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Author Topic: [ANN] Ethereum: Welcome to the Beginning  (Read 1803470 times)
hamiltino
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July 23, 2014, 07:56:19 AM
 #1581

I think some posters here need to do more research on their own, ethereum is not new, it's been in development for a long time now. There is plenty of information on the net about the developers, their past projects, etc. They are some of the most popular and well-known people in the cryptocurrency realm.

What most people, including me, who are used to throw-away type altcoins and have grown so skeptical and cynical, don't understand...is...ethers are not coins. They are tokens to be used to "rent space" or complete any action on the ethereum blockchain. Ethereum is a programming language which allows developers to build applications on a decentralized internet.

For example, you have a website...your website is hosted on somebody's server. But if you have a website hosted on Ethereum, your website exists on the blockchain. It's decentralized and updated through the mining process.

For those who think Ethereum is a coin, its not. It aims to be the beginning of the next generation of internet, where the entire internet exists on a blockchain, everybody pays a little ether for every action they make online, and the whole net is supported by mining ether the same way the "bitcoin ledger" is supported and updated by mining bitcoin.

There probably will be no immediate or short-term gains. But it might be something you can buy and give to your children and grandchildren.

That's a very bold statement to make that there will probably be no immediate or short term gains. You can't justify that.

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hamiltino
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July 23, 2014, 07:59:18 AM
 #1582

I also need to remind people that it is in everyone's interest to prevent you from investing if they invested in the pre-sale, it means they get a bigger slice of the pie. So be careful with believing in any ones posts.

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July 23, 2014, 07:59:36 AM
 #1583

I understand Ether is not a coin, it's a basically a token to use on the Ethereum blockchain in order to initiate any implementation.
Is that basically correct?

What methods will be available for determining Ether value (in BTC or fiat) after the Ether pre-sale is finished, and what avenues will be available to sell Ether for BTC or fiat after the pre-sale is finished. Will Ether be traded on exchanges?


I still hope to get a direct answer to my question: How, where, and when can ethers be sold back to bitcoin or fiat?

You can be sure there will be exchanges that will add ether so that they can profit from trading fees

edit: formatting
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July 23, 2014, 08:00:41 AM
 #1584

No cap? Send as much as you can? With the rate this is going i forsee atleast 20000 BTC.

No immediate returns guys, wait 10 years to see something significant
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July 23, 2014, 08:04:03 AM
 #1585

No cap on sales, I take it? Approx. 14 days at current price, regardless of how many sell between now and that 14 days, correct?

If that's true (and I believe it is) why doesn't everyone wait until the deadline to purchase?

My guess is those people are afraid that Ethereum might stop the sale early, or change the terms to be less favorable.  But doing that will damage trust so seems unlikely to happen.
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July 23, 2014, 08:04:21 AM
 #1586

No cap? Send as much as you can? With the rate this is going i forsee atleast 20000 BTC.

No immediate returns guys, wait 10 years to see something significant


20000 btc marketcap would put them in 10th position. If you believe they will have a higher position than that at a 20k btc pre-sale, then that is profit.

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July 23, 2014, 08:08:39 AM
 #1587

Ok I read most of the Terms and Conditions of the Ethereum Genesis Sale. You may find it after clicking on Buy Ether.

1) There is no cap on overall btc invested. 3265 btc as of now (10 hours after start) has been invested already. I think it's safe to judge at least 30000 btc will be invested in the 42 days left.
2) There's a cap of 12.5% for every investor, aiming to avoid centralization/inequality. This is more for corporations as it's unlikely anybody would invest so much.
3) Offer will last 42 days. You get some bonus in the first 14 days and after that you get less bonus.
4) 83,5% of ether is being sold, but this coin has an infinite inflation and ether will be forever mined. ( https://www.ethereum.org/images/terms/supply.png ) BUT after only 10 years these 83.5% will have become only 26.3% ( https://www.ethereum.org/images/terms/distribution.jpg ) and will keep becoming less and less significantly for a long time. At least 20 more years.
5) If 30000 btc gets invested we will have an instant market cap of 36000 btc and an actual market cap (if you take 10 years into consideration which some might argue is too much and others is too small so i guess its a fair number it becomes 114068 btc instant market cap. More than nxt already.
6) This is their btc direct address in case someone is curious: https://blockchain.info/address/36PrZ1KHYMpqSyAQXSG8VwbUiq2EogxLo2 DO NOT SEND BTC DIRECTLY TO IT
7) This seems to me maidsafe 2.0. I hope it's good and it will actually deliver something, but hardly enough for investors to break even. I don't know if I'm investing on this. Most likely I will not as it seems only people getting rich out of this are developers.


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July 23, 2014, 08:08:53 AM
 #1588

I have a hard time seeing how this could be a good investmente

Me too. To me it seems there is no real information given on their website about what's coming. Almost all information given targets the presale Sad The video is crap and a little suspicious. The numbers on their site cannot be verified (you get an empty BTC wallet address when you try to buy ETH - Bitshares did it much better/more transparent!).

Short, it looks like a big birthday party for the devs - and only for the devs: "We reserve the right to use up to 5000 BTC from the pre-sale while the pre-sale is running in order to speed up development." WTF!
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July 23, 2014, 08:09:15 AM
 #1589

Guys you really have to deliver. If you don't you may kill crypto.  Regulators will be all over this if it fails.

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July 23, 2014, 08:12:09 AM
 #1590

Can I buy ether multiple times from the same email address?

Or do I need to make one bulk purchase?

Thanks,

You can buy multiple times; same email should be ok.  But each time you buy, you will get another wallet.
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July 23, 2014, 08:12:45 AM
 #1591

ETH will run as POW after IPO?

