The only valid use case for the DAO so far has been to steal shitloads of ETH
I just wrote about that:
So the hard fork to recover the ETH means Ethereum is not decentralized. It is a top-down controlled fiat system.
I don't know if "top-down controlled" is the right description, its more like a democracy where the majority can vote to strip the minority of its rights.
Democracy is a top-down structure because it is a
winner-take-all power vacuum.
But I see a
very valid use case to raise money for and remove regulation from raising investment money for ventures. And giving decentralized oversight to investors replacing the function of a Board of Directors.
Note I had predicted yesterday this disaster:
Btw I agree that there haven't been really serious achievements from altcoins. Ethereum is an unfinished and highly unpolished work, that doesn't yet have a killer app. The DAO is an unmitigated disaster in the making.