Vitalik writes Dear John letter to the Ethereum community...

[tokeweed]

@spartacus

So what..  You 'judge' it as a failure...?  Already?  With the money thing, yeah..  Some money (maybe) has been squandered.  But they can't give up this early in the game.  But I fear for Buterin.  That blog shows how weak willed and weak minded he is in the face of adversity.  A lot of people are depending on him.  So he shouldn't be writing such blogs.

[Marvell1]

@spartacus

So what..  You 'judge' it as a failure...?  Already?  With the money thing, yeah..  Some money (maybe) has been squandered.  But they can't give up this early in the game.  But I fear for Buterin.  That blog shows how weak willed and weak minded he is in the face of adversity.  A lot of people are depending on him.  So he shouldn't be writing such blogs.

Lol so he should bury his head in the sand and do nothing ? There were alot of rumors and innuendo floating around he had to do something. 

The fact is the lost alot of key people when the eth payouts finally went out and he had to address it.

[NattyLiteCoin]

@spartacus

So what..  You 'judge' it as a failure...?  Already?  With the money thing, yeah..  Some money (maybe) has been squandered.  But they can't give up this early in the game.  But I fear for Buterin.  That blog shows how weak willed and weak minded he is in the face of adversity.  A lot of people are depending on him.  So he shouldn't be writing such blogs.

I don't think it's weakness, I think he's just an honest dude that had to make some decisions counter to his ethics and felt compelled to be transparent. I genuinely think this cat wants to change the world, but reality hit him in the mouth. He's not a cut throat businessman, he's a scientist and philosopher. I hope hope his message instills confidence in the ethereum project and its value will steadily grow.

[spartacusrex]

So what..  You 'judge' it as a failure...?  Already?  With the money thing, yeah..  Some money (maybe) has been squandered.  But they can't give up this early in the game.  But I fear for Buterin.  That blog shows how weak willed and weak minded he is in the face of adversity.  A lot of people are depending on him.  So he shouldn't be writing such blogs.

Not at all. I think calling it a 'failure' would be very harsh indeed. (You could make a strong case for financial mis-management, but not overall)

They have shown it is possible to set up this 'World Computer' Vitalik invented all those years ago.. (I really liked his original 64 command assembly white paper.. it was only about a page and a half long.)

Whether it is Ethereum or Expanse or Something Else, the cat is out of the bag now. We now know it can be done.

And that's good news for all.

My ONE gripe, would be that they should not have sold their ETH. Their BTC holdings should have been enough..

That was the 'key incentive'. Their incentive. Without that, there is very little to make them want ETH to succeed.

[vopakee]

So what..  You 'judge' it as a failure...?  Already?  With the money thing, yeah..  Some money (maybe) has been squandered.  But they can't give up this early in the game.  But I fear for Buterin.  That blog shows how weak willed and weak minded he is in the face of adversity.  A lot of people are depending on him.  So he shouldn't be writing such blogs.

Not at all. I think calling it a 'failure' would be very harsh indeed. (You could make a strong case for financial mis-management, but not overall)

They have shown it is possible to set up this 'World Computer' Vitalik invented all those years ago.. (I really liked his original 64 command assembly white paper.. it was only about a page and a half long.)

Whether it is Ethereum or Expanse or Something Else, the cat is out of the bag now. We now know it can be done.

And that's good news for all.

My ONE gripe, would be that they should not have sold their ETH. Their BTC holdings should have been enough..

That was the 'key incentive'. Their incentive. Without that, there is very little to make them want ETH to succeed.

Why not sell the ether? they will probably need the money more now than in a year, it wouldn't benifit the project if they had 8 million Ether left when the project is done. They should distribute(sell) that before the project is finnished, and try to accellerate the development as much as possible imo.

[spartacusrex]

The price was going to dump weather or not he slid his "second round of funding proposal" onto the table.  Might as well take what's given.  The price was going down anyway.  If he waits before dropping that bomb, then the price drops then too.  Looks to me like he got 2 birds with that one.  Well played in the face of adversity.  Be open, honest, transparent, and genuine in the face of defeat.  It takes a strong man to admit his mistakes, and not hide in shame.

I fuck up daily

Well said.

..

As for the ETH sell off.

It should have been the prize. The Incentive. Their worth nothing now compared to what they COULD be worth.. IF they finish and deliver.

