Topic: Video introducing Ethereum (Read 2498 times)

Yeah, a statement or any kind of reply would be good rather than just posting a youtube video and running off ...

36M? they have a cap of 30k BTC not 36M USD. As BTC is not recognized as money, all these law will not apply IMO. But I am not a lawyer, but Ethereum team has a lawyer. Would be good to get a statement from their side.

However you want to explain it.  They are operating illegally.  Do not be surprised if the SEC and other federal agencies in Canada and USA shut them down and confiscate everything.  No entity can raise 36 million from the public and escape the scrutiny of the law.  As I said many times before, I am not a fan of big government, but I am big fan of fair play and all companies operating within regulatory laws in order to prevent FRAUD.  Please do not follow my comment with, that's just the way the crypto community works.  Yes, that is how it is UNTIL you start asking for 36 million from the public.  Then you lose your "I am just a dev working hard to earn money" privilege.  When you ask the public to fund that kind of money you are no longer a small crypto entrepreneur, you are pretending to be a Goliath Corporation. 

You can say Microsoft and Google did it with an IPO.  YES, they did, but they had years of sweat equity, VC funding, they filed all the proper paperwork earned their success and THEN filed the proper paperwork with the SEC for an IPO and were legally compliant.  Ethereum's investment pattern does not fit the model of Google and Microsoft.  It fits the pattern of every fraudulent and manipulative company.  Think about what I just said.

This is not an IPO, they have no sweat equity or principle money of their own involved, no VC in their right mind would invest a penny in their company, and they are skirting every financial regulation you can think of.  They are requesting to get paid in untraceable bitcoin so if something happens they are already wealthy and can claim complete deniability.  They are protected from civil lawsuit because there is no way to prove their identity and receipt of money.

Really? I heard it as "worked". Apologies. So if that is true, Charles statement that "Goldman Sachs is not involved in our venture" is clearly not true.

Care to comment Charles?

Not true... Turn on the captions (cc button under the video in Youtube) and you'll see he says "work" in present tense....

Strong argument. If you what you say is true, then this venture will fail. That is the power of the community.

Who in their right mind gives 30,000 in untraceable bitcoins to a bunch of total strangers that refuse to file the proper paperwork that is required when crowdfundraising.  This legally required fundraising is designed to provide transparency and protect people against fraud.  This is not your average coin launch that does a percentage of pre-mine for advertising. They lost their right of anonymity as small time devs just casually creating crypto coins when they asked for 36 million dollars from the public. When you ask for that kind of cash, you MUST file the proper paperwork.

They are asking YOU and the entire bitcoin community to TRUST them and GIVE them 30,000 BTC before launch and make them millions before one coin is mined with absolutely no documentation, no insurance, no bond, no transparency, no regulatory filings.  Do not let them deceive you.  This is not just another coin launch.  When you ask for this type of money, you MUST file the proper paperwork and background checks.  Who are these guys?  ONE youtube video and they are asking for 30,000 BTC.  Let them earn their money like every other dev, mine a small part and let the market decide how much the coins should be worth. Even if you like the tech DO NOT enable this kind of behaviour and let these fukin devs take advantage of the bitcoin community.  They want to be millionaires with YOUR money before even launching.  They want YOU to take ALL the risk while they become millionaires with ZERO risk.    They will be laughing all the way to the bank in their new Lamborghinis and Homes, while you are nervous about your money the entire time.  They have no sweat equity or money in of their own in this project.  Does this seem right to you?

Association or connection is bad enough ... kind of like Henry Paulson who used to work for GS before he was Sec. Treasury, I'm sure it didnt sway his bias any on the bailouts

What he says is "people who worked for Goldman Sachs off Wall St" i.e. past tense. So connection, sure, GS involved directly ..... Ethereum are saying no.

there is corporate smell around ethereum...watching.

Goldman Sachs is involved. One of the founders acknowledges that at 8:08-8:12 on the video https://www.youtube.com/watch?v=q5FDvzj8YX4

I'm not sure a 50% pre-mine needs explaining. The meaning is pretty obvious

I've had a lot of confused members of the Quark community asking why the 50% pre-mine

considering that there will only be one Block-chain and you plan to "lay" lots of relevant stuff on this single BC.

that (if you are successful) makes this single BC apparently very valuable and important , so the Quark community wants to make a Public appeal:

We contest that you change your distribution system to PoW and our 6 hash algorithm.

people generally accept a 1%   Pre-mine for the "founders".

but if the single block chain is so innovative and important , we appeal to your humanity and say give everyone a chance to acquire it .

using a full CPU algo - anyone can rent a VPS , we have found this system to be very useful / equitable.

if you are going ahead with the  50% pre-mine , can you explain the ideas around that ?

or add any other thoughts around how a better distribution might occur ?



