Bitcoin Forum

Step 1 : You rise $18 mil in BTC

Step 2 : You loose $9 mil because BTC price collapses and you don't understand that programmers and rent are paid in real USD or BTC equivalent. So you just keep all the funds in BTC. - http://www.coindesk.com/ethereum-bitcoin-decline-9-million-funding-shortfall/

Step 3 : You run out of cash because you hire an army of programmers, rent offices in 3 countries and spend $12.000 / day. (https://blog.ethereum.org/2016/01/07/2394/)

Step 4 :  You shut down the only place where tons of ETH lovers meet because you reach the conclusion that $300 hosting costs to run the forums are too high. (https://forum.ethereum.org/discussion/6321/cross-post-forum-migration-update)

No comments...

An masterful display of lack of money management skills I'd say! (And I can say that, because I too at one point or another lacked these skills)

this is damning and makes sense
if your going to be the #2 coin you need some foundation/FUND/office(rs)
run out of money that goes away quick

coins like LTC and Doge can go headless more or less, there is not much more coding required.
but ETH is a project in development, something completely different, and massively complex.

Sounds pretty stupid,  but hopefully it doesn't tear the ETH community up.  Someone could always open a private forum like bitcointalk, or just use reddit--which is already being done.   Too bad about the dumbass money management.

It's part of the Vitalik plan to change his image and become a white rapper.

This is the shit that one of the smartest men alive, Nick Szabo, has gone full-americanpegasus for.  Nick, what are you doing, bro?

Oh wow. I guess they arn't going to take over the #1 crypto spot any time soon.

I don't understand why they didn't just ask the forum users to donate a few coins to keep the forums going.

also you should add another step, maybe between #1 and #2

step 1.5: hire shills, pay idiots also set up a lot of bots and tell all of them to start spamming all over each social media that is remotely related to crypto currencies.

He went full AmericanPegasus? Never go full AmericanPegasus.

BlockNET did the same thing too.. no one said a word.

The spamming definitely worked because the price rose after pretty much everyone who had ever posted on the bitcoin subreddit was spammed with a private message promoting Ether. You have to give them credit for understanding the psychology of marketing.

The durp in here is just..  ;D

Wow a alt coin that can actually do something and not turn out a scam, you can stay in denial all you want.

Ouch! doesn't really inspire confidence...

How have they managed to spend so much btc? There's only so much you can spend on blow and hookers.

That's a good point, I'm not sure either.  This isn't exactly the death knell for ETH but it sucks for them.  If bitcointalk shut down there'd have to be a really good replacement and as I said before, the community would be somewhat fragmented. 

it's just insane.

https://blog.ethereum.org/2016/01/07/2394/

Thanks for posting that link. Yet what's insane?

i got it from here.  ;)

Multiple forum members offered to cover the cost completely and the devs weren't interested in letting them continue the forums.

Ethereum.org's loss is bitcointalk's gain.
I guess all the activity can just migrate to the altcoin forum.

Was there a lot of activity in the first place?   I've had the impression that it's a place that attracts relatively few interested parties.

That sounds like the start of the end for Ethereum. When you can't even manage to keep an forum online. Let me guess big salary for the creators and now is there own wallet empty.

According to the OP, there was activity and it was the only place with such activity.
In any case $300/month isn't much...

How does the OP fix the cost at $300?   Is this official information?

Lisk Devs are much smarter with investors money

www.Lisk.chat costs $0/month

I think it's probably the case of learning from their mistakes, and over reacting in the other direction. They've decided to cut out any unnecessary spending. I don't know the complete situation, but it seems logical if someone with web business acumen contacts them with a proposition. They could turn that forum into a money maker. Place some Google ad's, tweak some SEO keywords, link backs etc..

what a strange move..doesn't give a good impression really.

this vaporware have made ton of millionaires, profits is secured and in smart people pockets right now. they rather passing this kind of drama back to the dumb morons and bagholders.

Completely ridiculous. Besides, I doubt same forum couldn't be run for around 100 USD/mo. Telling this because I run the site for little more and it's dedicated Core I7 server with 8 GB RAM/500 GB HDD on a fast link. That kind of hardware is cabable of running very busy forums.

When these are your out-goings :


( Taken from the latest blog post https://blog.ethereum.org/2016/01/07/2394/ (https://blog.ethereum.org/2016/01/07/2394/) )

..It is impossible that they are shutting the forums down due to financial reasons. Certainly not because of a pissy $300 a month.

There is obviously more to it. Just don't know what..

..

ps.. That is some serious cash they are burning through..

Asking the community to pay $300 / month, 2 years after community paid you $18 mil it's embarrassing.

To me, this feels more of a joke, they have to think right and plan on self sustaining mechanisms

That is actually pretty crazy how do you mismanage that much money.
300$ a month is noting all they had to do was make a post about it and they could raise 10 times that in a hour.

It's cringeworthy really. Thanks for the informative post, OP.

