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.

[1715023555]

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[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

[Mickeyb]

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.

Even $7 million is a huge amount of money. If they have seen the price of Bitcoin is going down constantly, why the hell they didn't cash out majority into Fiat. All of the real world expenses and programmers want to be paid in bitcoins but referenced at the Fiat value at the time of the payment. So to blame Bitcoin falling price is insane to me. These are the things you need to be ready for if you are running a project of this magnitude.

They have about $2 millions. Current expenses are $410,000 and they will drop them to $340,000 next month. That's hardly money for 12 months. Even if they drop them to desired $250,000 that's money only for next 8 months.

Not to mention that something will probably go terribly wrong again with their calculations so they will end up with having money for 4 months in the end. For example they are still holding 2,7M ethers. What if Ethereum drops by half in the next 30 days? There goes few months of their holdings..

Just sad..

[Operand]

How exactly did they get their own ETH holdings exactly?

I Still feel that the incompetence shown here is frankly, unacceptable. They are paying themselves insane 6 figure wages which should be justified by the quality of their work.

There is no evidence of this.

An average google engineer could produce what they have done single handedly in exponentially less time and with far less budget.

 

[spud21]

How exactly did they get their own ETH holdings exactly?

I Still feel that the incompetence shown here is frankly, unacceptable. They are paying themselves insane 6 figure wages which should be justified by the quality of their work.

There is no evidence of this.

An average google engineer could produce what they have done single handedly in exponentially less time and with far less budget.

 

I think they gave themselves a massive chunk of the premine before they sold the rest in the IPO. Off the top of my head I think the amount they gave themselves was between 10% and 20%. I don't think they have given a detailed account of what they spent all the money on yet either. After paying themselves most of that money they now want unpaid volunteers to help them complete their project!

[Hyena]

Holy shit, thanks mods for not moving this thread! Thanks OP for making this thread. Now I know that the fall of ETH last days is totally justified. I bought in some time ago in hope of buying this dip and selling higher but now I am sure that ETH will continue a slow downward spiral of death. And here's why:

• Vitalik said that they have 2 700 000 ETH.
• 1 ETH = 0.00283387 BTC at the moment.
• Thus, 2700000 ETH = 7651.449 BTC.

They are going to dump all those ETH to keep their scam going. This means ETH will continue to fall lower and lower.

DON'T BUY ETH!

I'm insta selling my 650 ETH as we speak.

[jubalix]

What I have always wondered is what has Vitalic Butlerin actually personally dev'd? / coded?

[CoinBateman]

I'm disappointed to hear that they gifted themselves SUCH a large amount of ETH, and made records with the amount of funding they received for what is essentially a College Final year project. Despite this, what they have produced amounts to less than the hyping that surrounds their project.

[Febo]

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.

You look at this totally wrong. Etherium crowd sale gave Bitcoin more value. People that owned Bitcoin invested, those that had not bought Bitcoins and invested. They invested their own Bitcoins. Because of me they can burn them if they want. Those are their Bitcoins so do with them what they want.

Same as Etherium, they do with their founds, what they planed to and wrote to people that invested in crowd sale. If they dont do as they promised then they might be in problem with the law.

Amount of Bitcoins they raised was way to small to have much negative impact on Bitcoin. It as i said only had positive.


What people get and will get for their investment is other story. But that si part of an investment. If you are not sure what an investment is, you should check a dictionary.

[Mickeyb]

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.

Amount of Bitcoins they raised was way to small to have much negative impact on Bitcoin. It as i said only had positive.

Yes, you are completely right about that. What I wrote in the opening post about them putting pressure on the price of Bitcoin in the near past is complete nonsense. 30,000 BTCs is really nothing and we have had days when these amounts were dumped in the market in a single day.


I still think though that they have misused their finances. $18 millions is a lot of money and they have behaved quite irresponsible and they have put their whole project in jeopardy.

[fuddudle]

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.

Amount of Bitcoins they raised was way to small to have much negative impact on Bitcoin. It as i said only had positive.

Yes, you are completely right about that. What I wrote in the opening post about them putting pressure on the price of Bitcoin in the near past is complete nonsense. 30,000 BTCs is really nothing and we have had days when these amounts were dumped in the market in a single day.


I still think though that they have misused their finances. $18 millions is a lot of money and they have behaved quite irresponsible and they have put their whole project in jeopardy.

They could have converted their BTC easily. What's sad is they didn't properly understand how to hedge their risk exposure to a bear market.

