it's good? There is now a second company to handle the copies of the original law, but now they are playing with the damage of this project. It doesn't look very good. In practice, he hits the target. I would like to know if you have taken this tension into account.

This is a very good philosophical question and a very good question. My belief is that people will do what they can, want to know, and try something. I think our job as a community is to find out what the community wants to create and what it doesn't want to create. It's interesting to push the boundaries. I didn't specifically mention this situation, I'm discussing data, values, administration, and how to repackage and configure all of these processes. It will take some time to determine what is right.

In fact, I like how the US government has changed cryptocurrency regulations compared to other governments. The US government has given commerce a bit of a breather. They say, “Look what's going on here. We will try to understand these restricted people who know they have access to very risky assets. We want to start with the little me no. Community? I want to repeat that what we do is give control. Vote for the future of this article. How can I ensure that this information is controlled by humans?

This is the first time that this idea has been shared with so many people. Now some are coming back, some are still waiting for the prizes and some are ready to enter. What do you think this group should write? Can you spend your money on some awesome community gifts? Or do I have to shell out a lot of money for this project because it is an important and new tool for business management?

I think this is the last. What the hell do you want to do and how do you do it? Is it a good tool? There are many interesting DAOs out there and they have worked on many interesting projects. Here are some examples. DAO is building a prison. The other is to learn how to make scientific research more popular. One was to obtain another anti-slavery document of American origin.

We are already starting to see the effects. In the long run, we'll see more DAOs for those trying to achieve negative goals for businesses or nonprofits. We will see more people learn from what we do and develop better tools and practices.

Let's get started. The interface between the cryptocurrency world and the DAO community world and the real world has yet to be developed. I understand why it happened with the financial companies for the first time. These are all computer equipment. In fact, we are hiring an Excel influencer for the salon. Most of the people in this industry use Excel or a computer to do their job. You can automate and reconfigure contracts on the fly in a distributed database.

When we talk about prison reform, this is how it is. It is not a working computer. What do you think is the next step in bringing DAOs together to form a governing body and have real-world impact? What are the most important next steps?

There is little that DAOs can really do today. What you need to do to differentiate yourself is understand how smart contracts can be managed. Because it is the source of the power of DAO. For many DAOs today, most of what they do is send money, with $ 20 million to start a cryptocurrency lobby. This is a real life example of Uniswap, the trading platform that voted to create this cryptocurrency receiving group.

But over time I think we can develop DAO power more. Voting rules, which the actual token holder can vote for, or DAOs provide power ratings to special, specialist and elected representatives. .

I think we can talk about it for another hour. I really want to know if the lobbyist can pick a steak house to take his constituents. Can the DAO vote on this? It will be very interesting. But you are giving us too much time. What is the next? What are the next steps for key DAO board members?

DAO legislation will end, the major event will end and a refund will be issued. Each difference is different from one project to another. I had a day job as a software engineer in a different field. But I would like to stress an equal presentation in the tech industry. People do what they do, but I hope to see more of this group in the future. It's really unbelievable. All I have to say is the best part about this experience is that I made some new friends. When you can call someone you know on the internet and say, “Hey, do you want a cup of coffee? "

Its good. Jonah, thank you very much for coming to our show. Thank you for your collaboration. Thank you.

Nilay, thank you for the invitation. It's a great experience and we're excited to start understanding cryptocurrency with you.