Unheard Voices In The DAO
I'm probably one of those few people who invested quite a significant portion of his ethers into the DAO. It's not a whale-ish amount by any means, but it's quite a huge chunk out of my crypto-networth nonetheless. Being in one corner of the world with almost zero awareness of cryptocurrencies, I've banded along with some other friends, pooling our DAOs into the same account so we can put "some dent into the universe". It's not even 0.00003% of the total net worth in the DAO, but that was how hopeful we were.
It's a big lesson to learn as we entered the market late at about 10 USD per ether. And here I am writing this after spending two weeks in silence, reading up on what the community thinks about the DAO Token Holders. Most think that the DTHs can afford their losses, and the DAO is high-risk to begin with. Sure, it's highly probable that the top whales in the DAO are early Ethereum backers. But there are others like us, small holders with exposed financial risk. What went through our mind was simply - it was a cool revolutionary project so let's be part of it! Perhaps we were just naive in our thinking that the security is way better than putting it through a centralized intermediary, so we thought there shouldn't be any problems.
Our risk assessment was mainly on the contractors and projects that the DAO will employ, not the vulnerability of the ether pool contained in the DAO. We went through the code, at least. There are lots of debates going on around, and very loud indeed although in textform. Reading those really made us feel embarassed for "being so stupid". It was hard to speak up. But in our minds it was theft, pure and simple.
However, it was kind of illuminating to see some legit concerns to be against the forks. It's just that the "natural selection" part of it feels a little too hard-edged when something can be done.
That said, there are probably others who are stuck in the same situation. Or maybe even worse, perhaps putting in more money than they should. I think most of us who are in cryptocurrencies can at least resonate with the idea of us being in the game because we kinda lost faith in "Old Money" in the "Old World". Personally, I've read the T&Cs and wholly accepted that everything in the DAO could evaporate, including my share. It's certainly is a tough pill to swallow, but I guess I'm just writing in so the rest of the community could weigh in on our previously unheard voices.
I sold my tokens and took a loss of about a third of them.
Still I'm open to a hard fork. Why make criminals of the people that made an honest mistake writing the contract, but let the real criminal walk away with the money?
It's like you leave your home and forget to lock the door (faulty contract), I walk in and take everything in your house. There are two people at fault here, but only one criminal that made a conscience decision to steal. He knew that door had not been left open for him.
Thinking if I should just sell out when it hits the next peak. I think there's still about 10 days to decide on a HF before things get complicated? It's the potential complications arising out of the HF that makes this a grey area.. - or else, it's clearly black and white.
Our vast efforts will ripple across eternity.
After every crypto-disaster, we always seem to be reborn anew.
This is only the beginning. The future is near.
I haven't been through enough apex's since bitcoin's time :). Mined a few BTCs with a laptop back then, but pretty much consider myself a "believer" since early 2016. So this is my first disaster!