Why Ethereum is garbage and must be stopped - page 2.

coinrevo

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Quote from: r0ach on January 25, 2014, 03:30:10 PM

Just like Sunny "The Taxman" King, the Ethereum people have never heard of the word "Occam's Razor". There are hundreds, if not thousands of Arbitrary variables in Ethereum they get to tinker and play God with.

r0ach - what are your issues with Peercoin? thanks.

Ultimately its for the market decide. So I'm working on a market system which puts all at a level playing field. Then you have demand & supply establishing prices. As long as information is freely distributed people can evaluate all schemes on their own merit.

casterlyrock

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Thanks for the post

PeercoinEnthusiast

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JustabitofTime - Co-Founder of CoinTropolis

Quote from: r0ach on January 25, 2014, 03:30:10 PM

Past history

The Protoshares / Invictus people are involved with this. For anyone who isn't familiar with their products like Protoshares, I'm not even kidding or exaggerating here, they're a combination of 50% crypto-fascism, and 50% crypto-socialism. I'm not sure if they will even bother trying to refute this claim since the dictionary definitions line up exactly with what they have attempted to create in the past.

Occam's Razor - Never heard of it

Just like Sunny "The Taxman" King, the Ethereum people have never heard of the word "Occam's Razor". There are hundreds, if not thousands of Arbitrary variables in Ethereum they get to tinker and play God with. Bitcoin is popular because it's a simple, straightforward, trust free system. You don't have little leprechauns behind the scenes randomly assigning values based on whatever they feel like that day. All people want is freedom from bankers, they do not want some bizarre, poorly thought out, weirdo economic system forced on them that looks like it was designed by Mussolini.

Goldman Sachs? Are you serious

Accompanying the previous point, we have alleged Goldman Sachs involvement: https://bitcointalksearch.org/topic/goldman-sachs-involved-in-project-ethereum-are-you-f-kidding-me-431938

IPO Scam and premine - Check

Why have only one scam when you can have two at the same time !

Things nobody wants or needs - Check

It's not even a currency. You're initially being sold as getting involved with a currency, yet their plans include things like moving a large portion of the IPO into the establishment of a "decentralized autonomous organization", another Protoshares buzz/scam word. Just like every other variable in this plot, they don't even bother listing what the purpose of such an entity is, or why you should want it. You might as well be investing in decentralized, autonomous, robots armed with machine guns. There's just zero reason for you to want any of this stuff to exist.

Not this again

The past Invictus / Protoshares people have always been knee deep in scandals involving pre-mines in things like Memory coin, or "Freetrade" and all his baggage.

The bottom line

This is nothing but a rebranding of Protoshares, an already failed concept.

I could go on for days. It makes me almost physically ill reading anything remotely affiliated with Invictus / Protoshares people.

Drugs?

mill0601

legendary

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Quote from: r0ach on January 25, 2014, 03:30:10 PM

Past history

The Protoshares / Invictus people are involved with this. For anyone who isn't familiar with their products like Protoshares, I'm not even kidding or exaggerating here, they're a combination of 50% crypto-fascism, and 50% crypto-socialism. I'm not sure if they will even bother trying to refute this claim since the dictionary definitions line up exactly with what they have attempted to create in the past.

Occam's Razor - Never heard of it

Just like Sunny "The Taxman" King, the Ethereum people have never heard of the word "Occam's Razor". There are hundreds, if not thousands of Arbitrary variables in Ethereum they get to tinker and play God with. Bitcoin is popular because it's a simple, straightforward, trust free system. You don't have little leprechauns behind the scenes randomly assigning values based on whatever they feel like that day. All people want is freedom from bankers, they do not want some bizarre, poorly thought out, weirdo economic system forced on them that looks like it was designed by Mussolini.

Goldman Sachs? Are you serious

Accompanying the previous point, we have alleged Goldman Sachs involvement: https://bitcointalksearch.org/topic/goldman-sachs-involved-in-project-ethereum-are-you-f-kidding-me-431938

IPO Scam and premine - Check

Why have only one scam when you can have two at the same time !

