EHEREUM SCAM EXPOSED: Garage In The Woods Operation

[stoat]

Looks like a large detached home in an upmarket neighbourhood.

Does an internet based exchange need to be based in a skyscraper?

Real life is not like your anime

[Naughtis]

Reminder, some facts about Ehter:

1. Main exchange trading from garage in the woods.

2. IPO coin.

3. It is not traded on any major exchange. In fact, the main exchange it is traded at is only known to Ether users, and it is operating from a shed in the woods in the middle of nowhere.

4. The other exchange it is traded at, Kraken, has been experiencing major withdrawal issues for 5 weeks.

5. Ether has unlimited supply. This means it is worse than Dogecoin. Why would anyone buy a digital currency with unlimited supply? It defeats the purpose of digital currency.

6. Ether has no development at all. There isn't even an AVERAGELY functioning wallet.

7. Most of its volume is faked.

---

Copy and paste in all Ether threads to reach more people and create awareness of the scam that is Ethereum!

Ether has unlimited supply. I think it is good. It can compensate for the loss of coins and do not make the coin too expensive. The inflation will be low in the future.

[stoat]

Do you even know the difference between "digital currency" and "cryptocurrency"?

[loki0505]

Reminder, some facts about Ehter:

1. Main exchange trading from garage in the woods.

2. IPO coin.

3. It is not traded on any major exchange. In fact, the main exchange it is traded at is only known to Ether users, and it is operating from a shed in the woods in the middle of nowhere.

4. The other exchange it is traded at, Kraken, has been experiencing major withdrawal issues for 5 weeks.

5. Ether has unlimited supply. This means it is worse than Dogecoin. Why would anyone buy a digital currency with unlimited supply? It defeats the purpose of digital currency.

6. Ether has no development at all. There isn't even an AVERAGELY functioning wallet.

7. Most of its volume is faked.

---

Copy and paste in all Ether threads to reach more people and create awareness of the scam that is Ethereum!

I copied and pasted this to the Moderators and reported you for spamming.  thanks!

[TPTB_need_war]

The truth about Ethereum, i.e. borderline scam or at least technological incompetence:

Ignore the fud and the hype.  I'm long term excited about this project.

[...]

Even though I think eth will destroy the need and market cap of bitcoin (wait and see).  It won't happen today or tomorrow.  You are buying into a pump.  Wait until things are boring and then don't put off your purchase.

Eth is already better than bitcoin.  People just don't know it yet.  And the ecosystem is coming down the like at an insane rate.  Most popular alts are scams.

Why are you displaying your ignorance about technological issues that you are apparently incapable of comprehending? Even you were in my Reddit thread where I explained it, yet you somehow still are in this delusion that Ethereum is not incompetent.  

Ethereum is not better than any other scam. And it is a borderline scam or at least incompetence masked by technobabble from some young nerds who know some math and programming, but have limited capitulation to reality.

So why are you constantly making threads spreading pointless FUD about ethereum?

Yeah why are you doing that stoat?

And you are lying about my identity and have refused to retract your slander, when I am clearly not the two users you accused me of being and I have even shared my LinkedIn photo and identity.

Why can't you admit that Ethereum's developers suck and after $millions wasted, they still have not solved the most fundamental issue that must be solved in order to make scripting on a block chain work?

The technological challenge with a long-running script on a block chain is verification. The gas (and txn fees) are paid to the winner of the PoW block, not to all miners, but all miners (full nodes) have to endure the SAME cost of verification. Yet not all miners have the same hashrate, thus not all miners have the same income per block. Thus some miners recoup less of their verification costs than other miners. As I explained in greater detail, this forces mining to become 100% centralized in one miner with 100% hashrate.

Ethereum is off on another tangent named Casper, with shards, consensus-by-betting, etc, which is another hopeless and futile attempt to solve a problem that CAN NOT BE SOLVED BECAUSE OF THE INVIOLABLE CAP THEOREM!

Ethereum will never solve this problem and remain decentralized. Never. Thus all the scripts and products being built on top of Ethereum are headed to failure when Ethereum fails to solve the scaling problem of verification in a decentralized manner. Because centralization of scripting is meaningless, we always had that already.

I have solved the problem because I realized verification MUST be centralized (due to the inviolable CAP theorem and the correct understanding that a 100% decentralized system can not solve the Byzantine General's Problem), and thus I instead designed a way to control the centralization of verification with decentralized PoW miners (because each user submits a PoW share with their txn and because PoW mining is rendered UNprofitable for all parties).

