DAO Hub For Investors #10 – Lessons Learned From The Failed DAO Hub Investment

What’s up, guys? This is a Tai Zen again. And in this video guys want to talk about the bad call that we made on the DAOhub.org ICO.

So you guys know that we’ve been broadcasting for several years now. Made some really really good calls on lots of different Cryptocurrencies on lots of different trades and investments that we had. But the last the latest one that we did in the last few months from the DAOhub.org and we made a bad call on that one.

When I say we I’m talking about myself and I’m talking about LeonFu.Com and I’m making this video guys because to let you guys know there are several things that you guys have to be aware of.

One is that when it comes to investing and trading in the markets the key to success is having, being able to maintain your account so that you can weather the storm. If you have repeated losses where you make bad investments. You do it so that you cut your losses short or you only invest in a small amount to where if something happens you could still survive and live to fight another day or live to invest in another day.

So let’s just assume that if everything goes haywire they the DAO locket team cannot on the Ethereum community not come to a solution to where they can Hard Fork the Ethereum blockchain and refund everyone their Ethers. Even when that happens it sucks. I don’t like it and neither does LeonFu.com. However, we will still have enough Bitcoins to invest in future ICO and future projects because when we put money into the DAOhub.org ICO we want we made sure that we then, you know, basically put the house on it and lose everything so we still can survive

Now I’m making this video because I know that there are people out there that they see this Ethereum craze, this ICO craze and they see Bitcoin going up and a lot of times, you know, there’s a natural tendency for us to want to put all our money on the line on a Cryptocurrency that we just believe in so strongly that we just put everything into it. And that’s a very bad approach to take guys.

So I just want to share with you guys that you always have to be careful in case you make a bad call on that Cryptocurrency and just assume if I lose everything that I put into this will I still be able to live to invest another in a day or invest in a new Cryptocurrency a new ICO when it comes out. So make sure that you size the amount that you put in there correctly.

The second thing that we learned from this whole mess, you know, is that the issue with governance means when you guys hear people talk about Cryptocurrencies and they talk about governance issue that means that who makes a decision to make changes or corrections when necessary.

In most companies and most businesses that you deal with whenever there is a problem or an issue with the product or the service someone, the CEO of the company the director of marketing or the V.P. or somebody is there. There is a leader at the top that makes the final decision or the decision-maker that makes the decision to correct things or fix things. The challenge we have with Cryptocurrencies is that we don’t have like an individual a centralized individual because the idea of Cryptocurrencies is based on the fact that it’s decentralized.

So we have we don’t have one central figure even though Vitalik Buterin is the inventor of Ethereum or the co-founder of the Ethereum. He is not like the central figure that makes the final say so it’s the community. And every time you have more than one person involved. You’re always going to have a situation where you have a situation where it’s hard to make a decision on it. So just be aware of that guys those a couple of lessons that we learn from this situation

If you guys ever get a driver don’t get an Indian driver. Anyway, guys, the third thing that the lesson that we learned was these guys is that the things that we did not know about the DAO when we first invested into it. One of the things that we did not know was that when we first invested into it they said that if you don’t like it, you know, and you change your mind you get a full refund by burning the DAO tokens and then getting your Ethers back.

Now we thought that it was an easy process. We did not realize that there was going to be some technical glitches where somebody can attack the DAO itself and Fock everyone, you know, to have the situation that we have now. So because of that guys things like that, you know, these are the unknowns that we don’t know when we invest into it you know. But those are the things that we know now when I first looked into investing into the DAO I actually thought that you can just simply through their Ethereum wallet you can just send the coins back and then be done with.

I did not realize that you had to go through a lengthy proposal, yes I was aware of it. Yes, Leon told me that that was what’s the case but there’s one thing with knowing it and then actually really knowing it and understanding how it actually works. I did not expect the process to get the refund on the Ethers to be a big deal.

So when I originally invested into the DAO hub I actually thought I’m going to hold the Ethers for the long term. I might as well put some meters into the DAO because if I can get a refund anytime I want what is the big deal. If it goes up then it goes up but if it doesn’t I still have my Ethers I can just get a refund back on it minus whatever that has been allocated towards different projects.

So that was the reason why I invested in it. That’s the reason why Leon invest in it. We never thought that the technical ability the technical portion of getting the refund for the Ethers was so difficult and it was so vulnerable to an attack.

So the fourth thing that we did not learn. I mean, we did not know at the time when we invested into the DAO hub was that when when you invest into the DAO hub the whole idea behind it was that people would take that money that $150,000,000 and vote on what projects were proposals to send the money to and something that we did not anticipate and did not realize or did not know at the time.

What was that how long how hard it was to get a large number of people to even vote on an issue. So there were several proposals that were submitted to make sure that the security flight to take care of the security issues for the DAO that the slack team proposed and it was difficult to get that passed and to get approved and that was just to secure the funds in the DAO. And it needed 20% of the votes from the DAO token holders. And that was extremely difficult to get people to even to get 20% of the investors to even vote yet to that. I’m guilty of it myself.

So I’m not saying I’m not blaming anyone I did not vote for any of the proposals. Neither did Leon. And what we came to find out was that the majority of people wanted to just invest the money into the DAO but nobody actually wanted to actually do the research into the proposals and actually vote on them.

So proposals were being submitted to the DAO hub and they were not receiving the funding that they needed. So if it hadn’t been for this DAO attack if more proposals had been submitted I seriously doubt that we’d been funded anyway.

So those are the things that we discovered guys that lessons that we learned from this bad call that we made on the DAO hub I hope that sharing with you guys will help you guys learn it and off you guys like this video. And I’ll see you guys in a feature video. Give me a thumbs up if you guys like it, thumbs down you guys don’t like it. You guys soon.

 

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