Financials are probably just an excuse to wind down operations before the fatal flaws in the code are exposed?

Coding and business are separate. Good thing they can always raise more money by issuing ETH 2.0

Some comments:

1) If the reason(s) for shutting down the forums to save $300/month is truly negative, then we would have seen some (heavy?) insider ETH dumping, possibly crashing the price.

2) If salaried people were spending time interacting/perusing on the forum, the cost per month would be a lot more than $300 because you have to include their labor.

3) As long as we are speculating, what we maybe witnessing is a change in management which is resulting in a tightening up in spending and getting staff to focus. The forum may have been seen as a time sink for the paid ETH staff.

That is serious cash they are burning. It's a bit like what went on in the dot com era when start-up capital was burned through extravagantly and then they all crashed and burned when the money ran out. I wonder if the real cost of the forum was the 13000 EUR listed  for "IT hosting" etc - in other words they are paying over the odds for someone to manage the forum.

 . . .  I personally prefer Bitcointalk anyway :P

ETH doesn't have mass user base as Bitcoin for sure.
I am sure bitcoin talk cost more, but there are many donators.

I agree, Ethereum has run its course and now i almost time for it unfold. Until it come up with something milestone worthy

even the newbiest traders know not to dump all at once. and that is the thing happening here. the slow and small dump over time on each top until it is over.

It's clear that they have another reason for closing the forums. But why do they lie ?

And if they lie then why choosing the most stupid and retard reason that nobody believes ?

if they do it, is because they have something really bad to hide, i hope that this have nothing to do with users or i will lost all my faith on them, not to mention that his altcoin will suffer a lot... lets see whats happen but things looks pretty bad...

Exactly it makes absolutely no sense to close it down, especially if users themselves offered to fund it. Something is happening apparently, we will see where it takes us.

The last I heard they were planning on burning a lot more: https://www.reddit.com/r/ethereum/comments/45bhus/so_the_ethereum_foundation_can_now_fund_itself/czwpr04

Also, their finances sure don't seem to be very well documented. The main source of information here seems to be occasional blog posts or reddit comments by Vitalik.

The price is going so down cause of this?

EDIT; i mean exchange ETH/BTC, i bought at one price yesterday and isnt near that ratio

Nearly 50 posts in this thread...
And 100% of them agree the guys who created $670,000,000 in market cap... have no clue about their ecosystem.

Well, the Ethereum Forum always sucked... and was a typical Alt Ghetto.

When you have Google News with 43,000 NEWS STORIES about Ethereum...
And endless corporate blogs writing about ETH trading and coding...
Plus 200-300 people on Reddit at any given time...

And 200 major projects in the pipeline...

http://dapps.ethercasts.com/

It's called "going mainstream"... something Bitcoin has barely managed to do after 7 years.

WHY would any of the outside world pay attention to Ethereum ?

Do you deny there was a manipulative large scale paid marketing campaign launched here and elsewhere ?
Do you disagree the was no artificial price increase created by a pump that lured in users to profit off of ?

So hmmm why again were people talking about it ?

Doge coin ring a bell ?
How did that turn out ?
That $55,000 Nascar paint job do any good ?

Either A:
You ETH supporters are dishonest
Or,
B: You are dumb and don't see what is going on.

I know this will play out exactly as i predicted (it already has)
I also don't care about convincing idiots who are intent on losing their money.
Suffer idiots.. your greedy antics are toxic & cancerous to crypto.

But i do have a problem with people willingly spreading false information on Crypto coins.
And many of you are quick to do this when it gets "loud"
Then when it quiets down you start to play dumb as though you were not scammin'
Proof ?
No problem..
Head over to Polonibox and search ETH + Microsoft or even IBM
Tell me what you see.

Case closed.. i am right you are scammers pushing a scam coin.
The coin has proven to be fraudulent in 2014.
Since then it has simply been reinforced.

The ETH DAPPS gimmick Pyramid scheme IPO scam coin system is criminal and fraudulent.
And i hope i see the people involved with it do jail time.
Lets start with an insider trading investigation to get the ball rolling.

What you see on http://dapps.ethercasts.com/ is a collection of websites that pretend to be "decentralized applications". Nothing more. In many cases, if one of those listed websites goes down, the associated app can't be used anymore because the interface is hosted in a single place.

I really don't understand why you need ethereum to build something like this http://ethstick.com/, when you can build it in 2-3 hours using php+mysql+Bitcoin or any other crypto as a payment method.

Right now, "decentralized apps" running over ethereum are a growing collection of centralized websites while dapps.ethercasts.com is a directory of links.

Sooner or later, after the hype slows down, the regular users will start to ask questions, and the first one will be "Wy do i need Ethereum ?".

Don't forget the DAPP creator has simply revoke the shit anytime they want.

I think it is not the responsibility for the Etheruem Foundation to run a forum. That is similar to BitcoinTalk.

