Bitcoin Forum

Hi, despite the inflammatory title, I would honestly like to hear the answer to these questions:

1) The lead "coder" was very young and inexperienced, should not that have shaved ~$140M off the max they could raise?
2) Why did this happen (yet again) and how can similar things be avoided, without interfering with the benefits that can come from a free market environment?

Notice the silence ?

These guys "investing" are literally stupid.. by definition.

And.. they are greedy.

They know it and won't admit it either.
What you asked was of course "FUD"  ::)

This is Crypto we don't have time for intelligence there is profits to be had !

On what ?

Who cares.. TAKE.. MY.. MONEY.. NOW !!!!!!!!!!

Notice the silence ?
Yes.
Thanks for the input, and still looking for additional honest replies.  :)

No good alternative to ETH yet meeting the desires of the dreamers to disrupt corporatism. Bitcoin won't do this.

You could create a cap of money that can be invested, but this cap could be filled pretty soon by very few people holding a lot of tokens. But, what you could do is create a payback function. What I mean is, let's say you have a cap of 2000 BTC, but you let investors put in as much as they want. They put in 20,000 BTC. At the end of the ICO, you pay them back 18,000 BTC and distribute the tokens accordingly.

This way, you are not suddenly sitting on a giant honeypod that attracts all kind of flies…

To quickly raise so much value in a short time (providing only a nice web site with a few graphics) is simply mind-blowing?
Anyone ever hear of stock generation?  (https://www.google.com/search?q=stock+generation&ie=utf-8&oe=utf-8)
Please, learn from history before donating your BTC.

In my view it is not really true that the community invested $150-mil. You should understand that the DAO participants by and large all made much much smaller investments in Ethereum a couple of years ago. Those tiny investments have ballooned into some silly digits. So in many ways that $150-mil you talk about is 'fun money,' or money that fell from a tree and available to parlay into the next big adventure. Go Big or Go Broke as they say ...

TL;DR: It's not real until one sells and buys something real. 'Ether' is not real value ... it is barely air, until it is sold.

With ETH projects, you can toss lots at them for a simple reason. If the project does not do well they just fork and get a do-over.

There are so many variables involved as to why that statement is illogical :/  You're saying funds invested will always yield a profit one day?

I think he just forgot to put the /s at the end of the statement; although, I think the sarcasm was self evident and as such no additional indication was required.

You're saying funds invested will always yield a profit one day?
Yes!  :D
Learn from history:
The prices are certain to always go higher!
https://www.google.com/search?q=stock+generation&ie=utf-8&oe=utf-8

BlockNET pulled in 1 million in BTC while back with it's ICO
and everyone was quick to suck their cocks dry..
They posted a jpeg ANN topic and cashed in / out.

Later some guy posted various pictures of "The Team" at school having a water balloon fight
and eating in the a cafeteria..
When i asked why the dev needed so much he told me to "Ensure it's a success"  :D
He also had said it was 75% coded before he posted his ANN.jpeg
So in essence you were all giving this fucking brat a Million Dollars $
to finish the other 25% of coding with no time frame.
A year later i checked in on him and he had failed to pay hosting costs..
aww poor baby.
A million dollars just don't go as far as it use to :(
How do i know this ?
I read his own supporters grilling him because it had been a year+ now
and all he had ever done is post.. "I'm working on it" occasionally.

ALL OF YOU OUT THERE SUPPORTED BLOCKNET
ALL the exchanges etc the staff here deleting my comments and all the greedy retard brats crying Troll / FUD
Every damn step of the way.. crying FUD for bucks $ (like every other fucking shitty ass ICO)
..like the DAO shit too !

PS:
I was right Investards.

AS ALWAYS !

And it's just more of the same old same old around here.. par for the course  ::)
Just another gay ass fucking ICO Block-Chain Scheme coin token thingymajiggerwhatchyamacallit
..for profit.

PPS:
All of you failed miserably at answering the OP's question or even staying on topic.
@Shelby you said you were leaving and made a big stink about it right ?
Then why are you hanging around to spend all your time bad mouthing Bitcoin ?
..there is a time & place for that.
And it is not a topic where the OP asked why you all invested so much in the DAO "scheme"
The assertion Bitcoin has flaws etc has absolutely nothing what so ever to do with the OP's topic.

Ya'll want to come off smart around here ?
Start acting like it.

^^^
I must admit I agree with the above post:
WTF is wrong with you people?   :D

Its too bad a lot of people lost their money on this ICO, because of 1 bug that got away and stabbed DAO at the back draining their ETH, precious time and money , confidence and morale.

Good point, thanks.
I should show more compassion for those who lost money:

<Back on topic>

1) The lead "coder" was very young and inexperienced, should not that have shaved ~$140M off the max they could raise?
2) Why did this happen (yet again) and how can similar things be avoided, without interfering with the benefits that can come from a free market environment?

The issue is even though the lead "coder" is very young. Who were the people who audited the code and gave a passing mark to implement it in the first place?
The support of some well known people from a previous ICO should also bear some responsibility on how this ICO were able to pushed through.

I am disgusted how there is no 1 answer by anyone here.
The crickets are deafening.

How did it get that high ?

NOBODY is talking.

Where are all these Noob accounts that pop up lecturing us all the time ?
They are quick to show up and tell us all to buy DAO or ETH.
Then silent when it comes crashing down as veteran users predicted.