So who will be the winner of everything? Me. Not Ethereum. Not to mention that marketing plan is light years ahead of any altcoin, because I will market directly to the millions of masses and achieve millions of adoptions (and be the first coin to do so).

Look I was there at the beginning telling Charles (one of the guys who founded and organized the creation of Ethereum) in Skype that Vitalik's PoW algorithm could be parallelized thus not CPU only, telling him that they could not solve the fundamental problem above, and telling him that they were going to raise too much $ with too many mouths to feed and still wouldn't solve the fundamental problems. Originally Charles was recruiting me to form this company, not Vitalik. But I balked and said I didn't want to raise all that money and I didn't want to start something until I was sure I had solved all fundamental issues. If you don't believe me, go ask Charles.

All the gory details about Ethereum's technical incompetence are here:

https://www.reddit.com/r/ethtrader/comments/42rvm3/truth_about_ethereum_is_being_banned_at/

Enjoy the Ethereum pump while it is hot and while people are ignorant of the truth about the technical incompetence of the Ethereum developers. Eventually the truth will come out and especially when my white papers and coin are released.

I just don't want the same thing happening to ZCash that happend to ethereum, Vitalik announced a while ago how much Ether the foundation had left and then the price skyrocketed because everybody was waiting for the whales to sell out.

Could you please provide to us a link to this announcement by Vitalik?

How do we know the insiders did not sell to themselves and have (intentionally) created a deception which caused P&D fever?

[morefunthantoast]

6. Ether has no development at all. There isn't even an AVERAGELY functioning wallet.

Do you even know what github is?
Just because they haven't put out the "for dummies" version doesn't mean it's not getting done.

[rokkyroad]

6. Ether has no development at all. There isn't even an AVERAGELY functioning wallet.

Do you even know what github is?
Just because they haven't put out the "for dummies" version doesn't mean it's not getting done.

You would think a decent wallet would have been the priority. I'm pretty sure the average eth owner is unconcerned, does not care, or does not understand the tech gobbledy gook.

[ryepdx]

You would think a decent wallet would have been the priority. I'm pretty sure the average eth owner is unconcerned, does not care, or does not understand the tech gobbledy gook.

Nope. Ethereum is in its Frontier phase, during which the needs of dapp developers are emphasized. The next phase, Homestead, will focus on building a better user experience and will coincide with the release of a stable Mist wallet with a user-friendly installation process. (Mist is, again, already available for those who know how to navigate Github. There are even precompiled binaries available at https://github.com/ethereum/mist/releases, so you don't have compile anything if you don't want to.)

Edit: As for the accusation that there's no development going on, I have to say that the project is incredibly active. It's just that most of what they're releasing right now is targeted at devs and technical users. The dapp ecosystem is also pretty exciting at the moment. It's just not particularly easy to access for most people yet, as user-friendliness was considered out of scope for this phase of development. Hopefully that'll change with the upcoming Homestead release, though.

[Sark]

Its ironic how Polo and Kraken are *crushing* every other crypto exchange in volume this week on the back of BTC/ETH pairs.

https://coinmarketcap.com/exchanges/volume/24-hour/

(this obviously excludes a lot of Chinese trading where they play by a different set of rules that is hard to compare directly.)

[bitcoinlitcoinbtcltc]

Its ironic how Polo and Kraken are *crushing* every other crypto exchange in volume this week on the back of BTC/ETH pairs.

https://coinmarketcap.com/exchanges/volume/24-hour/

(this obviously excludes a lot of Chinese trading where they play by a different set of rules that is hard to compare directly.)

And you are a noob who believes that volume is real. LOL

[pimpjuice]

Eth will soon crash (pretty freaking obvious pump and dump) and everyone will buy back into btc increasing the price just as ltc did during it's last big pump and dump.  C'mon... one exchange with almost all the volume (and now we find out it might be in some kid's basement)... 

[TPTB_need_war]

Eth will soon crash (pretty freaking obvious pump and dump) and everyone will buy back into btc increasing the price just as ltc did during it's last big pump and dump.  C'mon... one exchange with almost all the volume (and now we find out it might be in some kid's basement)...  

yeah I retract my upthread doubts about the relevancy of the exchange. I said there is no proof. Yet is is very suspicious if it is true that all volume is going through an exchange that is on a server that is not even colocated on a Host, thus no chance it might be audited by a third party. That could be for security reasons, but it could also be for nefarious reasons.

