FAQ

• Q. How much is the membership share purchase?

A. Share price goes up and down with the value of the club and the number of members. Our intention is to make the club accessible and inclusive but invested in the club through ownership. See our Fees page and connect with us on Discord for current pricing.

• Q. How can I be sure that my funds will be returned if my proposal doesn't get approved?

A. It happens automatically via a smart contract. The technology framework doesn't allow the club or members to access your proposal funds outside of the proposal process. For technical readers, the code and documentation for processing proposals can be reviewed here. See step 5.

• Q. What if I don't like the club or its members?

A. You can leave the club at any time and your share of club assets will be automatically returned to your wallet via the 'ragequit' function of the smart contract.

• Q. What cryptocurrency do you use?

A. We chose DAI for three reasons:

1. DAI is a stablecoin pegged to the value of the U.S. dollar (USD). This makes its value stable relative to the price volatility of unpegged cryptocurrencies. Because DAI has a 1:1 value with USD, it also makes it easy to immediately see how much money you are sending or receiving. 

2. We needed a currency that runs on the Ethereum protocol which supports smart contracts. Smart contracts enable the basic structure and functions of decentralized autonomous organizations (DAOs).

3. Ethereum transaction fees (gas) are high. DAI's transfer fees on the Gnosis Chain are typically <$0.01 USD.

• Q. How do I buy DAI?

A. You can buy Ethereum (ETH) directly via the metamask wallet and swap it for DAI. If you already have ETH you can send it directly to your metamask wallet and swap it for DAI. If you have another currency like Bitcoin you can swap it for ETH or DAI on exchanges before sending it to your wallet. Chat with us on Discord for additional help.

• Q. What is metamask?

A. You need a cryptocurrency wallet that connects to the Ethereum blockchain to identify yourself to THE CRYPT and to submit and vote on proposals (e.g. request membership). We don't recommend specific wallets, but Metamask is a popular wallet app that works with web browsers and smartphones.

• Q. What if you get hAcKeD?

A. Individuals can't remove funds from the club treasury without a member vote. This minimizes the risks from internal bad actors and from social engineering by external bad actors. The code for the platform is openly reviewable for bugs (open source) and has received successful security audits. There are hundreds of organizations on this platform none of whom have reported having been hacked. 

THE CRYPT itself is not intended as speculative investment vehicle, so it doesn't keep significant assets in its treasury (aside from those necessary for club operations). Other DAOs are organized as investment vehicles and present a much larger target for hackers. We anticipate having more invested in physical assets of the club than in the club treasury. Physical theft of real-world assets is a more realistic concern and one that we take steps to mitigate.

• Q. What if I don't live in Austin?

A. Austin is the first chapter of THE CRYPT. We intend to develop chapters in major cities with crypto enthusiasts. We plan to document our learnings from developing the first Austin chapter into a field guide for bootstrapping chapters in other major cities. New chapters may not have a private dining club initially. They may meet at commercial or private venues around town initially and seek crypto payment arrangements. The club intends to develop a source of loan funding to support the opening of private dining clubs for successful local chapters. If you are interested in founding a chapter in your city, join us on Discord.

• Q. How long does it take to become a member?

A. It takes less than a week for your membership proposal to be approved once you have submitted it via the blockchain.

• Q. Why is your club named 'THE CRYPT'?

A. We wanted a simple name that referenced both cryptocurrencies ("crypt") and an actual physical gathering place for our private club. Historically, crypts were hidden stone vaults beneath churches.

• Q. Why do you need privacy? Are you doing bad things? Are you a secret society?  

A. That's three questions:

1. Everyone needs privacy. 

2. No, but society's definitions of bad things change. Homosexuality, interracial relations, gun ownership, marijuana use, abortion, political speech, labor organizing, atheism, religion, private property, and non-governmental currencies have all been illegal. We believe in freedom and therefore in privacy.

3. Yes, we are a secret society. We are just really bad at it, hence our publicly accessible website and chat forum and our transparent, blockchain-based organization. /s 

• Q. Are you sure you aren't a cult?

A. You got us. But instead of charismatic, authoritarian, dogmatic believers we are independent, skeptical, free thinkers who like to get together for drinks and discussion. Send us your questions or join the cult.