[ANN] Ethereum: Welcome to the Beginning

[leithaus]

I could never recommend selling Ethereum if you own it because it has such big potential but I'm definitely looking for the next big project that can deliver on expectations. Synereo looks like the next big thing as of right now but after researching them more they are big supporters of NATO (No Action Talk Only).

even worse, synereo is a israel company.

Decentralization has no borders or companies

That's an interesting characterization. We have released several updates to the code and made the Synereo node available for anyone to use as an AMZN AMI. A Docker container for the Synereo stack will be available soon. Additionally, we have created and checked in an updated version of the UI and gotten feedback on that. Beyond that we've helped LivelyGig get their stack together, which is coming along nicely, and relies on the Synereo stack. This will, in turn, provide the basis for the next version of the Synereo UI as we move away from Haxe and begin to use scala.js + react on the front end much more aggressively. Additionally, we have been working intensively to help Ethereum get Casper (their proof-of-stack protocol) to a point where it runs and people can play with it. You can follow all our checkins on all of these efforts on github. Beyond that we have held weekly community hangouts to communicate the results of each week's work and have conducted dozens of due diligence engagements with angels and vc's. That's an amazing 6 months of "no action". ;-)

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[fartbags]

I could never recommend selling Ethereum if you own it because it has such big potential but I'm definitely looking for the next big project that can deliver on expectations. Synereo looks like the next big thing as of right now but after researching them more they are big supporters of NATO (No Action Talk Only).

even worse, synereo is a israel company.

Decentralization has no borders or companies

That's an interesting characterization. We have released several updates to the code and made the Synereo node available for anyone to use as an AMZN AMI. A Docker container for the Synereo stack will be available soon. Additionally, we have created and checked in an updated version of the UI and gotten feedback on that. Beyond that we've helped LivelyGig get their stack together, which is coming along nicely, and relies on the Synereo stack. This will, in turn, provide the basis for the next version of the Synereo UI as we move away from Haxe and begin to use scala.js + react on the front end much more aggressively. Additionally, we have been working intensively to help Ethereum get Casper (their proof-of-stack protocol) to a point where it runs and people can play with it. You can follow all our checkins on all of these efforts on github. Beyond that we have held weekly community hangouts to communicate the results of each week's work and have conducted dozens of due diligence engagements with angels and vc's. That's an amazing 6 months of "no action". ;-)

Here is a third party evaluation of what you have done:

- You set up your own stack on AMZN.
- UI is garbage
- Helped a friend use your stack
- Planning to switch programming languages (because UI is garbage)
- Working for Ethereum
- Meeting up once a week to talk

[BitcoinSanDiego]

Hello, Why hashimoto Ethereum's algo not added on NiceHash or on Miningrigrentals? ...I m asking... :-)

Because the Ethereum developers aren't experienced altcoin devs. This was their first altcoin. They have no connections in this industry. No one on the Ethereum team knew anything about how to launch a coin. They used a horrible difficulty adjustment algorithm. They had 0 pools at launch. They did PoW instead of PoS.

I have read the Ethereum code and it is quite basic. It's very similar to Bitcoin. I was really hoping for more from Ethereum but it looks like they just reinvented the wheel and added in a new feature. It's heavily over priced right now.

They ripped off people. I have no idea where that $18,000,000 went that they raised. This project could have been built for $2,000,000 and 8 programmers. They then premined a bunch of coins for the developers even though they got paid $18,000,000 already.

They should have gone PoW & PoS hybrid but they weren't smart enough to build such a thing. They now had to hire the guy who invented Synereo to help them make Ethereum better.




I could never recommend selling Ethereum if you own it because it has such big potential but I'm definitely looking for the next big project that can deliver on expectations. Synereo looks like the next big thing as of right now but after researching them more they are big supporters of NATO (No Action Talk Only).

Well that's not fair IMO if you look at the toolset and infrastructure they have built it is pretty phenomenal.  Unfortunately the inflation rate is too high and the market capitalization is becoming increasingly hollow as there is obviously not enough buy support that can stabilize the value of the currency.   They could have used some of that $$ to hire a competent market analyst who could have told them this early on.

Buy walls are getting obliterated right now on this sudden realization.

Better fork the code and fix this ASAP.

[windjc]

How the HELL did Ethereum run out of money?  $10 million wasn't enough? $15 million?   

VB is blaming it on Bitcoin price when ETH was one of the biggest entities suppressing that price!!

WHERE DID THE MONEY ACTUALLY GO?

Looks like the Goldman Sachs executives that pulled this one off did pretty good for close to zero work.

Quality of code aside, the finances of this project are a joke and an embarrassment. And VB's excuses are pathetic.

[windjc]

Well that's not fair IMO if you look at the toolset and infrastructure they have built it is pretty phenomenal.  Unfortunately the inflation rate is too high and the market capitalization is becoming increasingly hollow as there is obviously not enough buy support that can stabilize the value of the currency.   They could have used some of that $$ to hire a competent market analyst who could have told them this early on.