However is it proven where the server is? Is it proven all volume going through that server?

[smooth]

Eth will soon crash (pretty freaking obvious pump and dump) and everyone will buy back into btc increasing the price just as ltc did during it's last big pump and dump.  C'mon... one exchange with almost all the volume (and now we find out it might be in some kid's basement)...  

yeah I retract my upthread doubts about the relevancy of the exchange. I said there is no proof. Yet is is very suspicious if it is true that all volume is going through an exchange that is on a server that is not even colocated on a Host, thus no chance it might be audited by a third party. That could be for security reasons, but it could also be for nefarious reasons.

However is it proven where the server is? Is it proven all volume going through that server?

The server is almost certainly not there. The address matches a service providing a legal address for the corporation.

https://www.49dollarmontanaregisteredagent.com

Also, if you scroll out on the map a bit, it is clear that is a commercial neighborhood.

 

[pimpjuice]

Eth will soon crash (pretty freaking obvious pump and dump) and everyone will buy back into btc increasing the price just as ltc did during it's last big pump and dump.  C'mon... one exchange with almost all the volume (and now we find out it might be in some kid's basement)...  

yeah I retract my upthread doubts about the relevancy of the exchange. I said there is no proof. Yet is is very suspicious if it is true that all volume is going through an exchange that is on a server that is not even colocated on a Host, thus no chance it might be audited by a third party. That could be for security reasons, but it could also be for nefarious reasons.

However is it proven where the server is? Is it proven all volume going through that server?

The server is almost certainly not there. The address matches a service providing a legal address for the corporation.

https://www.49dollarmontanaregisteredagent.com

Also, if you scroll out on the map a bit, it is clear that is a commercial neighborhood.

 

Houses in commercial neighborhoods are horrible! JK - good point.  I am less worried about the legitimacy of Poloniex and more concerned about the volume that went through that particular exchange. I would be surprised if this is another Gox.  I would NOT be surprised if this was similar to the LTC pump and dump this past year. 

[loki0505]

checked my eth wallet this morning and converted to USD....

[Sark]

Meanwhile the people sitting in that cabin are watching the transaction fees roll in and trying to figure out which castle they should buy.

[loki0505]

Meanwhile the people sitting in that cabin are watching the transaction fees roll in and trying to figure out which castle they should buy.

i guess we all win ;-)

[smooth]

How many cryptocurrencies have meetups where Nick Szabo is the keynote speaker?

That's right, none, only Ethereum. 

and at least one other one

https://www.youtube.com/watch?v=cDO09EVFSmg

[TPTB_need_war]

I see ~93% of the volume is on Poloniex and Kraken:

http://coinmarketcap.com/currencies/ethereum/#markets

Does anyone know if these exchanges enforce strict KYC and keep records of all trades so that authorities will be able to determine who was selling to whom? So an investigation could determine if the insiders were buying from themselves to manipulate the price?

Afaik, this would be insider trading and should get them jail time (at least afaik according to SEC regulations).

The fools who support these scams by buying the coins and promoting them, are giving the government every reason to regulate alt-coins. You are polluting  the well from which we all drink.

[bitcoinlitcoinbtcltc]

I see ~93% of the volume is on Poloniex and Kraken:

http://coinmarketcap.com/currencies/ethereum/#markets

Does anyone know if these exchanges enforce strict KYC and keep records of all trades so that authorities will be able to determine who was selling to whom? So an investigation could determine if the insiders were buying from themselves to manipulate the price?

Afaik, this would be insider trading and should get them jail time (at least afaik according to SEC regulations).

The fools who support these scams by buying the coins and promoting them, are giving the government every reason to regulate alt-coins. You are polluting  the well from which we all drink.

Poloniex is an exchange operating from a shed in the woods.

Kraken has been having problems with withdrawals for past 2 months.

The other 7% is from even shadier exchanges.

96% of Ether volume is FAKE. The other 4% is real. It comes from morons who buy into these scams. But that 4% is enough dough for the Ether/Poloniex scammers to cash out & buy legitimate Bitcoins and Litecoins with in anticipation of the next HUGE CRYPTO BUBBLE (remember, remember, july 2016 is the halving of bitcoin!)