SplitDao - Taking Your ETH OUT
There still continues to be no clear details on how this is done. Lot of pontification, lot of guessing, no step by step instruction so far. At first general easy peasy lure information was provide "just call split dao, make yourself a curator, select any period to vote yourself in as curator, once as curator, just transfer your eth to a new dao and out" . Sounds simple enough and the dao grew by leaps and bounds.
Then it slowly trickles out that you need a minimum of 1 week to vote yourself to be the curator of your own dao in order to instruct it to send your eth out. Now coupled with the short overall proposal time to vote in the main dao of two weeks, one has to be fully aware of this and not leave it to the last minute to get your eth out.
But now it looks like the time frame is even longer. now it is coming out it takes 27 days to create your own dao, the same cooking time the main dao is taking.
This is another step that is not clear to anyone.
So if accurate and true it is 7 days to vote yourself to be the curator + 27 days for the new dao to cook and only then can you remove your eth.
This has to be cleared up very very quickly before panic ensues.
Everyone is under the impression it is min 7 days, now it appears min 34 days. You eth if you do not wish to participate any longer will be tied up for 34 days before you can remove them.
Lets go through the written steps to make sure this is the case or not the case:
https://github.com/slockit/DAO/wiki/How-to-split-the-DAO/5aaf1991776b1bb5b50389c00fa6c9f622ed2954
step 1.
In the case a single token holder, or a group of token holders, does not a agree with decisions by the curator and following proposals to a certain address, he can split off the original DAO to a new DAO.
step 2.
In order to initiate a split, a token holder needs to create a proposal ..After the debating period, which is at least 1 week, the token holder can then call the function splitDAO
step 3.
The first token holder calling that function for this proposal will automatically create the new DAO. ... After this process, the portion of the ether and the portion of the reward token belonging to the send of the transaction are moved to the new DAO. Finally, his DAO tokens are destroyed.
step 4.
The new DAO which has been created will now go through the same 27 day creation period as the original DAO. This is the time for every token holder who has voted on the proposal to join the new DAO by calling splitDAO
step 5.
After this time the new DAO is fully functional, and the curator can add addresses to the whitelist and proposals can be created, be voted on, and executed
tl;dr
if you don't want to participate in the main dao any longer, you call a proposal, in the proposal you call for a new curator, you call yourself, the curator, you have to vote yourself to be the curator it it takes 7 days to do that, once you are the curator, you can create a new dao, and transfer your tokens in to it, this new dao you created must mature for 27 days, before you can give it instructions to transfer your eth out.
Say it ain't so :-(
Who knows if is this 100% accurate??? Surely there is a setting to shorten the 27 day time for the newly created dao to become live where you can instruct it to transfer your eth out? If not wow everyone is in a world of shit 34 days locked in the new dao before you can remove your funds.
Posted May 10, 2016, 7:20 PM UTC · edited
I'm actually still reading the whitepaper so correct me if I'm wrong, but can't I freely give my DAO tokens to anyone on the Etherium network? In a sense, I can basically sell my stock to anyone. Also, let's not forget this low liquidity is generally better than what you get with vesting options in a shared stock company. I literally cannot sell my stock options to anyone until my company IPOs, as in there is zero liquidity. This lack of any liquidity is why the DAO is designed. If you need liquidity less than a month, you shouldn't be investing in stocks because clearly your risk is too high.
Yes you can start trading the tokens immediately after the sale. But as I say, who is going to buy it one day after the crowd sale when they could have bought it themselves the day before. Unless value is created or perceived to be coming when no more tokens are being created.
Yeah forget about cashing out due to rent or lunch money. How about the eth price goes up to 100 dollars on May 10. You can't cash out you have to sell your tokens which still have no added value yet. Even worse, say May 10 eth hits 100 dollars, and May 11 slock.it submits there take it or leave it proposal, and the dao rejects it out right and never has contact with slock.it again. How much do you think people will be prepared to pay you for your token despite the high price of eth, with now no proposals of any kind even being discussed in the near or distant future.
Probably nothing, but I'm ok with this. Marginal utility of the dollar is at play here. If I really do feel like TheDAO is too risky of an investment because I feel like I need to liquidate in less than a month, I don't invest in TheDAO.
yup, that is the other half of the point as pointed out to the other guy.
The sudden surge or continued flow of funds into the dao was a result of many people being told that they can get a refund no matter what. Once everyone heard this they jumped aboard. At the same time many also asked for details of the refund. All answers given by self-proclaimed experts all answers given by the creators of the dao omitted any information about a time frame. Just that yes indeed you can get a refund it is simple, do this do that then do this, and so everyone continued to throw money into the dao.
Now if from day one when it was explained that you could get a refund, it was explained that yes you can get a refund but it takes 34 days to get it, how many people would have blindly thrown in money into the dao and others continue to do so? This critical lock up period of 34 days appears to me to be an intentional omission. This is the issue I have.
To me that just sounds like bad investment research. The whitepaper does explain how a refund can be distributed, and it mentions it takes time (at least a week for a split, and designation of a new curator, and a proposal to refund which is at least 2 more weeks). TheDAO contract seems to not implement a way for someone to immediately refund, so by putting money into TheDAO, you're asserting you understand this.
Here's a prime example of what I have been saying.
https://forum.daohub.org/t/how-do-we-get-our-eth-back-from-dao-tokens/749/10
This is a representative of the creators of the dao, answering when asked how do you get your money back. This simple version without any reference to a critical lock up period is all that anyone knows till now.
"""To do that we had to enable “Splits.” The way Splits work:
1.Any DAO Token Holder (DTH) can create a Proposal to request a new Curator. In the case of a private split they would name themselves as the new Curator (but this can also be done as a new open-to-the-public DAO Creation).
2.The DTH would vote for their own proposal.
3.They will call the function SplitDAO() and split The DAO.
4.Their old DAO tokens will be destroyed, the digital assets that the old DAO tokens represented will be moved to the user’s new personal DAO where they control 100% of the new DAO tokens to do with what they wish. (Including sending their ETH to an exchange if they desire).""
If you are speaking from the position of token holder of The DAO then it is YOU who decentrally are The DAO. It is YOU who did not inform the others that YOU allowed to invest in YOUR state-of-the-art managed account that YOU would not have liquidity for a few months.
Since you seem to be complaining about the amazing innovation allowing you to get your Ether back I hate to bust your bubble but there was a second innovation here you'll appreciate less. People used to crowdsale new blockchains. Tokens are instant. You sometimes had to wait nearly a year to get your slice.
That being said I bet selling on an exchange would net you the most.