$1.3 Million USD considered to expensive by the community ((125k x 0.022) * 480 ) ; cheaper proposal inbound
Slock.it has acknowledged the negative feedback that its first proposal received, the German startup has decided to present a new, thinner version. Slock.it will update the DAO general framework for free, and the security team has been reduced to only one member.
The German startup received heavy criticism for its latest proposal, Slock.it presented yesterday a 125,000 ETH budget to The DAO for security updates to the code, a dedicated security team of 2-3 ‘experts’, and a bug bounty program. The proposal wasn’t well received by the community, as many claimed that it was overpriced, and saw it as a clear mismanagement of funds. Stephan Tual, COO of Slock.it stated:
This is precisouly the same reason why we see the anti-dilution people in BitShares. Since workers are paid out in volatile BTS, they don't want to pay workers anything at these low rates.
At least the BitShares community has realized that paying people in a volatile currency is .. well .. not working.
That is why I love the idea of paying people on Steemit with "USD" and vested voting power!
Good job @dantheman
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The proposal seemed off when it was announced since it seemed to fly in the face of the values of a DAO having been unilaterally decided the way it was. Its good to see they're listening to feedback and making adjustments accordingly.
That said, I'm not sure why stable/smart coins couldn't play some role in mitigating the risk. Perhaps there's other things to consider, but it seems like a successful DAO would rely on some kind of value pegged asset as at least a part of its model.
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agreed; Ethereum learnt the hard way with BTC devaluation; and VB is somewhat involved with this project (curator) so maybe they will look at diversify their holding; i think DOGE is build a proposal for a pegged DOGE on Ethereum.
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The DAO may not go through what Bitshares went through due to critical mass. When your dealing with over $130 million, you can fund a bunch of neat blockchain projects and not have to worry about it that much. Bitshares at $10 to $20 million market cap (before bytemaster left Bitshares (he had to)) never had the traction ethereum had which was basically an advertising fault. The DAO was even mentioned on the front page of The New York Times, which is arguably the most famous daily in the world.
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