A friend of mine runs another ethereum forum which cost him a few dollars till date.He built and hosted it on google cloud free trial for 3 months and now hosting it on aws credits for 1 year.
PS: IMO Ethereum team has exhausted expensive ways of building their infrastructure as a whole and not going for money saving opportunity and now they're cash-strapped.

Can we know what is the name of the forum or link us if u may?

Yeah sure.Its called the Blockchain Forum.Link: www.blockchainforum.info

We don't really know who to contact regarding this subject but we are open to collaborate and we are offering to host Ethereum discussion on our forum TheAltcoinBoard.com for free. Ethereum already has a dedicated Board at our forum, from the very begining and we are ready to expand it or modify to suit the needs of Ethereum community.

Is it true Vitalik is borrowing millions of USD @ 0% interest rates and doing a huge QE program on Eth

According to th eEtheruem Foundation, at the current Ethereum price, it should survive for three more years.

Hm, you call their finances their "ecosystem"?

Geez, for a bunch of guys who are considered smart and intelligent or even geniuses , they totally lack financial management , no wonder someone from their higher ups decided to move on and resigned along time ago.

This is XPY all over again.  LOLOOLOLLOOLLOLOOO!!!

An "official" forum is a place where the pulse of the community is.  Cryptocoins, being decentralized with no leader, needs some way to establish direction. There needs to be some sort of cohesion and the "official forum" is the most important place where community meet.

Also, an "official" forum is a sort of reference point which will always embody the community's shared interest in making a specific cryptocurrency successful.

Ethereum developers decided to shut down the "official" forum 18 months after launch when hundreds of newbies have thosands of new questions every single day. I think this is the first sign that something really wrong is going on...

Made my day  :D


Seriously, I can not believe that they are caring about $300 a month. As the thread stated, there are created new Eth valued 45k a day. I can not believe that they do not find enough donators to keep the forums running.

300 dollar a month for a forum. I am curious how large their forum is and which software they use. Eitherway it shows bad interest to keep investors informed just by a site.
A bad thing if you ask me.

Maybe this is intentional, they will make a huge announcement, but not in forum, it will be invitation only ...
and it will be mouth by mouth.

That could explain the double bounce, first at 4/13 and later again 4/23 on 0.0165 BTC/ETH which was the former ATH from 2/12.
The following chartpattern would be a doubletop reaching approximately 0.030 BTC/ETH. Nice doubling.
Which effects do decide upon the value of any altcoin? Is it technology, FUD, chartpatterns or something else?
The "they are broke" storyline does not fit into any of the numbers quoted in postings above.

Previous top was .0178 on Polo, which is where the majority of volume was.  It's also way too early to call this a double bottom, though it may be.

Breaking Headline on Bitcointalk
### Vitalik Buterin now officially Altcoin to FIAT MILLIONAiRE! ###
https://bitcointalk.org/index.php?topic=1448731.msg14650862#msg14650862

So what is true? They are broke now, can't afford threehundred bucks? Or just joined the club of fiat millionaires?
Both cannot be true at the very same point in time.

I think it is not the responsibility of the Ethereum Foundation to maintain the forum. It should be maintained by the community.

They are very much not broke, as the Foundation sold 1.8 Million ETH that were accumulated near the bottom of the market.

The community needs a central meeting point or the community will build 1000 ethereum forums and each forum will have 200-300 visitors / month, that will drive the community nowhere.

Imagine Bitcoin with no Bitcointalk....or imagine Satoshi shutting down Bitcointalk after 18 months because "it's too expensive".

Vitalik is selling ETH for hundreads of thousands of dollars while developers are asking the community "who will pay for hosting the forum ?"...

It's so embarrassing....

I heard with the current holding of the bitcoin and Ethereum, the Foundation can survive for the next 3 years.

If the developers continue to work hard and add new features, the price will rise further so they can be paid nicely.

At least vitalik got that ferarri.  ;D

You realized you just contradicted yourself with the whole cryptocoins are decentralized but they need an official forum part? This is the true form of decentralization separating the central point of information dissemination "forums" from those that have a vested interest "developers". The more independent parts the Ethereum community has, the more truly decentralized it becomes.

This concept of decentralization was even mentioned a few times last year as the end goal, that the official forums were there to help incubate the emergence of Ethereum and give it time to develop and mature, but the end state was to always have these go away and be taken on by an independent party.

This whole $300/month forum thing and Buterin selling 25% of his stake thing are just FUD by people with ulterior motives. For a decentralized coin, these are actually good events as they each further help push Ethereum toward that point.

This is complete bullshit from the ether devs. Your coin is the fucking number 1 altcoin in the world in terms of market cap, mate. It's worth just below 1 billion USD.

And $300 a month is too much for you? I'm sure the community will be able to donate $300 a month for you to keep the forum up...

The issue is all the master coders in bitcoin/ethereum do not know how to manage a business. Hopefully more teams will start to bring on proper business teams.

We can ask Claymore to donate $300 each month to the Ethereum forum and we all use his excellent miners.