Buy walls are getting obliterated right now on this sudden realization.

Better fork the code and fix this ASAP.

The problem is not as much as the supply is too high, the problem is that the demand is too low because not meaningful Dapps are out there to consume Eth.  It will come in time.  Nevertheless, for a coin that produced 1.5 Millions ETH over the last two months, + the millions of ETH purchased last year, I am amazed that it is still trading at double the purchase price of 2014.  

It will go below original purchase price at some point. It was always destined to. The biggest pump and dump in altcoin history by far. It may still be worth something eventually, buts it going to get A LOT worse before it gets better imo.

[windjc]

Well that's not fair IMO if you look at the toolset and infrastructure they have built it is pretty phenomenal.  Unfortunately the inflation rate is too high and the market capitalization is becoming increasingly hollow as there is obviously not enough buy support that can stabilize the value of the currency.   They could have used some of that $$ to hire a competent market analyst who could have told them this early on.

Buy walls are getting obliterated right now on this sudden realization.

Better fork the code and fix this ASAP.

The problem is not as much as the supply is too high, the problem is that the demand is too low because not meaningful Dapps are out there to consume Eth.  It will come in time.  Nevertheless, for a coin that produced 1.5 Millions ETH over the last two months, + the millions of ETH purchased last year, I am amazed that it is still trading at double the purchase price of 2014.  

It will go below original purchase price at some point. It was always destined to. The biggest pump and dump in altcoin history by far. It may still be worth something eventually, buts it going to get A LOT worse before it gets better imo.

This is where it went: https://blog.ethereum.org/2015/09/28/the-evolution-of-ethereum/

TL;DR?  Check the summary on top of this page.

BTW:  the pump and dump was done by speculators on Poloniex when the trading started. Everyone knew that coins were purchased for $0.30 each in 2014 - lots of them...  There was not reason to pump it to over $2.00...   Still time to get out at the current $0.60 per ETH 

But exactly who got what and for exactly what work?  That article gives no specifics.

[BitcoinSanDiego]

Well that's not fair IMO if you look at the toolset and infrastructure they have built it is pretty phenomenal.  Unfortunately the inflation rate is too high and the market capitalization is becoming increasingly hollow as there is obviously not enough buy support that can stabilize the value of the currency.   They could have used some of that $$ to hire a competent market analyst who could have told them this early on.

Buy walls are getting obliterated right now on this sudden realization.

Better fork the code and fix this ASAP.

The problem is not as much as the supply is too high, the problem is that the demand is too low because not meaningful Dapps are out there to consume Eth.  It will come in time.  Nevertheless, for a coin that produced 1.5 Millions ETH over the last two months, + the millions of ETH purchased last year, I am amazed that it is still trading at double the purchase price of 2014.  

Guys, this isn't very difficult to wrap heads around.  Currently, most cryptocurrencies can be divided down to 8 decimal places of resolution.  This means you don't need high inflation because every single unit itself is a currency measurement.  Satoshi knew this quite well and created Bitcoin with that in mind.

If you want high inflation then you need a robust economy to absorb the money supply.  That is certainly not the case with Ethereum at the moment... and it is entirely speculation if there will ever be a robust economy around Ether.

[fartbags]

How the HELL did Ethereum run out of money?  $10 million wasn't enough? $15 million?   

VB is blaming it on Bitcoin price when ETH was one of the biggest entities suppressing that price!!

WHERE DID THE MONEY ACTUALLY GO?

Looks like the Goldman Sachs executives that pulled this one off did pretty good for close to zero work.

Quality of code aside, the finances of this project are a joke and an embarrassment. And VB's excuses are pathetic.

They never showed the public any receipts of where the money went.

[BitcoinSanDiego]

I am not going to doubt the ethics of the Ethereum developers.  I don't think they are unethical, I just don't think they had enough foresight to realize that if you put this project into the hands of the "community" with such a high inflation rate, there is little reason for anyone to hold the currency.  You need stakeholders and currently the protocol penalizes new stakeholders heavily.  This means people are going to jump ship and not many will want to get onboard knowing their investment will be debased.

[fartbags]

Not only are miners dumping, some of the dev premine is probably being dumped.

[fartbags]

They never showed the public any receipts of where the money went.

A bit late to start asking questions after 18 months...   This is why public companies are required to report every quarters.

That wasn't a question. I asked the question a year ago. Still nothing. Just a 1 page document. That's really it. All there financial records on 1 sheet.

[fartbags]

Not only are miners dumping, some of the dev premine is probably being dumped.

I don't think so.  Butalik indicated that they may have sold 0.5M ETH to the chinese as a private sale.  Read his blog (read it all...).
à

How does Butalik hint at something? Doesn't he know?

