Topic: [ANN] Ethereum: Welcome to the Beginning - page 1309. (Read 2006003 times)

Who/what could stop them giving themselves a $20million annual salary for developing?

Interesting but I'm not comfortable locking down my investment for 1-3 years. The uncertainty about the future of Cryptography currency is too high making long term commitment risky.

They want to change the world as we know it and earn $20,000 million?

Who/what could stop them giving themselves a $20million annual salary for developing?

Some of you have said "but they get the bitcoins, and then they get a share of ether, too!" But you aren't reading their terms carefully enough--those bitcoins go to pay for development. They do not go into the pockets of the founders (other than inasmuch as they are paid salaries, as employees).

So there's a lot to read before asking a *completely* educated question about Ethereum, but hopefully I'm not jumping the gun too much...

Because Ethereum has a Turing complete scripting language, you cannot necessarily know how many cycles a script will take to execute, but Ethereum charges a fee based on how many cycles (past 16) that it takes your script to execute, how are you handling that?

Only time will tell who succeeds in the end, maybe more than one eh? This is the first time since Bitcoin i have seen something really disrupting being introduced to the community. I have confidence Vitalik will see this to completion.

What happens to these MasterCoins, ColoredCoins, OpenTransactions or NXT projects?

Congratulations! I've read the white paper (twice) and I am beginning to understand about 25% of it! Whenever I hear about protocols that support building custom currencies, I get all giddy.

The feeling I had when I first learnt about the MasterCoins project, or ColoredCoins or OpenTransactions or NXT has just been magnified even more by seeing what Ethereum is about to bring to the table.

I will be keeping a close on this one.

Hey, I don't really understand this, can someone explain it to me? Thanks a lot. It looks cool, but i'm not exactly sure what it is.

early investors for taking a really HUGE risk due to the uncertainty would be rewarded by a bonus of 10*initial investment for the first week and then this bonus decays by 2 percent per day for the remainder of the fundraiser until it reaches a floor of the base exchange rate of 0.001 BTC per 1 Ether

Regardless of which technology stacks survive and/or thrive, I think we can all agree that the financial world is in for some major upheaval!

I've read all 28 pages on the other thread, and all the posts on this one so far. I'm surprised at so many people who are opposed to the founders' share. My take on it is this: if you invent potentially world-changing technology, and that technology succeeds, you deserve to be rewarded. I don't see anybody here complaining about how much money Larry Page and Sergey Brin made off Google!

The founders' ether doesn't even begin to vest until one year after launch, and doesn't finish vesting until three years after launch. That means two things: first, there is no "insant profit" for the founders...they only make money if they create long-term value. Secondly, their premine shares are "locked," which means that even though there is an initial 33% premine (0.5X), no portion of that money will show up on exchanges until 1-3 years have passed. For all practical purposes, that ether doesn't even exist until it vests.

Some of you have said "but they get the bitcoins, and then they get a share of ether, too!" But you aren't reading their terms carefully enough--those bitcoins go to pay for development. They do not go into the pockets of the founders (other than inasmuch as they are paid salaries, as employees). If you think they are lying, well that's another thing entirely. Given the caliber of the founders' and their reputation, I think that is seriously unlikely.

Another thing I don't understand is how people understand ratios so poorly. Would you rather 1000 coins at $10 profit each, or 100 coins at $100 profit each? (HINT: It's the same amount either way!).

TL;DR If you think ethereum just faces too many technical and legal hurdles, or that it's just too risky, then don't invest. But if you think this has true potential and you decide not to invest "on principle" because you feel like the founders are making too much money, then you're a damn fool.