Sports Card DAO

[swarmee]

Originally Posted by Fred

How does a group IPO a DAO?

A few posts back there was mention of a "fund" that originated at $3.1M and is now worth over $11M. The assumption is that if there were 3.1 million "shares" at the beginning, then each share would now be worth $11. What happens if I decide I want out NOW, rather than later? Are there people in line waiting to pay $11 a share for that "fund"? Who handles the transaction and logs it and how long would it take to get the funds from selling the shares?

Well, each share in your example would be worth $11/3.1 = $3.70 each. In case you wanted to sell, you would line up a buyer to purchase your shares, similar to the Collectible and RallyRd transaction marketplace. In Blowout's unopened, you may have to indicate willingness to sell to the oversight company who then offers it to the next person on the waiting list willing to buy in at your sale price.

I think the DAO idea is terrible, even worse than storing stuff in the PWCC vault. And you know how much I abhor PWCC. What if 50% of the cards bought by the DAO are later found to be trimmed in BGS and SGC holders, with no grade guarantee in force at either company? I'm sure the DAO token owners will all make the right call at that point in time. Or if the bank vault the cards are stored in is flooded. How does insurance pay out? If you're really going to be a part of this, read every document and ask every question before you throw cash in the hole.