[fartbags]

Not only are miners dumping, some of the dev premine is probably being dumped.

I don't think so.  Butalik indicated that they may have sold 0.5M ETH to the chinese as a private sale.  Read his blog (read it all...).
à

How does Butalik hint at something? Doesn't he know?

Have you done any research on ETH?  You don't know who he is?  He is Ethereum.

EDIT: In case you missed page 185... https://blog.ethereum.org/2015/09/28/the-evolution-of-ethereum/

...my much delayed answer to “how did your China trip go?”), which includes (i) an agreement to purchase 416K ETH, which has already concluded, (ii) an upcoming conference in October, (iii) a non-profit blockchain research institute, and (iv) a $50m blockchain venture-capital fund, all with emphasis on Ethereum development. I fully expect that within six months the Ethereum for-profit ecosystem may well be much more well-capitalized than the Foundation itself.

Yeah. I mostly see Butalik writing articles for the various fake news magazines that him and his friends manage. I saw him in a video interview saying he would leave Ethereum if it stopped receiving support.

[fartbags]

Yeah, I mostly see Vitalik writing articles for the various fake news magazines that him and his friends manage. I saw him in a video interview saying he would leave Ethereum if it stopped receiving support.

He would leave Ethereum with a lack of support - rightfully so!

How many valuable articles did you provide to the community over the last 3 years?  

I have been around geniuses all my life.  Vitalik is one of them. I had the chance to meet him once, in person, in 2013.  

Walk a mile in someones shoes before judging him...

Vitalik is technical genius, maybe not the greatest accountant or company CEO - but what do you expect from a 21 yrs old guy... still a genius!

He is also a bad altcoin creator. I really dislike how the devs took a premine. It's like a golden parachute they can sell and exit with great profit.

[Ants in My Pants]

Yeah, I mostly see Vitalik writing articles for the various fake news magazines that him and his friends manage. I saw him in a video interview saying he would leave Ethereum if it stopped receiving support.

He would leave Ethereum with a lack of support - rightfully so!

How many valuable articles did you provide to the community over the last 3 years?  

I have been around geniuses all my life.  Vitalik is one of them. I had the chance to meet him once, in person, in 2013.  

Walk a mile in someones shoes before judging him...

Vitalik is technical genius, maybe not the greatest accountant or company CEO - but what do you expect from a 21 yrs old guy... still a genius!

And yet, likely also a failure.

[BitThink]

The key to deliver a product in time is to design it simple and make it simpler and simpler during the production. The key to failure is to design it as complicated as if it can solve any problem in the world, and then make it more and more complicated during the production so it can finally solve all the problems in the universe, certainly if it could deliver one day.

Vitalik is maybe a genius, but seems not a good product manager.

[smoothie]

How the HELL did Ethereum run out of money?  $10 million wasn't enough? $15 million?   

VB is blaming it on Bitcoin price when ETH was one of the biggest entities suppressing that price!!

WHERE DID THE MONEY ACTUALLY GO?

Looks like the Goldman Sachs executives that pulled this one off did pretty good for close to zero work.

Quality of code aside, the finances of this project are a joke and an embarrassment. And VB's excuses are pathetic.

Didn't they get like 30,000 BTC when bitcoin price was at $500-$600?

How can they blame the price if they cashed it out and used it to pay for the things/services/people/development they needed?

Sounds like another black hole of finances.

Now they are spending 340,000 CHF per month!!!! That means they will be dumping ETH like crazy. I say sell now and buy back in 9-12 months (maybe).

Get out while you still have an opportunity to.

[smoothie]

Not only are miners dumping, some of the dev premine is probably being dumped.

I don't think so.  Vitalik indicated that they may have sold 0.5M ETH to the chinese as a private sale.  Read his blog (read it all...).

How are they going to fund 340,000 CHF per month in expenses?

Without dumping ETH in a massive way?

It's coming...the dump

[smoothie]

Yeah, I mostly see Vitalik writing articles for the various fake news magazines that him and his friends manage. I saw him in a video interview saying he would leave Ethereum if it stopped receiving support.

He would leave Ethereum with a lack of support - rightfully so!

How many valuable articles did you provide to the community over the last 3 years?  

I have been around geniuses all my life.  Vitalik is one of them. I had the chance to meet him once, in person, in 2013.  

Walk a mile in someones shoes before judging him...

Vitalik is technical genius, maybe not the greatest accountant or company CEO - but what do you expect from a 21 yrs old guy... still a genius!

Perhaps he is.

But that doesn't mean he is a great business man. Sounds like he squandered the funds and is making excuses as to why they can't do this or that.

[ocminer]

Hello, Why hashimoto Ethereum's algo not added on NiceHash or on Miningrigrentals? ...I m asking... :-)

It's a new algo and a whole new "infrastructure" when mining with Eth's algo, those services have not added it yet, but there is already a new service which has rigs added:

It's added here:

http://rigs.online