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Author Topic: [ANN] Ethereum: Welcome to the Beginning  (Read 2003261 times)
drawingthesun
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July 31, 2014, 02:44:15 PM
 #1821

The original intention of Ethereum was to raise roughly 35 million USD.

With 18,559,839 ETH sold at 2,000 ETH/BTC that comes up to 5.3 million USD invested so far.  

In contrast MAIDsafe raised around 6 million USD on their own IPO.  

These two coins are the strongest competitors in terms of the development resources that are backing the project.  The superiority of one over the other is completely debatable.  

It is however clear that Ethereum intends/believes that it needs greater funding for development.   Ripple is another coin that has strong development support,  I recall it initially have VC funding.  I am unaware of how much VC funding they received.

The crypto-currency space is becoming now more competitive in that coins are going beyond the simple cut-and-paste clone like Litecoin and moving to coins that are heavily backed by development.  It is anybody's guess who will come up on top.  



I believe Ripple has raised more money than either Maidsafe or Ethereum so far, at $9 million - and they continue to run new funding rounds on a fairly regular basis so I am sure they will end up raising a lot more than that. And of course that is just VC funding, we don't know how much if any of their XRP they have sold.

Etheruem may well equal that by the end of its sale though, because the way its structured means some people may be waiting till the end of the sale to see how expensive its become before deciding how much, if any, to buy.

Do you recall how much Mastercoin was able to raise?  

A strong development organization or community is critical for any crypto-currency.  They've been many complaints that the Bitcoin development community lacks funding.

Ethereum is promising in that at least they have their development funding squared away.   The same can be said about Maidsafe.

Money of course doesn't guarantee success.  Mastercoin a while ago had a massive war chest, unfortunately I think their development is dropping the ball.

Counterparty runs a lean staff, they've done much better than Mastercoin despite less development funds.

Bytecoin/Monero seem to have active developers, however there seems to be some infighting going on over there.

Development funding is a doubled edged sword,  if you raise too much then your valuation may be to high for any investor to make a profit.  That is my current concern with Ethereum.  



I think the complaints about Bitcoin are unwarranted, the developers all have tens of thousands of bitcoins from the early days. I don't know of any developers that have joined in the last year or two where bitcoin's have actually cost lots of money to buy. All these people have an incentive to keep Bitcoin in the leading position, as it means they will become mega multi millionaires as opposed to being just being millionaires. Also all the lead developers of Bitcoin will probably never admit to how many cpu mined bitcoins they own, but that is ok, that is the way it should be.

There is infighting over Bytecoin and Monero, only because Bytecoin had 80% of the entire eventual supply of coins mined before being released publicly. (The difficulty for all of Bytecoin's life up until being announced on this forum suggests about 10 - 30 computers were mining it from the beginning)

EDIT: There isn't really in-fighting, that tiff taff ended a while ago, we just wanted people to know why Monero was created in the first place, it was to address the premine by the Bytecoin team, that is all.

Anyway, back to talking about Ethereum:

The funding is only a double edged sword if it doesn't grow the value of the pie at a larger rate than the investor's share of the pie being reduced.

So if Ethereum raises $10 million and that gives enough funds to make a product that scales to $10 billion, then cool. However...

...if Ethereum raises $50 million, and that gives enough funds to make a product that scales to $100 billion, then even better, you might own 5 times LESS of the overall pie of Ethereum on day one, but if that funding allowed the team to hire someone that figured out a way to make Ethereum scale even better then you're getting more than 2 times the value even though you own less of the circulation.



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July 31, 2014, 05:03:00 PM
 #1822

when does the IPO begin
GuruChris
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August 01, 2014, 02:05:09 AM
 #1823

when does the IPO begin

9 days ago
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August 01, 2014, 02:44:01 AM
 #1824

when does the IPO begin

Yep the main ethereum sale transitions to 1970 ether from 2000 in 4 more days ^_^.

Believing in Bitcoins and it's ability to change the world
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August 01, 2014, 07:15:07 AM
 #1825

 
Why didn't you guys claim æthereum (AETH) for free instead of buying Ethereum tokens ?
You just need to have Bitcoins on an address you control at a certain block number. You'll get the equivalent coins without having to spend or buy anything.
Let me quote Vitalik Buterin, he explain well how to get æthereum :


What about BTC I hold at an exchange? Would I need to move all my BTC to a personal BTC wallet before nucleus?

Yes. The correct way to implement this kind of distribution model is to pick a block number (eg. 290000), and say that bitcoins at that specific block are what gives you aethereum. Otherwise, you can claim some AETH with your BTC, deposit and withdraw from an exchange, claim more AETH, and repeat ad infinitum. For the system to be trust-free and secure, it would have to be based on private key signing, which means that you would have to have them in a personal wallet.

