RE: My humble statement on TheDAO

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My humble statement on TheDAO

in ethereum •  8 years ago 

Unless the plan is to create a completely separate nation-state with a separate legal system, there is no reason to not take into consideration the background law of contracts that has been developed over centuries.

First, to the extent there was activity in the United States, there will be jurisdiction in U.S. courts, both civil and criminal.

Second, relying on an obviously defective provision in a contract, that leads to a completely unintended result has come up many times. If the price is $2 million and by mistake it is listed as $2, the court will not enforce it. There is no contract if a mistake of fact on one side alone exists - there needs to be a genuine "meeting of the minds" where both parties are actually agreeing to the same thing for a contract to even exist. The claim of the attacker that the defective smart contract gives them the right to "snap up" an unfair and unreasonable benefit is at odds with the law, and should be rejected by most courts in the U.S.

Third, the attacker's claimed interpretation of the contract is bizzarely at odds with contract law, and there is thus no legitimate defense to a charge of grand larceny that "I thought I owned it, or was entitled to it". That said, there is no guarantee the FBI or any other law enforcement agency will have the resources to pursue this, or be effective. But it is probably worth the effort - someone should be designated to hire a lawyer and file a criminal complaint - to at least one district attorney, one state attorney general, and the FBI.

Fourth, as a general matter, when technical innovation happens with the attitude that existing laws can be ignored, and there's no reason to get legal advice, stupid consequences are sure to happen. I admit to not being fully informed on the extent legal advice was obtained in crafting this project. But the attitude that the law doesn't matter is right up there with saying that your feet don't matter because your project is to build a self -driving car. Be a little more pragmatic, and open doors instead of trying to break through them with your head.

A positive attitude, that is pragmatic and sensitive to the nuances of the world will be much more effective than any ideological blinders that prevent making the best of ANY circumstance youre faced with. Letting the slimy attacker rob you of tens of millions is just bizzare martyrdom. All you prove is your rigidity and "does not compute" robotic self-destruction mindset.

Yes I am a lawyer. No, I do not provide legal advice for hire or otherwise (i.e. free). So I hope I do not have any bias or conflict here. Just trying to spread sunshine and roses. Not providing legal advice, and not speaking for anyone else.

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