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Comment by a3camero | Hacker News Reader

Although the "proposals" themselves are Ethereum "contracts" (programs), the thing that the money goes towards doesn't have to be a program.

The most popular proposal for The DAO to invest in is actually a German corporation called Slock.it UG: https://www.online-handelsregister.de/handelsregisterauszug/....

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And Slock.it is the creator of The DAO...

It's a long process to check all the boxes for what makes a good proposal, so the fact that Slock.it had such a head start on any other potential proposers is more than a bit suspect. Perhaps there should be a proposal to lock all funds for, say, 45 days so there can be enough of a competitive environment for proposals?

The bigger issue is that the DAO has raised >$120M, and Slock.it hasn't said how mich funding they need. Many people are fully expecting the ask to be much larger than they would have originally asked for. It's a terrible decision on their part and raises a red flag for me

Sounds like money laundering to me

This sounds like a bad way to launder money, the logistics and scale issues make it impractical. Besides I doubt transferring $→ETH→DAO→ETH→$ is adding any extra obfuscation compared to $→ETH→$.

nope, but I wouldn't argue if you called it an unregistered security.

For what it's worth, I follow this space closely and have seen several recent things that look like money laundering to me that I won't name- This project is not one of them (though I have other concerns with this project)

More like a pyramid scheme?

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