Why I have no idea, because they're suppose to be building a coin to be better than bitcoin. Yet they were madly bullish on BTC.

Lesson is don't give programmers / scammers btc

[Mickeyb]

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.

Amount of Bitcoins they raised was way to small to have much negative impact on Bitcoin. It as i said only had positive.

Yes, you are completely right about that. What I wrote in the opening post about them putting pressure on the price of Bitcoin in the near past is complete nonsense. 30,000 BTCs is really nothing and we have had days when these amounts were dumped in the market in a single day.


I still think though that they have misused their finances. $18 millions is a lot of money and they have behaved quite irresponsible and they have put their whole project in jeopardy.

They could have converted their BTC easily. What's sad is they didn't properly understand how to hedge their risk exposure to a bear market.

Why I have no idea, because they're suppose to be building a coin to be better than bitcoin. Yet they were madly bullish on BTC.

Lesson is don't give programmers / scammers btc

Yes, definitely. They had to hedge. 9 million they have lost because of the falling Bitcoin prices. That's just unforgivable. Half of their ICO money that is. Especially if we consider that all of the daily expenses, salaries, etc, are paid in dollars let's say. Than converting at least half of those 30,000 BTCs to dollars right away would only make sense to me. Oh well..

[billyjoeallen]

isn't etherium a direct competitor to bitshares?  Bitshares incentive structure appears to be that people only get paid when they produce results. That's a pretty important feature.

[dothebeats]

What I have always wondered is what has Vitalic Butlerin actually personally dev'd? / coded?

Same here. What did Vitalik Buterin contributed to the ETH code?

$18 million for ICO is no joke, but the mere fact that they held it irresponsibly is grounds for something that we should all be knowing now: stay away from ETH.

[knowhow]

Well i remember eth at 300k and the big pumped that lasted for a ico ,i were thinking that eth would get  litecoin ,and with those funds collected it should be above it and getting close.Really they collected 18 milion dollars?

[chesthing]

It's like everything else in crypto, a fuckin' scam. Nothing new.

[Mickeyb]

Well i remember eth at 300k and the big pumped that lasted for a ico ,i were thinking that eth would get  litecoin ,and with those funds collected it should be above it and getting close.Really they collected 18 milion dollars?

Yes, they collected about 30,000 BTCs when the price was $600. That's $18 millions!

[knowhow]

The worse thing is i had almost joined some program of them ,and recently i had bought some eth,without read these fresh news,lets see what will happen next days with it.

[Hyena]

Who bought into their IPO anyway? Where are the bitcoiners who donated 30k BTC to Vitalik? I'm sure they pretty much lost their money so they must be all butthurt like dim draper for buying into 600$ bitcoins. So, if any ETH IPO investors are lurking around here, let us know and share us your pain.

[megadeth]

Who bought into their IPO anyway? Where are the bitcoiners who donated 30k BTC to Vitalik? I'm sure they pretty much lost their money so they must be all butthurt like dim draper for buying into 600$ bitcoins. So, if any ETH IPO investors are lurking around here, let us know and share us your pain.

Why would they be butthurt sitting on a BTC profit?

[gentlemand]

What I have always wondered is what has Vitalic Butlerin actually personally dev'd? / coded?

Doesn't matter. Just look at him. That idiot savant expression. The lack of muscle mass. The incomprehensible strings of words. It all screams tech billions.

He's probably a Disney mouseketeer reject who doesn't even know how to send a text message. The lines are fed to him by his sinister owners.

[sgbett]

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.

This comment cheered me right up. Maybe there is some life left in this forum yet

[Hyena]

Who bought into their IPO anyway? Where are the bitcoiners who donated 30k BTC to Vitalik? I'm sure they pretty much lost their money so they must be all butthurt like dim draper for buying into 600$ bitcoins. So, if any ETH IPO investors are lurking around here, let us know and share us your pain.

Why would they be butthurt sitting on a BTC profit?

So the current price of ETH is higher than during IPO? How much?

[Fiat_Hodler]

ether is a waste of time. BTC is where its at. Say goodbye to all the money you invested into the scam called ethereum

Nick Szabo: "Best of Bitcoin (currency and settlement system) + best of Ethereum (smart contract programming environment)" = RootStock.io, by Sergio Lerner

https://twitter.com/NickSzabo4/status/651774200374525953

https://www.reddit.com/r/Bitcoin/comments/3nuy3p/nick_szabo_best_of_bitcoin_currency_and/

[megadeth]

Who bought into their IPO anyway? Where are the bitcoiners who donated 30k BTC to Vitalik? I'm sure they pretty much lost their money so they must be all butthurt like dim draper for buying into 600$ bitcoins. So, if any ETH IPO investors are lurking around here, let us know and share us your pain.

