Comment by UncleMeat | Hacker News Reader

Comment by UncleMeat | Hacker News Reader

Hilarious.

DAO stands for "decentralized autonomous organization." This thing appears to collect transactions via a centralized google form and then complete those transactions if 5 of 9 people vote to perform them. Neither decentralized nor autonomous.

You go through all this effort to establish something fancy using whatever hot defi thing exists but situate it on top of a google form and a spreadsheet just owned by some guy.

Also, I can't believe that the form uses scientific notation for amounts. How unbelievably error prone to miss that one row has a "+" instead of a "-".

The lessons learned should be "holy fuck don't run everything on a google sheet" not "be more careful with how you share links and make sure the signers are uber careful to review 80 rows of boring transactions for single-character swaps."

Unreal: https://twitter.com/The_PeopleDAO/status/1634524761744367616...

"Most DAOs do use spread sheet for collecting information and accounting. What tools do you suggest to use instead?"

I used to joke about how I was going to make my own shitcoin that was literally just that you could paypal me $10 and I'd add your name to a publicly viewable Google Sheet with your "coin" being that you'd own the row number.

I did not realize that was actually how this operated.

Let people buy multiple cells and arbitrarily set the formatting and you basically have reinvented the million dollar homepage.

https://en.wikipedia.org/wiki/The_Million_Dollar_Homepage

Actually that would be a pretty neat NFT project. With each pixel having its RGB value and a link stored on chain, the entire image could be reconstructed without having to be hosted anywhere in specific.

You’re a couple years late on that idea: https://steemit.com/advertising/@shazow/the-million-dollar-h...

I hope you thought about calling it SheetCoin. Please make it. I want row A.

Oh wow yes. I’ll pay a dollar for row AA.

Run it using doc-ker

jokes on you, rows are numbers, columns are letters :)

Dibs on Row 13!

This has already been done https://github.com/nalinbhardwaj/shiit-coin

Dibs on rows ASS, GAY and SEX.

I agree that the lessons learned is weak. The solution to a systemic failure like this can not be that everyone involved should try harder and be more careful. A solution is needed that addresses the weakness of the system.

How about a solution where the approvers need to forfeit a significant amount into escrow accounts to cover losses and receive a portion of the payout for their efforts and investment. Any payout would be systemically limited to the total amount held in escrow.

Writing this I realize that this perfectly describes a traditional financial institution. Not such a radically new idea.

So... they seem to have taken a trust or a co-op or something like that, and grafted a bunch of cryptocurrency stuff onto it. This gets you the disadvantages of both, and the advantages of neither. If you call it a "DAO", though, apparently the people you don't scare off also don't look too closely?

this is way too contrived not to be an inside job.

the only people dumber than those who believe this excuse are those that invested in it. 10/10.

PeopleDAO is not a DAO. Calling an organization a DAO does not make it a DAO. An actual DAO cannot hold title to property, meaning it is impossible to steal anything from a DAO.

PeopleDAO held title to property (in the form of Ethereum tokens that were allegedly stolen), making it a club of sorts, but not a DAO.

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