Things nobody wants or needs - Check

It's not even a currency. You're initially being sold as getting involved with a currency, yet their plans include things like moving a large portion of the IPO into the establishment of a "decentralized autonomous organization", another Protoshares buzz/scam word. Just like every other variable in this plot, they don't even bother listing what the purpose of such an entity is, or why you should want it. You might as well be investing in decentralized, autonomous, robots armed with machine guns. There's just zero reason for you to want any of this stuff to exist.

Not this again

The past Invictus / Protoshares people have always been knee deep in scandals involving pre-mines in things like Memory coin, or "Freetrade" and all his baggage.

The bottom line

This is nothing but a rebranding of Protoshares, an already failed concept.

I could go on for days. It makes me almost physically ill reading anything remotely affiliated with Invictus / Protoshares people.

Shit man speak for yourself I would punch a nun to get my hands on an autonomous robot armed with a machine gun.

nwbitcoin

sr. member

Activity: 294

Merit: 250

You are a geek if you are too early to the party!

The main issue I have with Ethereum is that its not backed by technical people, but marketing types.

Regardless of how well connected they are within the Bitcoin community, they are not as technical as they are at writing good copy.

I also don't like the idea that there is nothing available to check over before launch.

Nxtcoin, on the other hand is also claiming to be a next gen coin, but at least you can buy them, and keep an eye on development.

However, rather than making a fuss, let the market decide! ;-)

juju

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Reading the Ethereum paper describes solutions to problems several currencies currently have or theoretically will have. From my perspective it sounds like a promising protocol, it seems like it highlights positive aspects from other Alternate currencies and tries to improve upon the downsides these currencies have primarily because they are reliant on the Bitcoin protocol and that imposes limitations when wanting to add extra functionality to the protocol. (Colored Coins, Metacoins, DAO, Contracts)

Zzzack

full member

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Is Ethereum a scam?

Yes I think it is a scam coin based on what I have heard. I have heard Ethereum is premined at 50%. That is way too large a chunk for the project devs to get to themselves.

fr4nkthetank

legendary

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Now the money is free, and so the people will be

Quote from: testz on January 25, 2014, 03:55:58 PM

Don't understand your point. What you want to say?
If you don't like Ethereum/MasterCoin/Nxt/ProtoShares/BitShares or any other crowd sourcing like projects, simply stay away.

If you want to say something about it, please make it clear.

ILL MAKE IT EASY TO UNDERSTAND

IF IT SMELLS LIKE SHIT AND LOOKS LIKE SHIT, IT PROBABLY IS A BUNCH OF CRAP

FrictionlessCoin

legendary

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Cryptotalk.org - Get paid for every post!

I'll be honest, they seem to have backing by a long list of Bitcoin afficionados.

I think it indeed is quite expensive 35 million IPO. However, if you got that kind of money for your development cost, then you should be a serious player.

The problem with a lot of folks here is that they think development costs nothing.

Anyway, if you are looking for something cheaper, then our team is working on something just as ground breaking.

r0ach

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Quote from: samysamy1 on January 25, 2014, 07:50:13 PM

OK the signs are visible so stay away from the enemy Angry

Can someone explain in a few sentences what Ethereum is all about? Tried to get quickly over their website a couple of times but couldn't get my head around it. Is it supposed to be a new cryptocoin?

It doesn't matter if you're a nuclear physicist, you will not understand what it is because they do not tell you what it is. They give broad, buzzword loaded phrases, without specifics, that can mean anything. Look at the following phrase:

"All bitcoin raised will be initially sent to a multisig exodus address controlled by the fiduciary members and then moved to a holding entity established in Canada that will be gradually converted into a decentralized autonomous organization"

Technically, that sentence could mean a man in Canada is going to take all the money and drive a Hyundai to Mexico where he will spend it all on drugs and hookers and they would not be lying.