Why would they be butthurt sitting on a BTC profit?

So the current price of ETH is higher than during IPO? How much?

ETH IPO price was 0.0005 BTC and a little bit more in later stages of the presale.
If measured in USD at the time, it was ~$0.3

[Hyena]

ETH IPO price was 0.0005 BTC and a little bit more in later stages of the presale.
If measured in USD at the time, it was ~$0.3

Holy shit. Then it was definitely a good speculative investment. On the other hand, it has a lot of room left to fall.

[rokkyroad]

Yep, they got the 18 mil of "FREE" money.

They gifted themselves with some Eth premine. How much they made on that is anyone's guess.

Why work and produce when people are anxious to throw money at you?

Now Vitalick is setting the scene for "community takeover". Once the money is gone its up to bagholders to continue on. So typical.

People need to quit buying into these schemes. These scams schemes only put more nails into the cryptocurrency coffin. The final result could be the demise of Bitcoin and like its not already took enough hits.

[neurotypical]

ETH IPO price was 0.0005 BTC and a little bit more in later stages of the presale.
If measured in USD at the time, it was ~$0.3

Holy shit. Then it was definitely a good speculative investment. On the other hand, it has a lot of room left to fall.

Yep, I should have gotten into it, it was an easy call. Of course, with so many IPO scams, I decided to watch it from the sidelines. The dump happened and it did happen quick, but there was a reasonable period of time of a couple of days to dump while making big time profits. I don't know whats next for Ethereum, but the sidechains for Bitcoin are looking good, but its very early on in the game yet.

[Mickeyb]

ETH IPO price was 0.0005 BTC and a little bit more in later stages of the presale.
If measured in USD at the time, it was ~$0.3

Holy shit. Then it was definitely a good speculative investment. On the other hand, it has a lot of room left to fall.

Yes, and the way it's going toward the bottom lately, I am pretty sure it will hit IPO prices in the near future. People will lose patience, a lot of new coins are mined daily meaning that there is a lot of inflation.

But yes, it was a good investment for the people that got in. I couldn't get in, I was just starting with Bitcoin then and all I had was about 4 BTCs at the moment of IPO. I didn't wanna give half of my current holdings for an investment.

[Mickeyb]

ether is a waste of time. BTC is where its at. Say goodbye to all the money you invested into the scam called ethereum

Nick Szabo: "Best of Bitcoin (currency and settlement system) + best of Ethereum (smart contract programming environment)" = RootStock.io, by Sergio Lerner

https://twitter.com/NickSzabo4/status/651774200374525953

https://www.reddit.com/r/Bitcoin/comments/3nuy3p/nick_szabo_best_of_bitcoin_currency_and/

So is this rootstock like an Ethereum killer? Is this the same thing Ethereum will do just on the Bitcoin blockchain? Thanks everyone that can explain it a bit more, I will try and find some info alone as well.

[iv4n]

How is it possible to squander $18 millions ?

This picture says more then thousand word's. With 18 million $ they had plenty of it, now their dilers are billionaires and they stayed without money.

[knowhow]

Well maybe they had dumped their coins on the crazy week pumping that made eth reach 600k and were looking to cross that wall,and from one moment to another is worthing half value,i guess whales were out and now are collectiing more eth to make the pump once again,currently would mean 200% return with a good pump week party again.

[botany]

The positive side is - at least now we can stop blaming the ethereum dump for the depressed price of bitcoins.

[Denker]

ETH IPO price was 0.0005 BTC and a little bit more in later stages of the presale.
If measured in USD at the time, it was ~$0.3

Holy shit. Then it was definitely a good speculative investment. On the other hand, it has a lot of room left to fall.

You're right.Some guys really made a great profit when they had been fast in dumping their stash on exchanges.
Ethereum is still overpriced and will continue going down south step by step.
Everybody who is buying now I believe is just burning his hands or wants to take a gambling risk in terms of trading.

[knowhow]

Well i dont know till where the eth can hold the value it has now,the fact is they had spended milions and nothing happened into the coin that should support what they requested funds to do,even with bitcoin loosing value.And i hope it can go above 300k once again ,maybe is time to collect some eth to the next pump that should occur on it ,and if not well some hands will be burning on it.