vanfunding oct 18, 2016 3. stories from the edge - key lessons from the dao (bernd petak)
TRANSCRIPT
Whoops!Lessons from The DAOA $146M Decentralized Crowdfunding Experiment
Bernd Petak
@berndpetak
I’m an observer and analyst,
not a political advocate for Crypto-Tech
Disclaimer:
Massive Oversimplification Warning!
Objective
Secret Objective:
Highlight what is going on just over the crowdfunding horizon
What is The Dao?
What is The Dao?
How Did It Go?
In 28 days, The Dao raised approximately
11,000 “anonymous” investors
14% of all Ether currency was invested in The Dao
Multiple companies lined up for funding from The Dao
$150,000,000 USD
How Did It Go?
Within days of crowdsale close, things went sideways
Two prominent researchers raised a warning
Days later an exploit took place
$50M of The Dao’s funds were siphoned off by the
perp
How Did It Go?
Ethereum Foundation stole the $50M back
The Dao is essentially and practically dead
So What?
The Dao was not just a failed crowdfunding
experiment
It was also an incredible learning experience…
…and probably also a picture of the future.
So what did we learn?
1 - This Stuff Is For Real
There is high demand for decentralized crowdfunding
2 - You May Succeed
It pays to prepare for unexpected over performance
3 - Watch Out For The Unknown
Unknowns
In true innovation, we know nothing
4 - The Crowd Is Your Best Frienemy
You DO have potential exploits, they WILL be used
5 - The Time For This Stuff Has Arrived
Decentralized apps are here to stay, but so are centralized
ones
Bottom Line - Godda Break A Few
Eggs
Conclusion
As a room full of innovators, can we learn quickly
and make amazing things happen despite the
risks?