Load up the "corporate bullshit generator" link here and click it a few times. Notice how everything generated looks identical to Ethereum text: "objectively incubate covalent experiences"

http://www.atrixnet.com/bs-generator.html

kalus

sr. member

Activity: 420

Merit: 263

let's make a deal.

this is the first i've ever heard of ethereum.

_{i misread this as something about electrum wallets and clicked through.}

anderl

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Quote from: r0ach on January 25, 2014, 03:30:10 PM

Things nobody wants or needs - Check

It's not even a currency. You're initially being sold as getting involved with a currency, yet their plans include things like moving a large portion of the IPO into the establishment of a "decentralized autonomous organization", another Protoshares buzz/scam word. Just like every other variable in this plot, they don't even bother listing what the purpose of such an entity is, or why you should want it. You might as well be investing in decentralized, autonomous, robots armed with machine guns. There's just zero reason for you to want any of this stuff to exist.

This is the biggest and glaring issue of the coin network. They are incorporating the coins into a more centralized organization rather than keeping them in the network. This allows the organization to dictate the value of the coin at whim. You might be mining for a profit one second and then all of a sudden the organization dictates a change and you are in the hole. All the while the organization is the one profiting on the shift in value.

They are establishing a Federal Reserve coin network where a single body controls the inflation and value of the coin. Only the ones in charge of the network and their insiders will every profit from it. For everyone else it is a negative sum game.

OTK47

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I understand scepticism towards new projects such as this. Actually, I think it's healthy to help improve on original plans (such as the issues with Dagger). But I don't understand why people make such definitive statements deeming a new cryptocurrency as garbage without a solid base of evidence. It's too early to make such judgements. Ethereum is far from many altcoins that merely imitate bitcoin.

I am not a particularly technical person, so I must say when it comes to the technical details of ethereum I have to base judgements on trusted sources. Therefore, I may not have a particularly valuable opinion on the specifics. However, the aims of this project seems innovative to me. So although I will not try to challenge you on technical issues with ethereum, I think it is counter productive to trash new and potentially revolutionary ideas. People like you stifle innovation and I think you should phrase your criticism in a more productive way.

Does using the security that a decentralised network like bitcoin has provided, but improving it's functionality to allow the development of a whole range of autonomous services sound like a "garbage" idea? To me it sounds like a fascinating progression from creating a decentralised currency to creating a diverse set of decentralised services that currently rely on the trust of people. I'm sure you are aware of the inherent greedy nature of human beings.

I don't know maybe you are right, but I think that regardless of whether ethereum is a success, it is an interesting concept and the idea in itself provides a valuable contribution.

btcusr

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@_vjy

I like that pyramid analogy, so ethereum is supposed to be the other side of the pyramid shown in fiat currency..

samysamy1

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OK the signs are visible so stay away from the enemy Angry

Can someone explain in a few sentences what Ethereum is all about? Tried to get quickly over their website a couple of times but couldn't get my head around it. Is it supposed to be a new cryptocoin?

Honeypot

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Quote from: Netnox on January 25, 2014, 07:35:57 PM

ethereum symbol

usd symbol

Regardless of the issue, that's not a valid or serious accusation. What next, no triangles?

That's how delusional this sounds. Stay off the feel-good, feel-intelligent conspiracy clap trap and focus on things you can prove and show with your own results. They are far more effective than your soap box.

Pitstop

full member

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We who are about to Mine, Salute You!

Ohh!! they luv their Capstones ( Triangles/Pyramids ), Owls, Checkered patterns, Goats...etc. Freemason, Biederberg, Skull & Bones bags or crap!! This will never fly in a community of those who are critical thinkers and are aware!!

Netnox

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ethereum symbol

usd symbol

lemfuture

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endless alt coins or endless ipo alt coins

heskey

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Even the name of the coin is creepy. 'Etherium' sounds exactly like something a bunch of greedy banksters would think is appealing to the Internet geeks.

Topic: Why Ethereum is garbage and must be stopped - page 2. (Read 11308 times)