How is it possible to squander $18 millions ?

[Mickeyb]

I know this might be the topic about the alt, but I think that this is directly related to the Bitcoin price as well. So if possible, I would like that it is not moved to the alt section by the mods.

Ethereum is apparently out of money!

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

Majority of dumping might be caused by the Ethereum guys in the past 20 months. How the hell you spend this amount of money already and you jeopardize your entire project? And in the process, you have also put enormous pressure on the Bitcoin price in the last 20 months.

[Possum577]

Squander might not be the right word, but it's not hard to burn through $18 million while trying to run a business.

Also, sounds like they sold off after the drop - although their claim that they lost value due to the drop could just be a convenient excuse to explain some frivolous spending. I'd love to think that that was the reason for the drop, but it's probably not the only reason.

[neoneros]

They hoped for a pump and dump on their own crypto, but couldn't pull it off, depended too much on the Bitcoinprice to rise and their own coin to tailgate on it.. that is what happened... where the $18 million went? a nice office, some fancy new phones, company cars and a gold plated executive bathroom...

[Mickeyb]

Squander might not be the right word, but it's not hard to burn through $18 million while trying to run a business.

Also, sounds like they sold off after the drop - although their claim that they lost value due to the drop could just be a convenient excuse to explain some frivolous spending. I'd love to think that that was the reason for the drop, but it's probably not the only reason.

It's definitely not the only reason for the Bitcoin price drop, but they have added a lot of pressure, that's for sure.

About the Ethereum, I must say I am disappointed. 20 months of development, all that money that they have raised and at the end we haven't even seen a normal wallet and now this announcement! There goes trust out of the window for me!

[suda123]

I know this might be the topic about the alt, but I think that this is directly related to the Bitcoin price as well. So if possible, I would like that it is not moved to the alt section by the mods.

Ethereum is apparently out of money!

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

Majority of dumping might be caused by the Ethereum guys in the past 20 months. How the hell you spend this amount of money already and you jeopardize your entire project? And in the process, you have also put enormous pressure on the Bitcoin price in the last 20 months.

The most easiest answer, it's a P&D. They used vitalik for endorsement.

[Nobitcoin]

$18 million easy to squander you got to account for weekly cocaine deliveries, high class prostitues, jacuzzis, indoor cinema, massage service, bar, sports cars (just for show of course, a company yacht and of course high class toffs that just sit there in the saville row suits.

[RyNinDaCleM]

What did they get? 30k BTC or so?
That can be absorbed in a day.

[gentlemand]

They're spending over $400,000 a month at present. That's a fine effort.

They had a lot a coins but really not that much to single handedly ravage the market. People have dumped similar amounts to their entire total in one swoop.

[Mickeyb]

They're spending over $400,000 a month at present. That's a fine effort.

They had a lot a coins but really not that much to single handedly ravage the market. People have dumped similar amounts to their entire total in one swoop.

Yes, $400,000 a month and there is no even a simple working wallet for people to keep their funds at 20 months later. And now they are calling the community for help since they are running out of cash!

Really no comment!

[Zoomer]

They have nothing to show for it either do they. This is an obvious scam and always was going to be. Yeh I know people made money etc etc $18 million was easy to squander when you spend it on wages to yourself to buy up 2nd homes, holidays, investments, partys and add whatever else you think. Oh then add 5% to market the scam and $18million was easily spent.

[maartenhaha]

haha these kind of things just make me laugh...
realy in all kinds of domains
the fools
haha

[Fiat_Hodler]

They think that anyone can be a Satoshi N....

Satoshi N. pulled off his project with no budget or investors.

These guys cant get their shit together even with millions of dollars.

Goes to show how Amazing the actual bitcoin project is!

[maartenhaha]

haha yea

they tried to scam their own scam, yes?
i wonder how their brain works
would love to open one , one day.... just to see how theirs work haha ^^

[Denker]

They hoped for a pump and dump on their own crypto, but couldn't pull it off, depended too much on the Bitcoinprice to rise and their own coin to tailgate on it.. that is what happened... where the $18 million went? a nice office, some fancy new phones, company cars and a gold plated executive bathroom...

Don't forget the partying after each new written line of code.Therefore the coke, the bitches and grossly overpriced champaign.Now reality is back to their lifes and the guys completely messed it up.
Typical scam with pump and dump and I'm just glad I haven't touched it and that I did not fall for their super fancy words expressions during their marketing campaign.

[gentlemand]

Don't forget the partying after each new written line of code.

I read that they smash a truffle with a mallet with every single keystroke. That shit's gotta add up pretty rapidly.

[mordekaiser]

I know this might be the topic about the alt, but I think that this is directly related to the Bitcoin price as well. So if possible, I would like that it is not moved to the alt section by the mods.

Ethereum is apparently out of money!

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

Majority of dumping might be caused by the Ethereum guys in the past 20 months. How the hell you spend this amount of money already and you jeopardize your entire project? And in the process, you have also put enormous pressure on the Bitcoin price in the last 20 months.

What to do to get this? I mean a lot of us have been working hard in years but never got this a lot of money.
I think this speculation is not impossible it may happen in the future.

[bcdev]

1) They aren't out of money, they still have about $2mil. It'll last them about a year with their current plans.
2) About half of the money was lost with the bitcoin price decline. That leaves "only" $7mil squandered since the time of crowdfounding.

If they start being more efficient they still have the chance to reach their goals.

Having a very small community fund forced us to be economical, particularly with marketing, but if that wasn't the case.....
As it is, I estimate that we've spent around $ 250,000 on Nxt core related stuff over the last 2 years, if not more.

[Nami]

I know this might be the topic about the alt, but I think that this is directly related to the Bitcoin price as well. So if possible, I would like that it is not moved to the alt section by the mods.

Ethereum is apparently out of money!

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

Majority of dumping might be caused by the Ethereum guys in the past 20 months. How the hell you spend this amount of money already and you jeopardize your entire project? And in the process, you have also put enormous pressure on the Bitcoin price in the last 20 months.

Investors are in a great pressure because of this, we have seen the price rise up and fall again.

[tokeweed]

How is it possible to squander $18 millions ?

[NorrisK]

This is what you get when you let tech guys run businesses without proper business guys I guess.

People need to do what they are good at. If you can program, you program, if you can run a business, you run a business, but not try to combine things without proper background/help/whatever.

Also, price decline has not helped ofcourse