So, the daily running of the operation, should have come from the 31,000!!!?? BTC that they got from investors. Plenty. Seriously.

THEN as a BONUS they also get a shed load of ETH (I'm all for that, good incentive) which they can touch in say, 1 year after launch (of the final release POS and all).

Carrot and Stick, to be blunt.. I can guarantee you people would be more motivated (which is what we want after all) and less lightly to leave the project if this carrot was dangled in front of them..

Just that the carrot is a big bag of quantum gold. Could be couldn't be. Billions. Up to you.

IMHO.

[iCEBREAKER]

I'm with you tokeweed, but if you take 18mil from investors, and then fail to deliver.. well.. hmm.. It's funny how smart techie guys are always terrible with money.
 

conveniently terrible with money

Sunny King and dNote aside, what kind of "smart techie guy" goes out of his way to faff about with PoS, when PoW works just fine?

You had one job ETH.  That job was to make a smart-chain, not invent novel and creative forms of PoW-->PoS bridges all mixed up with your "Definitely Not An IPO" IPO crowdfunding schemes.

Next time, keep it simple and fight features.  Focus and deliver on your core competency, not every shiny new function imaginable.

[vopakee]

Do we have any actual proof that the recent price deline was due to them dumping? I mean couldn't those 8 million coins just as well have been dumped some month ago?

[smooth]

You had one job ETH.  That job was to make a smart-chain, not invent novel and creative forms of PoW-->PoS bridges all mixed up with your "Definitely Not An IPO" IPO crowdfunding schemes.

Reality is far worse

On top of the colossal fail of doing four implementations before finishing even one we have...

the project’s needs have grown. Over the past twenty months, the project has grown from being a simple attempt to improve on Mastercoin by adding a programming language into an effort to push forward a powerful and expansive vision of “web 3.0” that includes multiple technologies, some built by ourselves and some by others, and a complex software stack that integrates them all
...
including proof-of-stake driven scalable blockchains, seamlessly integrated distributed hash tables, programming languages with formal verification systems backed by state-of-the-art theorem provers and dozens of categories of middleware

This all ranks among the worst examples of lack of focus and catastrophic feature creep I have ever seen and rivals Project Xanadu in the record books of historic leadership failures in software development.

[Blawpaw]

This article has some mighty nice points made in it.

https://blog.ethereum.org/2015/09/28/the-evolution-of-ethereum/

Deez are muh favorites.

we suffered roughly $9m in lost potential capital , and a hiring schedule that was meant to last over three years ended up lasting a little under two (although bolstered by a “second wind” from our ETH holdings).

Or in other words, "our massive dump on polo"

Let us start off by providing an overview of the Foundation’s financial situation. Its current holdings are roughly:

200,000 CHF
1,800 BTC
2,700,000 ETH

translation, "we presold 60m eth and then front ran another 8m eth after it hit the exchanges"

And last but not least. My upmost favorite part of the Dear John Letter.

Up until fairly recently, almost all of the work that has been done on the Ethereum project has been done by subsidiaries of the foundation. In the future, however, although the foundation and its subsidiaries are going to continue to take on a strong and leading role, it will be the community that will gradually be the primary driver in making it succeed.

Because we made our money, peace bitches.

I think that what he meant was "in a way" referring that the platform will not succeed if the community doesn't push it forward to general adoption.

[tokeweed]

@spartacus

So what..  You 'judge' it as a failure...?  Already?  With the money thing, yeah..  Some money (maybe) has been squandered.  But they can't give up this early in the game.  But I fear for Buterin.  That blog shows how weak willed and weak minded he is in the face of adversity.  A lot of people are depending on him.  So he shouldn't be writing such blogs.

I don't think it's weakness, I think he's just an honest dude that had to make some decisions counter to his ethics and felt compelled to be transparent. I genuinely think this cat wants to change the world, but reality hit him in the mouth. He's not a cut throat businessman, he's a scientist and philosopher. I hope hope his message instills confidence in the ethereum project and its value will steadily grow.

I agree.  But on the contrary his blog, however well meaning, had the opposite effect in people's confidence in Ethereum.  You ever notice why Forbes 500 companies hire PR people to figure out what to say to the public and are never ever fully transparent?  Yes, to maintain its companies' share prices preventing them from crashing.

It's a school boy error on Buterin's part.  Flowery words of optimism despite this small 'blip' is the order of the day (<-- yes calling it a small blip would be a lie, but he should for the sake of the project).

[tokeweed]

And I hope Ethereum succeeds though, for Augur's sake.  I am looking forward to Augur's release hopefully before the US presidential elections.  That market should be fun. 

[benthach]

a bunch of millionaires have been made in this scam vaporware. later beeeeeaiach! lol

i already told these dumb morons again and again, these altcoins scene is nothing but scam wild wild west world
people can creating virtually anything surrounding bitcoin but they're not doing it, because it don't make them money so they're rather creating new hype for the dumb morons
people can creating third party wallet https://blockchain.info,  smart contracts for bitcoin like bithalo.org, anonymous, or anything..

talk about adoption, these scam coins have virtually 0.00000001% adoption. the purpose of these scam altcoins are hype and trading, speculation should be -99.99% profits for long term.
the hype works everytimes!
bitcoindark, dogecoin, paycoin, etheruom, bitshares... you name it. the scams work and it's not going to stop here! you all will see bitcoin 3.0 and bitcoin 4.0..... these scam works everytimes!

[prophetx]

what a bunch of whiners you all have become LOL

[tokeweed]

what a bunch of whiners you all have become LOL

This is true.  So many whiners in these parts.

[r0ach]

people can creating virtually anything surrounding bitcoin but they're not doing it, because it don't make them money

Why would they though?  Lots of people bought Bitcoin really cheap (Max Keiser), so now you're supposed to do a bunch of work on top of Bitcoin to make rich people more rich instead of attempting to make yourself rich?

You can't really fault them trying.  Just stop trying to classify Vitalik as the pope or something.  He pulled a typical Bobsurplus scam.

[tokeweed]

people can creating virtually anything surrounding bitcoin but they're not doing it, because it don't make them money

Why would they though?  Lots of people bought Bitcoin really cheap (Max Keiser), so now you're supposed to do a bunch of work on top of Bitcoin to make rich people more rich instead of attempting to make yourself rich?

You can't really fault them trying.  Just stop trying to classify Vitalik as the pope or something.  He pulled a typical Bobsurplus scam.

Same can be said to lots of other individuals in crypto.  BCNext, Bytemaster, Jed McCaleb, Evan.. etc etc..

[benthach]

people can creating virtually anything surrounding bitcoin but they're not doing it, because it don't make them money

Why would they though?  Lots of people bought Bitcoin really cheap (Max Keiser), so now you're supposed to do a bunch of work on top of Bitcoin to make rich people more rich instead of attempting to make yourself rich?

You can't really fault them trying.  Just stop trying to classify Vitalik as the pope or something.  He pulled a typical Bobsurplus scam.

i have never praise anyone in this forum beside satoshi. vilatik is just another opportunist scammer just like anyone else in this altcoins scam scene.

[tokeweed]

people can creating virtually anything surrounding bitcoin but they're not doing it, because it don't make them money

Why would they though?  Lots of people bought Bitcoin really cheap (Max Keiser), so now you're supposed to do a bunch of work on top of Bitcoin to make rich people more rich instead of attempting to make yourself rich?

You can't really fault them trying.  Just stop trying to classify Vitalik as the pope or something.  He pulled a typical Bobsurplus scam.

i have never praise anyone in this forum beside satoshi. vilatik is just another opportunist scammer just like anyone else in this altcoins scam scene.

Ok..  Besides Buterin, who do you think are the other 'scammers' in the Crypto 2.0 scene?

[benthach]

people can creating virtually anything surrounding bitcoin but they're not doing it, because it don't make them money

Why would they though?  Lots of people bought Bitcoin really cheap (Max Keiser), so now you're supposed to do a bunch of work on top of Bitcoin to make rich people more rich instead of attempting to make yourself rich?

You can't really fault them trying.  Just stop trying to classify Vitalik as the pope or something.  He pulled a typical Bobsurplus scam.

i have never praise anyone in this forum beside satoshi. vilatik is just another opportunist scammer just like anyone else in this altcoins scam scene.

Ok..  Besides Buterin, who do you think are the other 'scammers' in the Crypto 2.0 scene?

everyone. there is no reason for crypto 2.0, crypto 3.0, or crypto 4.0, they're all opportunist looking to make money out of dumb morons
like i said again and again, people can creating virtually anything surround bitcoin but they don't because it don't make them money