On: The DAO close to $100m in funding. Soon to be the largest crowdfunding ever

[windowshopping]

Anyone who can explain what this is, much appreciated. Judging from comments here I'm far from the only one without a clue despite reading the page.

[znt → windowshopping]

I think DAO is a complicated abstraction layer over blockchain protocol, meaning that when you get hacked you don't know how much money you actually lost.

[sopooneo → znt]

That sounds about right to me. Any insight on how it/they managed to get 100 million in funding? What do all the people sending money think "DAO" is or does?

[znt → sopooneo]

It says "107.21 M USD EQUIVALENT" without any evidence. I highly doubt that amount is legitimate.

Or they may be laundering money as well, I wouldn't spend too much time thinking on this.

[simondlr → znt]

It's done by taking the amount of Ether it has already raised * the current price of Ether. See it transparently on the Ethereum blockchain: http://etherscan.io/token/TheDAO

[revelation → simondlr]

So yes, not $100M at all. The market for Ether is about as liquid as that for my own imaginary currency.