I'd like to see what all these guys say who bought into DAO.
Read the OP's question then tell us guys..

If the funds stolen by the hack is frozen and return to the DAO investors, they will lose less. But the value of Etheruem will be reduced in the short term at least.

Nah, they had this coming. If you did the diligence on the DAO in any meaningful way, there was no way you could not see the myriad people screaming "be careful"

Which leads to the answer for the question the thread's title presents. This is because of uneducated investors, children to speak plainly, being allowed to throw money at something they think will "go to the moon". The fact that we have so much leet/nerdspeak in our crypto terminology should speak to the perspective and maturity of the average investor in this space :) this is why the SEC exists, to protect investors from themselves as much as from the " wolves abroad".

Eth investers are noobs and believe everything that snake oil charmer tells them. Eth is run more like a corrupt business than a cryptocurrency, imagine if satoshi premined 50% of all bitcoins. Nobody (intelligent) would touch that shit!

It can be avoided by not buying any get rich quick shitcoins like Eth. The last couple of months were disgusting.

I think the Etheruem price could drift for some time before the crisis ends. It depends on the effort of the Eth community.

I've lost all my confidence on ETH/DAO that's why I've already sold all my holdings before its too late.

Looks like the answer involves greed,
slick marketing,
blindness to history,
and not enough attention to details.


Edit: Checking the price... // It's starting to recover!  :D

It is very good for you to sell to cut the loss or take some profit. Many people are taking different approach at the moment.

The price has risen from $10 to $13. So it maybe too early for him to sell. But we do not control the price.

I am with you, mate.

it's crypto, ppl are dumb and these eastern euro/russian devs know they can make up fancy BS (flawed or not) and make tons of btc for doing fuck all work.

And the Monday morning quarterbacks have levitated out of their basements.

It's all about the Benjamins, brother!

A lot made a killing on this deal.

Don't be sad that you couldn't afford to get in. Because if you could afford it, you would of been a vagina not to throw some money at it.

I love reading posts from dust holders.

what they set out to do was complex, and bound to have unexpected ways to get eth to where other thought it would not go

they were seting out to make a general computing system that was distributed and unable to be stopped or turned off

thats exactly what they did.

it is just a person found a way to write a program that transfered eth in a way the offeres of DAO were not happy about, but logically legit.

in some way I understand that satoshi avoided the general computing in BTC even though he could have put it in, op_codes etc, to avoid this in the early times.

I think there may be too many way to write programs in ways people have not even conceptualiized that can transfer eth in a DAO like environment.

so it may be a limiter on smart contracts.

So are many other internet entrepreneurs. Sometimes they make it big, others just disappear, never to be heard from again. Steve Jobs, Bill Gates, Sean Parker, Sean Fanning, Mark Zuckerberg, and many others got started fairly young and made it big. People were willing to bet a lot of money on them. This isn't all that different; just a variation on a theme.


It happened because people do not learn from history, or they believe that they are "special." Visionaries are all snowflakes, believing that they are "more unique" than others, and perhaps they are.

The free market would not be the same if there was nobody willing to risk it all to try something new. So what's the trick to make it work? As a provider of funds (fiat, crypto coin, etc.) your definition of "all" needs to be what you are willing to see disappear with no hope of ever seeing a return.

What's my deal? I "invested" less than I have spent on a ho-hum meal at a purportedly "really good" restaurant with my wife. Am I pissed? Nope. Not at all. I didn't bet more than I was willing to completely write off, if TheDAO fell on it's face, like it did. If TheDAO had hit it big, perhaps with the growth of my investment I could buy a set of dentures when I got older.

Personally I think that Ethereum will survive. Solidity will be fixed, and smart contracts will move forward. In fact I am holding onto my ETH and still running my one-GPU mining rig that earns me about one ETH per week.  The "weakness" that was exploited to drain TheDAO was known, as were the ways to prevent it from being exploited, but the writers of the smart contract used to create TheDAO apparently didn't think anyone would exploit it. It was likely a combination of hubris and naiveté. Will it happen again? Yep, that much I know for certain. Just don't ask me when.

For what it's worth, Bitcoin wasn't much different in it's early days. When I stumbled upon it back in late 2011 it was trading hands for about the price in USD as ETH is today. I didn't "invest" in it back then as crypto currency was even newer and less known than it is today. Bitcoin was "Goxxed" and survived, so there is precedent for ETH surviving.

Sometimes you're the bug; sometimes you're the windshield.

Cheers,

- zed

And therein lies the rub, experience will tell you when to get in and out, know your 'asset' of choice I guess...

Reminds me of a recent discussion Franko and I had lol

https://twitter.com/FrankoCurrency/status/745230649339031553

as usual look at that manipulation go  ::) - pumps come.
be careful as prob more dumps will come.
whale bots playing like fire now!

You think I am "butthurt" from missing out on something called "Ethereum" and "DAO"?
LOL
Please try again...

Back on topic:
What is it about this community that fails to attract real, genuine opportunities in favor of marketing and short-term greed?

When you say "this community", do you mean Eth, or the crypto community at large?

I'm not religious by any stretch of the imagination, but 1 Timothy 6:10 sums up the current state of this community pretty well.  :D
"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows."