I made an earlier post about Ethereum some week or two ago, you are encouraged to read it. Ethereum is a copyrighting coin but a larger version of Mastercoin. They spend a lot of time spamming YouTube and articles which are only read by a few hundred. Surprisingly they've recently had a video with 6000 views but that was over two months, a day old video of a kitten playing with yarn can get more views.
It's a ponzi scheme ran by wealthy investors and there is even a Goldman Sachs' connection. Nobody wants to contribute to a get quick rich scheme benefiting a few people hence most stay away from that. After all how is Vitalik flying around the world, staying in hotels and partying it up at conventions? There's money coming from somewhere.
With a $30 million IPO, I am not going to invest $1K or $10K as I would only get 0.00003% to 0.0003% of all Ether. That translates to risking a huge amount of capital (for an average Joe at least) on a coin that may not go past $40 million. The people who invested into Mastercoin / Maidsafe would had made more money buying Doge, NxT, Darkcoin, et cetera.
Honestly big IPOs or wealthy investors doesn't mean jack. Crypto currencies don't have an issue in funding but an issue in educating consumers to use their coin over say Bitcoin or a money transfer like Paypal. No amount of wealthy investors can change that, to be honest. In Bitcoin and Doge's case - that was all offline viral P2P advertising (like telling your friends to use Bitcoin) or forum advertising. I learned about crypto currencies from reading an internet forum and I don't think that person was being paid to promote BTC.
Good post dude, ponzi scheme may be a bit strong. Let Ethereum walk their path we will walk ours.
Spot on Mr. Smith. Taunsew should realise also that there are about 2 million crypto users in this world. Ever wonder why? Because there is no doggone IPOs and Gold Sachs figures in the Crypto industry.
And if we continue to think that cryptos are the best things ever invented since sliced bread, then we may never see this best thing ever happening in our life time, so long we remain arrogant and think we don't need mainstream help.
It has been a good five years since bitcoin was launched and we only have at most a couple of hundred million investments by VCs. In the same time frame, back in the Internet boom, tens of billions were poured in. That is the difference.
It will be a big mistake to continue to be antagonistic in our approach against mainstream. I'd rather go for a "hook line and sinker" approach with mainstream if I want to beat them at their game.
If your assumption that IPOs and banks are important then how come people aren't throwing billions at Mastercoin?
I'ld say it's the opposite - the fact we have 2 million crypto users is because Bitcoin wasn't centralized by a company and there wasn't an IPO. There's plenty of money transfer services in the world and most people write them off as ponzi schemes or scams, since they are all centralized companies which had IPOs and/or they only benefit their owners.
Ethereum frankly has no appeal to the business community. There's no Ethereum language developers to hire (as the language barely exists at the moment), so you can't really create VC businesses to handle it. Ethereum's huge IPO effectively means any potential returns on investments are limited. To see a 10x return Ethereum would have to hit $300 million and frankly that's harder than it sounds.
In essence, as I've written before, Ethereum ends up being a larger version of Mastercoin or eMunie where it's all dominated by a few wealthy investors who are baffled as to why nobody wants to buy into their get quick rich scheme
Don't know why you keep saying there is an IPO with ethereum but they are also trying to raise funds to work on their project, albeit in a different way to what NEM did.
Why would anyone want to "throw" money at Mastercoin if it wasn't marketed the right way. I wouldn't want to associate and link NEM with Mastercoin for a start. They are separate and if you read Vitalik's experience in there you'd understand why.
Google and Facebook is centralized. I know they are worth more than half a trillion and i know for sure if they want to do some crypto thing, they can easily strike and they may at the right time. And this much I'd say. They won't care about this 2 million minnows that are so banked on their "greatest thing since slice bread". They can continue to think of their great ideals and champion their "decentralization". Reality is there is still more than 7 billion out there, including all the wealth of the less than 1% of the world's population that may buy their idea.
To be honest, I don't care about ethereum and mastercoin. I care about how we are going to make NEM work. My initial thoughts are to beat the big boys at their game - centralize and then de-centralize. It is also no more the ideals of a cryptocoin, but how a cryptocoin will make it compelling and how it will change our lives easily and permanently. And you need fiat sugar for that.
No IPO? Huh? First you claim there's an Ethereum Alpha and then claim they have no IPO, you have no clue what's happening with Ethereum admit it. Don't waste my time by mentioning Gihub.
https://bitcoinfoundation.org/forum/index.php?/topic/668-introducing-ethereum/An IPO has been in the works for ages. Ethereum is drooling at the idea of a $30 million IPO (they used the token figure of 30,000 BTC but really were pricing $30 million in $Fiat).
By the way you have no clue about the history of crypto currencies, either. Amazon has already tried "Amazon Payments" and it didn't go anywhere which is proof that big money doesn't make something work. Technically, if you do your research, you'ld find that many many many companies are already in the transfer payment business but simply don't attract the userbase like Bitcoin or the alternates have.
It's like saying Boeing (aircraft) should start making automobiles but the reality is Boeing wouldn't have a clue on how to make a good automobile, neither can a company like Facebook or Google make a good crypto currency and they're already preoccupied with their own niches. If Google or Facebook gets into the game it's because they buy out someone like Ripple, not because they divert existing staff to create a crypto currency.
Ethereum is starting to get annoying. It's just a 18 year old mascot from Toronto (Goldmacn Sachs wanted a Justin Bieber to promote their coin) who pumps out drafts on Github and yet this kid is more well known than real Bitcoin developers or an alternate developer like Charlie Lee. I get it, he's "hip young and kewl" - Goldman Sachs should force Vitalik to undergo a make over so they can make him look like a boy band singer.
