Topic: [ETH] Ethereum Observation Thread - page 3. (Read 4763 times)

There is more than one way to look at this.  

The bitcoin creator owns a larger fraction of bitcoin than all of the Ethereum developers put together will.  How is that different in practical terms that affect the currency?

Ninjamines create a practical mining reward (ownership) that often goes to the creator.

Premines do the same thing.

Insider trading combined with pump and dumps (Truckcoin changed to Hypercoin with emissions and EVERYTHING changed ... dozens of these examples) also often does the same thing.

IPO's just put a public face on what's always going on under the table.  Everything is almost always a scam around here.  IPO's are just one flavor.

Because like I said in my post, the original Bitcoin mining reward is indepedent from the creator.  The IPOs are a bastardization of Bitcoin, changing it back to a central banker issuing currency for profit.  It's kind of the exact opposite ideology, to the point where it seems off-topic for the forum.

You can't ban IPO's without censoring free speech.  Where do you stop it - do you ban donations to projects (this message board for instance?)  People holding their projects hostage until they receive X amount of funding?  Premines?

Even if you disagree with IPO's - if the funds go to developers creating open source code.  When and if their project dies (or even if it doesn't) - the new cryptocurrency features can be copied to a non IPO coin (there's nothing keeping someone from doing this with Ethereum - it has been 100% open source since day 1).

You are honestly suggesting a ban on free speech / open market (buying and selling based on promises) and a ban on how most of the funding is going into crypto (greed)?

Do we ban pre-mines too?  We have the cryptonote protocol that is perhaps the best thing to happen to anonymous fungible currency since bitcoin.  Other projects forked the code and created coins without the pre-mine - and it wouldn't have happened without a pre-mine.

I disagree with you.  Ethereum is the ONLY presale I have found not to be a scam or incredibly shady.  Thousands and thousands of lines of code, working client that supports more than any other crypto in regards to turing, employment of developers from solid industries (not fly by night anonymous usernames), reviews from reputable sources & devs who spent almost a year working on the PoC code BEFORE asking for a dime & then another year after they were funded.

I agree with you that 99 out of 100 IPO's are scams.  I disagree that censoring free markets helps cryptocurrency in any way.

I don't know why you think IPO coins don't deserve severe criticism when they're just cash grabs that recreate the central banker experience we already have.

Why IPO should be banned from the forum:

https://bitcointalksearch.org/topic/should-ipos-be-banned-from-the-site-poll-443196

I created a thread few months where I discussed how scams are pushing away legit project. It's hard to tell which is legit and which is scam anymore. Sometimes good projects get bashed and I believe ETHER has been a victim. I found it interesting and innovative but it's definitely being pumped right now (may be that's why people are saying it's a scam)

What is it:

Ethereum raised $15,000,000 worth of bitcoin in exchange for ether tokens & is listed as the 3rd largest crowdsale on Wikipedia.  It is intended to be a turing complete contract programming language that enables trustless contractual transactions in a transparent way.

The goal of the project is to push towards decentralized applications for law, interperson commerce (eBay, Uber, Reputation Systems), financial applications (Decentralized exchange, crypto pegged to fiat / crypto futures, prediction markets) by providing a robust language that easily empowers developers to quickly, stably & scalably develop on top of the blockchain (the core functionality of Namecoin can be reproduced in 5 lines of code)

History:  

It was originally intended to be built on top of Primecoin when the concept first started.  On more research - Vitalik stated that it simply was not scalable enough.  The PoC development language was released prior to the presale in August of 2014.  The testnet has seen ongoing development for a year as well as people programming demo applications on top of the testnet.

(See People's Republic of Doug or IBM/Samsung ADEPT at CES)

Who is behind it:

Originally the brainchild of Vitalik Buterin

Audited by deja vu security

Cloned by IBM PoC on IoT

“Ethereum has vast potential, whereas Bitcoin won’t ever do anything well beyond implementing a currency,”  ~ Nick Szabo @ Business Insider

~ Vitalik Buterin

Issues


1.  I wish I could find the source.  But Charles Hopkins (who I loved btw) left the project around the time of the crowdsale.  Soon after - Ethereum marketing changed from what I described in original paragraph above to A platform for decentralized applications - Web 3.0

     Hopkins was fairly blunt about the scope creep of the project to try to include messaging, storage & ambiguous "everything to everyone decentralized web 3.0" wording.  Instead of a decentralized consensus language on top of the blockchain - Ethereum is now being marketed as "Web 3.0".  (I hope I'm not putting words in his mouth.)

2.   The release was originally supposed to be "Winter of 2014 / 2015".  During the final phase of testing over the last few months where the testnet was exposed to stress testing - there were a LOT of people with issues keeping up with the blockchain / blockchain forkings / etc.

3.   There is speculation that the Ethereum team is almost out of funding.  I believe I read somewhere that their burn rate will get them thru the end of 2015.  With current delayed timing that is probably only enough time to get Frontier working and somewhat stable.  No solid transparency of how crowdsale was spent outside of the continuing progress of the platform.

4.   There has been some controversy over the Ethereum team receiving both salaries & founder portions of Ether.  In addition to the Ether given to the Ethereum team - Ether was given to the Ethereum foundation to be sold to continue development.  Based on my research I didn't feel like it was out of line but others do.

Ethereum launch - Exchanges:

Happening (probably) this coming week.  Gatecoin Exchange is allowing buy order sides in this week.  

Poloniex has stated (by mods unofficially) that they will have Ethereum listed on launch.

Ethereum team has stated "Several exchanges will support Ethereum on launch"

Pricing

Ethercoin - which is an "I owe you" by a group of individuals who CLAIM to have purchased Ethers and that they will give them to Ethercoin holders on Ethereum launch is currently priced at 0.0118 / $3.25.  

Ethercoin is 100% unofficial, could be a scam - but also the volume on Ethercoin is extremely low compared to the REAL ethers floating around.  Price could be significantly more or less (it's just the only gauge I know of).


Why did you write all of this shit?

There are only two coins I'm currently interested in & this is one of them.  Ethereum has largely stepped OUT of the altcoin community due to the constant attacks.  Frankly - I don't blame the "toxic environment".  The "altcoin community" is so full of scams - there is 1 legit project per 100 scams.

This thread was to TRY to provide an ongoing honest look at the Ethereum project and have a place to discuss.  Negative opinions are welcome.  Positive opinions are welcome.  Pages and pages of repeated trolling OR circlejerking are not.

Anyway.  When you see a new coin pop up on coinmarketcap next week - now you know what it is :-)