Nice write-up. I thought it was a cool of the devs to make this a coin exchange instead of a plain-old ICO. They could have probably raised more money if they did the later but it would have been worse

I see what you mean, really good point. I think this still implies a cap on the maximum value of The DAO, but rather than it being the market cap of ETH, it's the present value of all future trading of

Thanks for the response, you sum it up well. Again, I really enjoyed your post yesterday.