Crowd-funded and investor-directed venture capital fund. This is DAO or Decentralized autonomous organization. Hacktivists realized it and it is because of this reason that soon after it was launched with $150 million in crowdfunding in June 2016 and it was immediately hacked. The hack cost a whopping US$50 million in crypto-currency.
DAO was started with the objective to provide a new decentralized business model for organizing both commercial and non-profit enterprises. (I wonder how much model holdings will go to non-profit enterprises) I sound very critical and I am. There is so much bu**sh*t in this crypto-currency world. There is no consensus and here are these good doers.
They have labelled DAO as stateless, and not tied to any particular nation state. As a result, many questions of how government regulators would deal with a stateless fund were yet to be dealt with. The previous statements are exact quotes, not the product of my crazed imagination. Read the wiki with an open mind and you can see the flaws in this whole arrangement.
Am I right or is Mr. Robot taking toll over me.