So, now that everyone knows Vitaly is just an autist; what's the next hype-coin to short? Some more R3 garbage coming?
I can see from your post history that you talk a bunch of shit, but
do very little. Must be a sad life... So, what would you do to make improvements? Changes you'd like to suggest to those projects?
Scrap it and next time don't launch on a presale. Presales are all scams (or at least you can't present evidence they weren't). Why wasting the time of everyone involved with an almost certain scam? If people were serious about the technology they'd launch without ico/ipo/ito crap.
When talking about sytem: complexity = attack surface
If you want a coin that can survive you should make it simple. This convoluted coin is a joke. Priorities of the project were very strange. No sense for security or user-trust at all; no idea about governance. Leadership looked like they had no idea what they were doing.
Yeah, so that's that.
Tech comes second. Monetary policy comes first and if that is botched with a presale already you can pretty much scrap it right out the gate. Presales are dead on arrival if you're trying to make something more than a toycoin. For me mETH wa a toycoin from day 1 - just the hype irritated me a bit. Everyone should have known it doesn't have a future just because it was presold. How come people started praising it as the next generation bitcoin? Looks very scammy to me because it was clear as day this wasn't going to live up to the hype. A lot of money was stolen from a lot of people. I think projects like thisw hurt the image of the entire space.
So that'd be my suggestions for a more successful next try: fair launch and a minimum of a plan for governance.
The hardfork-adictedness is ridiculous too. Hardforking a lot doesn't mean the coin and the community is "agile"; it means the coin is broken and needs to be fixed all the time. A good coin hardforks only very few times.
I disagree with your premise: a presale does not automatically make a coin a scam or doa. In fact, I don't see the rationale behind that statement at all. Can you give some examples/justifications? The purpose of a presale is to provide funding to a team to develop something the purchasers of the presale would find value in. And if the team is good, they're able to manage and utilize those funds to execute on the project. It's why people buy into such things, and imo, the product delivered has been in line with announced roadmap. I've seen just as many coins launched with no premine, ico, or otherwise that have fallen off the grid just as fast; we all have in fact.
It's true, increased complexity means a greater attack surface. But how exactly would you go about accomplishing everything that Eth has and yet make it simpler? I'm not sure how "techy" you are, but I'm a software engineer working in molecular diagnostics, and I can tell you: complexity in a system is inevitable if you want to do more than a -> b -> c. Let's remember: Eth is the first of its kind to do what its done. There was no precedent to follow, no complete repositories of code to clone. Also, don't forget: making a system robust (which everyone wants) also adds additional complexity. It's simply unavoidable. I've read the code. I follow some of the githubs. IMO, the dev work as been quite good. Have you done any of this to back up your opinion, or is more gut-feel?
I agree though, the frequent hf's have been unfortunate. It's not nice to see, that's for sure. But considering what they've done for the chain, I'd much rather the team implement the hf's and learn from them, then to not hf and leave shit as it is. The only way to move forward is to make progress. No progress == stale coin.
presale =
unlimited and
undisclosed and
free premine for the one issuing the presale if/when he/she buys into it him/herself. Not buying into it yourself would be pretty stupid, right? You think those devs are saints? There are hundreds of topic on the issue on the board here. You must be a noob? Why else is everyone and their mom crying scam?
If you offer free money to 100 people: 100 of the 100 will take it. It's human nature and that's why presales are shady.
If you want a one-time pump and dump a presale will do fine but if you care to create a product which should live for a while you would care not to premine and presale if you were smart. Opening a market with a presale in crypto means right from the start the coin won't be a store for value - no moneytoken; just a toycoin.
What did eth achieve? Haven't seen anything remarkable so far. Something that's actually inovative and functional to show? I've been asking for a usecase for a long time. Nobody could answer this in a straight forward fashion.
The point being: not even bitcoin is really working to a satisfactory degree. Other coins neither. Eth-folks are like someone living in 19th century telling Rudolph Diesel his engine wasn't needed because people would build rocketships directly. Then the rocketship tanks of course because the car isn't even there. May i ask on what foundation is eth building? On nothing. It's made from scratch pretty much. Completely experimental of course - and people should haven been told "it's experimental" instead of hype.
