How is it possible to squander $18 millions ?

[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