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you see educated Crypto people are saying to me that this looks like a kind of "banker" Shell game where there is only one Block-chain but its pre-mined , then you shift the colorful cups around and say people can "make their own " Crypto   on your Block-chain.

nope, people can make their own crypto and it will have nothing to do with this shell game that looks a lot like a typical "banker" scam .

all those crypto will have their own Block-chain  .

but good luck anyhow !


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Change the distribution and prove to people this is not a scam ?

OK, fair enough. I believe you that Goldman Sachs isn't involved. I was so intrigued by the idea watching the video. But never once did the video mention the "early stakeholder premine" - just the little details you leave out in your sales pitch  ...... you get your programming geek to waffle on long enough about the benefits, and your slick, almost Apple like presentation was very compelling, but I'm afraid the "lack of disclosure" about who benefits from this new amazing technology has killed the idea for me.

Notice how in your video how the first headline is "how did you first get involved in bitcoin", the implication being that idea is somehow connected with building on bitcoin, when it turns out its not at all ....

Very slick, but to me, totally misleading. I'm out. Best of luck persuading others that building a new blockchain is better than building on top of something that has proven to work i.e bitcoin.

Why wouldn't they back a new coin to usurp bitcoin? That's not how you spell it by the way

Goldman Sacks? Are you kidding me?

In that case, it will be an epic fail, however slick the video

People should be aware that this entity is attempting to raise 36 Million even before the launch of the coin through a pre-sale and that they are pre-mining 50% of the coin before launch...all for a software that will be cloned instantly after launch.  Also, since they are trying to crowdfundraise they need to by law register and file the proper paperwork with the SEC and agencies in Canada and whatever countries they are doing business in.  So far all they have is a youtube video and a few message boards and they want to become millionaires and extract 36 million dollars from the Bitcoin community all before even launching. 

Yes, thats right 36 million in crowdfundraising from the bitcoin community plus 50% pre-mine and all they have so far is a youtube video.  No transparency , no bonds, no insurance, no background checks, nothing.  Anytime an entity tries to raise any amount of money they must file the proper paperwork with complete certified financials, background on principle owners and officers, business plan, competition risk, etc.. This is to prevent fraud.  None of this has been done and they are asking for 36 million before launch in untraceable bitcoin money.

If you like the technology, don't buy into their pre-sale that is just dumb and rewarding these guys for doing nothing and basically turning them into millionaires before launch.  They are basically leaving the entire risk on the Bitcoin community.  They have nothing invested into this project yet and they want to get PAID before it even starts.  They are asking  you to GIVE them 30,000 Bitcoins before it even launches.  I say frack them.  Let them earn their money like all the other devs.  Buy it aftermarket.  They are going to dump a lot of 50% pre-mined coins aftermarket when they realize there is not enough people dumb enough to give them 30,000 Bitcoins and 50% pre-mine before the damn thing even launches.

These guys have ZERO risk and want to be millionaires before it even launches.  They are asking for 30,000 Bitcoins from you.  PLUS 50% pre-mine, PLUS huge salary. Insane and all for open source software that will be copied one hundred times after launch.

Thank you for the clarification, although the link from "Goldman Sachs" to your current "team" is a concern. Not everything in the bitcoin world is transparent, indeed it rarely is.

Can you further clarify the legal setup of your organization at the current time? Or you a private company? Something else?

Goldman Sachs is not involved in our venture. We did not solicit them for investment, the company is not assisting us in any way.

We have two quantitative analysts on our team who both have a diverse background off and on wall street including both working for Goldman sachs at some point in their careers. Dr. Costa lives in Asia at the moment and runs an independent hedge fund and Joseph lupin has most recently been involved in the music industry in Jamaica. 

The blockchain is owned by those who participate in the fundraiser and those receiving the early stakeholders premine. Let me be clear: No Bank, No financial entity including Goldman Sachs has been allocated any amount of the premine. If they want a chunk then they have to buy it once the fundraiser starts like everyone else.