[ANN] Ethereum: Welcome to the Beginning

[Ursium]

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?

Correct

[Ursium]

Devs cancelled the first IPO in order to work on details and come up with a decent IPO plan. Instead they've just started IPO with no info whatsoever. Maidsafe investors got about 20000 coins for 1 BTC, devs set a cap but still investors are pretty much fucked. Ethereum devs only offer 2000 for 1 BTC, didn't set a cap, didn't post any info about total amount of coins, mining plan, devs stake ect. Looks like another big disappointment: eMunie, Maidsafe, Ethereum.

You'll be then pleased to hear there is no IPO. To quote Joseph:

"Our sale is structured differently from sales or fundraising events conducted by other groups in the space. We are not conducting an IPO. We are not selling shares in anything. Ether (ETH), the product we are selling, has no voting or any other kind of rights and does not entitle anyone to dividends or any sort of future gains.

Ether is a necessary element -- a fuel -- for operating the computational "appliance" we are building. Without the requirement of payment of ether for every computational step and storage operation of the system, infinite loops or excessive storage demands could bog down the system and effectively destroy it.

People can download the software appliance and run it on their computers and it will do certain basic things like perhaps showing them a catalog of available apps. If they want more functionality, like running a DApp or uploading and testing DApps that they have written, they will have to feed fuel into the machine.

Under Swiss law, where Ethereum Switzerland GmbH is based, the product we are selling is classified as a software product. And we are conducting a pre-sale for this product since we are not yet able to manufacture it.

People who are interested in acquiring it to build and upload DApps or to pay for their usage of DApps are enabled in the pre-sale to buy ETH for BTC and lock in their supply of it at a known price. These sales will help us to fund the continued construction of the software platform (the computational appliance) that requires ETH and that will continually create ETH starting at the moment the genesis block is released. Once the initial batch of ETH is created in the genesis block and ready for delivery, people who have purchased some in the pre-sale will be able to claim their product."

As for information, there are 5 pdf documents that in excruciating details explain everything about what we are doing, what we've done, and what we are planning to do.

[Its About Sharing]

Why does a platform that can have services built on it need a currency? Can someone explain this to me?

The first thing that comes to mind is that it is a fundraiser for the devs. (Fair enough to a point.)
The next thing is that if BTC becomes the defacto currency you will be limited by it's confirmation times (slower) and such. You can look at Counterwallet's confirmation times between BTC (slow) and XCP (fast) to see my point.
Sure others will jump in here...

[Ursium]

These are all linked from our website, but just in case:

To learn more about ethereum:

https://www.ethereum.org/pdfs/EthereumWhitePaper.pdf

For development specifications:

https://www.ethereum.org/pdfs/Ethereum-Dev-Plan.pdf

Ethereum Roadmap:

https://www.ethereum.org/pdfs/Ethereum-Roadmap.pdf

To learn more about our plans:
https://www.ethereum.org/pdfs/IntendedUseOfRevenue.pdf

Terms of ether sale:

https://www.ethereum.org/pdfs/TermsAndConditionsOfTheEthereumGenesisSale.pdf

Ether Product Purchase Agreement:

https://www.ethereum.org/pdfs/EtherProductPurchaseAgreement.pdf

[jibble]

"...nobody might be able to buy or sell except a person having the mark, the name of the wild beast or the number of its name. Here is where wisdom comes in: Let the one that has intelligence calculate the number of the wild beast, for it is a man's number; and its number is six hundred and sixty-six."-.Revelation 13:17,18

the number of the beast isn't 666 it was a miss translation, you just quote a miss translation. let me try now

Einstein- "I love's me some bitches"

[drawingthesun]

This looks really interesting. Ethereum has always been one of my top 3 coins to own. (Bitcoin, Monero and Ethereum)

I really see these three existing alongside each other for many years.

I'm not sure how much I will purchase right now, I have a feeling that post IPO may experience a drop once the network goes live, however I have been wrong many times before.

I'm going to keep watching this.

[dandruff1138]

Holy cow this coin is 50,000 sats and hasn't even been released yet?

[trunzo]

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?