If you don't want to set up a new wallet and deal with different addresses another somewhat technical alternative is to use my pybtctool toolkit to generate a brainwallet and put your money all in the one address just before the nucleus happens. Pybitcointools/pybtctool includes Electrum message signing functionality with the "ecdsa_sign" command; here's an example session:

Code:
vub@shadowcow-200 00:29:41: pybtctool ecdsa_sign hullo `pybtctool sha256 cow`                                                                     
GykcIAXZ3VxuSUfLBi+FCWnvKlEOmo13ysGfVWVfo2cobJhbWhFqMxrxgVB5cnPax+YUJqB1fk9Hkm8bYjoUuBE=
vub@shadowcow-200 00:29:48: pybtctool ecdsa_recover hullo GykcIAXZ3VxuSUfLBi+FCWnvKlEOmo13ysGfVWVfo2cobJhbWhFqMxrxgVB5cnPax+YUJqB1fk9Hkm8bYjoUuBE=
04334ec322ef674d8a91a5467b78cb12fab3de961aa3d6c2d6afd844526e18c8dd12e9b21d5f9411dfa37689c551d2572465f633df73b0d12015aeb72d423e0d30
You can independently verify that 04334... is the public key corresponding to sha256(cow). Then you can easily sign a transaction to move funds back out. It's literally as easy as a command line utility possibly can be. But I personally would recommend for this group to do something similar to what we're doing and release an application which people can send their BTC to (it's client side so no security risk involved) such that the application signs at the appropriate time and then sends the BTC back out. Having easy-to-use tools for doing this kind of signing would really do a lot to help Bitcoin-based issuance models gain wider adoption.

qawzsx
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August 01, 2014, 11:51:53 AM
 #1826

thats a nice amount of bitcoin in the wallets of a couple of peeps ( 5 million usd LOL ) prob way more in a couple of years

what have they dont till now ( nice website and shit ton of talks )

even if this turns out to be ( profitable ) i will not touch it


Because that's your limit of comprehension buddy...

1+1 = 2 ...

If it's not profitable, you don't touch it...
Must be sad being you, such a simple "vegetable" driven on in life by primitive aspects...
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August 02, 2014, 04:51:52 AM
 #1827


today i remark that the ipo for Ethereum is running.
I was shocked about the high price for ether coins.
Actually 2000 ethers costs 1 BTC.


I read white paper of ethereum. I dont undertsand clearly what there is written, because my english is not the best.
I read on page 31 Section "Issuance breakdown".
At Launch will be  exists 1.198X after 5 years exists 2.498X coin.
At Launch Purchasers holds 83,5% of all coins, after 5 years they hold 0nly 40% of all coins !!!

What is the meaning of X?
 

X is the total amount of ethers purchased during the sale.  If the sale ended right now, 2000 * #BTC they got = X
In a few days time, 1 BTC will start to buy less than 2000 ethers.
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August 02, 2014, 04:55:15 AM
 #1828


I have a better answer.  That change address is a basis for your ether address.  If you tell me what change address is yours, I can tell you what your ether address is.
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August 02, 2014, 04:56:34 AM
 #1829

Almost 9000BTC...good luck with ETH.ETH has a great communiy.

Now it's over 10,000 BTC
btcusr
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August 02, 2014, 05:13:37 AM
 #1830

Ethereum raised almost $6 million now.. Cool
All the best!

Would it be $20 million / 55000 - 60000 BTC, by the end of the ether sale..?!

theironman
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August 02, 2014, 06:55:11 AM
 #1831

20 000 000 Ether sold!

Congrats to Ethereum team!
Momimaus
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August 03, 2014, 05:44:02 PM
 #1832


Is there something like a wallet yet? Or a list?

How can I see my ethers after purchasing?

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August 03, 2014, 06:05:39 PM
 #1833

GUYS HURRY ONLY 2 DAYS UNTIL YOU GET 1.5% LESS ETHER FOR YOUR BTC!!!!!!

sheeple

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August 04, 2014, 04:04:45 AM
 #1834

so what are they gonna do with the 35million $$ lol  serious question

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spacelab
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August 04, 2014, 05:30:58 AM
 #1835

so what are they gonna do with the 35million $$ lol  serious question

...just like all other IPO scams
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August 04, 2014, 11:16:01 AM
 #1836

12,000 btc and no sign of slowing down. Are banksters artificially dumping cash into this?

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August 04, 2014, 11:29:21 AM
 #1837

I like Vitalin he have the nice face. I would like support with him the money.

Vitalin werever u live now please take my big smiley face and smile along with all those moneys you have  Grin  Tongue  Wink  :  Roll Eyes
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August 04, 2014, 10:56:45 PM
 #1838

Can some tell me if Ethereum is only meant/useful for developers? Can it be used/useful for a non IT person?

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August 05, 2014, 01:19:57 AM
 #1839

12,000 btc and no sign of slowing down. Are banksters artificially dumping cash into this?

The amount be "invested" is suspicious. This certainly is not coming from the crypto community at this point. No one is this dumb to dump money into this overbloated investment right now.
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August 05, 2014, 01:34:30 AM
 #1840

12,000 btc and no sign of slowing down. Are banksters artificially dumping cash into this?

The amount be "invested" is suspicious. This certainly is not coming from the crypto community at this point. No one is this dumb to dump money into this overbloated investment right now.

Well, there are "Bitcoin" deposited to their address, so either they send their own BTC there or those orders are real.

The bet is now looking a tad better for me Wink

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