That's still TBD
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July 23, 2014, 08:13:17 AM
 #1592

You can be sure there will be exchanges that will add ether so that they can profit from trading fees

I am not sure they will, ether is meant to be traded on ethereum. Bitcoin exchanges will be created as decentralized ethereum applications. There might be outside exchanges who pick it up, that's what I am trying to find out from the devs....how available and how easy will it be to trade ether for bitcoin after the genesis block is created. I  haven't gotten a clear answer yet.

I suppose its up to the exchanges, but they might treat it like NXT. I think NXT is only on Bter.com?


..and @hamiltino : Not making any bold statements about no short-term or immediate gains, it's just my guess, if it was a bold statement, I wouldn't have used the word 'probably'.

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July 23, 2014, 08:13:41 AM
 #1593

Ok I read most of the Terms and Conditions of the Ethereum Genesis Sale. You may find it after clicking on Buy Ether.

1) There is no cap on overall btc invested. 3265 btc as of now (10 hours after start) has been invested already. I think it's safe to judge at least 30000 btc will be invested in the 42 days left.
2) There's a cap of 12.5% for every investor, aiming to avoid centralization/inequality. This is more for corporations as it's unlikely anybody would invest so much.
3) Offer will last 42 days. You get some bonus in the first 14 days and after that you get less bonus.
4) 83,5% of ether is being sold, but this coin has an infinite inflation and ether will be forever mined. ( https://www.ethereum.org/images/terms/supply.png ) BUT after only 10 years these 83.5% will have become only 26.3% ( https://www.ethereum.org/images/terms/distribution.jpg ) and will keep becoming less and less significantly for a long time. At least 20 more years.
5) If 30000 btc gets invested we will have an instant market cap of 36000 btc and an actual market cap (if you take 10 years into consideration which some might argue is too much and others is too small so i guess its a fair number it becomes 114068 btc instant market cap. More than nxt already.
6) This is their btc direct address in case someone is curious: https://blockchain.info/address/36PrZ1KHYMpqSyAQXSG8VwbUiq2EogxLo2 DO NOT SEND BTC DIRECTLY TO IT
7) This seems to me maidsafe 2.0. I hope it's good and it will actually deliver something, but hardly enough for investors to break even. I don't know if I'm investing on this. Most likely I will not as it seems only people getting rich out of this are developers.



Sums it up pretty good

The only good thing with this IPO is that there is no rush, you have ~13days to decide if you want to buy it at the current price or not.

other than that, it seems like maidsafe IPO


I think you're better off investing in whatever mining equipment becomes useful instead of buying these overpriced ethers that will only drop in value over time.
hamiltino
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July 23, 2014, 08:18:30 AM
 #1594

Fun fact: Maidsafe is dirt cheap atm from sellers wanting to get in on the ether presale.

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renat0
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July 23, 2014, 08:24:34 AM
 #1595

Fun fact: Maidsafe is dirt cheap atm from sellers wanting to get in on the ether presale.

Still trading higher than IPO price though.
Not really. Barely same price (4200 satoshi) and for a very long time it was trading below 2500.

Selling Qora for 5 satoshi each.
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July 23, 2014, 08:26:51 AM
 #1596

Did mediasafe deliver anything? Any software?

I think Ethereum will deliver a product at least.

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July 23, 2014, 08:26:53 AM
 #1597

Fun fact: Maidsafe is dirt cheap atm from sellers wanting to get in on the ether presale.

what the actual fuck

dirt cheap? they're finally now worth about the same as IPO price.. did you miss all the weeks inbetween the IPO and now when they were trading at ~2500-3000?

edit: Then you should know that it peaked at 5000-6000 and there was no way it was going to stay there..

Just because bitcoin peaked at $1000 doesn't mean that $700 is "dirt cheap".. I think you need to look abit further back than the last 5 days.

anyway this has nothing to do with Etherium

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July 23, 2014, 08:34:54 AM
 #1598

Fun fact: Maidsafe is dirt cheap atm from sellers wanting to get in on the ether presale.

what the actual fuck

dirt cheap? they're finally now worth about the same as IPO price.. did you miss all the weeks inbetween the IPO and now when they were trading at ~2500-3000?

No i bought in between 2500 and 3000.

Maidsafe has been trading between 5400 and 6000. Right now there have been trade orders between 3500 to 5000.



Then you should know that it peaked at 5000-6000 and there was no way it was going to stay there..

Just because bitcoin peaked at $1000 doesn't mean that $700 is "dirt cheap".. I think you need to look abit further back than the last 5 days.

anyway this has nothing to do with Etherium
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July 23, 2014, 08:36:50 AM
 #1599

when does Maidsafe actually release a product???

Also how is the ether priced in the system.

if is open sourse, what is to stop and eth competitor launching and makeing processing cheaper.

how is running a program costed.....anything above normal cpu costs per cycle minus cloud/vm penalties looks to be quite open to arbitrage....

the only way to do this is to divide the total computable network power to compute by the number of ether minted.

Also where does the used ether go??? to miners?


infact Vitamin B envisages this

"It is very likely that alternative versions of Ethereum (“alt-etherea” or “forks”) will be released as separate blockchains, and these chains will compete against the official Ethereum for value. Successfully purchasing ETH from the Genesis Sale only guarantees that you will receive ETH on the official network, not any forks."

https://blog.ethereum.org/2014/07/22/launching-the-ether-sale/


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hamiltino
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July 23, 2014, 08:46:55 AM
 #1600

when does Maidsafe actually release a product???

Same ETA as ethereum, end of 2014.


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