Presale and false hype going together smells like fish. Really old fish.
For the tech part:
can't really compare crypto to anything since access is permissionless and global. So if everyone has access, that's quite a lot of risk. I don't think it's realistic to think one could secure a coin longterm which is many magnitudes more complex than bitcoin for a public network anytime soon. People will still try and fail.
As i said: i don't see eth made any real accomplishements. It is broken.
I'd recommend to try to achieve things in smaller steps and build upon what is working.
I wouldn't know what functionality btc is lacking. One might have to be a minimalist to even wrap the head around it. What functionality does your dollarbill in your pocket have? You think your money would be worth more if it was more colourful or had an extra gimmick like smelling like peaches? Would you pay 1,50$ for a 1$-note because it smells like peach?
I doubt there is demand for more feature rich money.
People who try to build ultra complex cryptos just show they don't understand what money is or what purpose it serves. No wonder they end up scamming people.
The hardforks aren't "unfortunate"; they are "like expected".
If you think making a system robust adds complexity you shouldn't work in security.
Not saying the idea was worthless; just saying "too much madness, too much ambition, poor leadership, obscure moneydistribution because of presale, too much pump and dump. In short: not enough realism. Just a mad hype-parade which makes pretty much everyone loose money.
Next time around maybe take one step at a time or it'll fall on the floor again because of too many issues.
So you tell me there are still people holding? I would have thought the sentiment is 'it's dead' already. Am i too soon?
Lol, look at it - it even has accidentally forked into two blockchains and now barely syncs anymore despite hardforks left and right. Why don't these hardforks fix things but keep making things worse? Of course it failed. Hardforks rarely make a coin better; the opposite is the case. It's not intuitive and it doesn't need to be.
Well, I mean it was called an experiment right from the beginning; the risks were laid out (
https://ethereum.gitbooks.io/frontier-guide/content/index.html) and people built hype over it because of what it can do. Something that's innovative and functional to show? Where have you been?
Have you even bothered to learn about the tech? Maybe take a look here as a primer:
https://en.wikipedia.org/wiki/Ethereum#Applications The use cases are there. Is that straight-forward enough for you?
This is the first chain to have Turing complete contracts running on the blockchain itself. That's the big highlight. Other coins don't have this, and the few that do implement contracts (
https://ciyam.org/at/) don't have such a nice solution to empowering those contracts as Eth does (e.g. use of "gas"), at least not imo.
So far this hasn't been just a single pump and dump. I know what you're saying though: I've seen exactly the type of coin you're describing where shady presale or premine or ico occurs, and within 3 months there's been little/no updates, no exchange recognition, and price went no where but down. Eth on the other hand has a working blockchain for over 15 months, has hit the first 2 major milestones with the projected features that was laid out in the roadmap during the presale (Frontier & Homestead), with progress towards features for the next major milestone, Metropolis (also laid out during the presale), clearly visible to the community. Let's not forget the market cap. Yes, it could still be a bit inflated, but you can't argue that it shows something. "Put your money where your mouth is" is the expression, and the community has done so. The coin is being used and traded rigorously. All these things considered, Eth no longer fits the bill you're trying to describe as scam.
I know it's simply a difference of opinion, but I prefer innovation and risk taking over baby-step approach. Let other teams take baby steps over the BTC implementation. Maybe look to Decred if that's what you like. The disclaimers were given out, and it was even in major media outlets how risky Eth could become, both technically and for the project (
http://www.nytimes.com/2016/03/28/business/dealbook/ethereum-a-virtual-currency-enables-transactions-that-rival-bitcoins.html?_r=1)
Sorry, but I'm still quite unconvinced that Eth is a scam and is not functioning, or "dead". Even the basic metric of 24-hour volume (9,879 BTC according to coinmarketcap) shits on your theory of dead coin.
Edit: forgot to mention: Eth was never meant to be a store of value coin, like Btc. It's meant to be functional, empowering contracts in the form of gas, and running the "World Computer". Take a look at the chapter "What's the relationship between bitcoin and ether?"
https://www.ethereum.org/ether
