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Trying to Buy a Town with Ethereum
20 points by ericmcdonald on June 3, 2017 | hide | past | web | favorite | 15 comments
My colleagues and I are attempting to crowdfund the purchase of a town with an Ethereum smart contract.

You can find the contract source code and additional information here: https://github.com/3th3r3um/Johnsonville

To pick one of many red flags: if they bid for the town and lose to a higher bidder (price might be around $2M), "There is no refund mechanism coded into the contract per se; this does not mean refunds will never be possible, though."

That seems like the sort of eventuality one should think through in advance.

So, if someone donates more than me, then I would lose my patron status and do not get donation back?

It is possible to donate more than someone and still not be patron, e.g:

1. I donate 1000 eth, become patron #1.

2. Someone donates 1003 eth, he becomes patron #1, while patron #1 (me) is just forgotten (does not become patron #2).

3. Let's say places #2 and #3 already occupied too with donations of 999 and 888 eth.

4. I donate another 500 eth, so my total contribution now is 1500 eth, but I still do not make it into patrons list, despite I have donated more than anyone else.

5. Sad. Cevfefe.

Thanks for the constructive criticism! I pretty much expected someone to tear my code to shreds. I'll have an updated contract by the end of this weekend, and have it up for review on GitHub before we launch the new contract.

It also seems to be based on the account balance of the patron, not the amount they contribute.

You are right. The code does not stand any critique.

It does not. But my team has at least established that interest exists, and we are actively working on a new contract, stay tuned!

Is the "binding arbitration" section a common thing in Ethereum contracts? IANAL, but it seems like participants are agreeing that if shit goes sideways they (#1) can only seek arbitration which (#14) they have to pay for which can (#12) not pay money damages - and which (#9) they're never allowed to talk about.

Why not convert to USD after a token sale and use that money to buy the town? Smart contracts are a solution searching for a problem. To date no one has done anything even remotely impressive with smart contracts except lose tons of money.

Thankfully, people have torn this source code to shreds. The good news is, the constructive criticism will allow me to update the code and release a new contract by the end of this weekend, stay tuned! Thank reason for open-source code!

Funny, I just stumbled upon that real estate listing the other day and live in the northeast. Is there anyway to reach you to hear more about the project? Crypto real estate crowdfunding is super interesting!

Send me an email at ericpmcd@yahoo.com (also listed on my github repo). I'd love to network with other interested people!

Is that the entire plan? Purchase a town with Ethereum?

I think our president at least supplied a bullet pointed one-sheet with his tax plan.

What will you do with it?

The town should basically be a cryptoanarchist haven. We could put in servers, run fiber optic lines, set up mesh networks, the possibilities are endless. Basically if we're the local government, we don't have to deal with the red tape involved with having a local government

Tax in Bitcoin or other crypto currencies. Native IPv6. Symmetric fiber internet connection. Count me in.

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