Correct

@Ursurium all 100% of total amount are distributed during the IPO?

[Baitty]

Holy cow this coin is 50,000 sats and hasn't even been released yet?

Yes I think thats because it hasn't been fully released yet.

[drawingthesun]

Holy cow this coin is 50,000 sats and hasn't even been released yet?

Right now these are the numbers:

1 bitcoin buys 2000 ether or 0.02% of the current supply of Ether, this is the same as owning 0.02% of the entire supply of Bitcoins, which is 2,600 Bitcoins or over $1,000,000

Of course, we need to add into account two things; one, the IPO will end with your share being decreased relative to more people buying over the next 40 days and two, the supply will increase by around 26% in the first year, and then 20% for year two. (this trends towards 0% without actually ever being 0% per year)

Because Ethereum is a major coin and one of three coins that matter, I expect Ethereum will settle around 100,000 bitcoin on the market for it's first few years. This means that if the IPO is ends up being around 50,000 to 70,000 bitcoin (remember take into account the first year inflation) then this may very well be a good buy.

Of course this assumes Ethereum lives up to expectations.

[GuruChris]

Can someone dumb down the innovations of this coin?

How will these innovations affect an average person who knows nothing about programming.

[Wreathy]

Terms of ether sale:

https://www.ethereum.org/pdfs/TermsAndConditionsOfTheEthereumGenesisSale.pdf

clause 19.9

Risk that Ethereum Platform May Never be Completed or Released.

Purchaser understands, that while Ethereum Team will make reasonable efforts to complete the Ethereum
software, it is possible that an official completed version of the Ethereum Platform may not be released
and there may never be an operational Ethereum Platform. 

[BlackPrapor]

"...nobody might be able to buy or sell except a person having the mark, the name of the wild beast or the number of its name. Here is where wisdom comes in: Let the one that has intelligence calculate the number of the wild beast, for it is a man's number; and its number is six hundred and sixty-six."-.Revelation 13:17,18

the number of the beast isn't 666 it was a miss translation, you just quote a miss translation. let me try now

Einstein- "I love's me some bitches"

The number of the beast is 1337. And it represents the number of forks people will create, before everything collapses into the abyss, because everyone was busy creating forks, and forgot to take out the rubbish bin.

[dozerz]

how many coins are the devs allocated and held by the founder?

[InwardContour]

Terms of ether sale:

https://www.ethereum.org/pdfs/TermsAndConditionsOfTheEthereumGenesisSale.pdf

clause 19.9

Risk that Ethereum Platform May Never be Completed or Released.

Purchaser understands, that while Ethereum Team will make reasonable efforts to complete the Ethereum
software, it is possible that an official completed version of the Ethereum Platform may not be released
and there may never be an operational Ethereum Platform. 

I missed this point, so they can run away a month from now saying bye bye to all investors?

[cassius69]

Terms of ether sale:

https://www.ethereum.org/pdfs/TermsAndConditionsOfTheEthereumGenesisSale.pdf

clause 19.9

Risk that Ethereum Platform May Never be Completed or Released.

Purchaser understands, that while Ethereum Team will make reasonable efforts to complete the Ethereum
software, it is possible that an official completed version of the Ethereum Platform may not be released
and there may never be an operational Ethereum Platform. 

I missed this point, so they can run away a month from now saying bye bye to all investors?

can and will if history is any indicator 

[damiano]

Terms of ether sale:

https://www.ethereum.org/pdfs/TermsAndConditionsOfTheEthereumGenesisSale.pdf

clause 19.9

Risk that Ethereum Platform May Never be Completed or Released.

Purchaser understands, that while Ethereum Team will make reasonable efforts to complete the Ethereum
software, it is possible that an official completed version of the Ethereum Platform may not be released
and there may never be an operational Ethereum Platform. 

I missed this point, so they can run away a month from now saying bye bye to all investors?

correct

whats why everyone needs to read the terms and conditions

when i saw that i walked away..good luck to everyone

[drawingthesun]

Terms of ether sale:

https://www.ethereum.org/pdfs/TermsAndConditionsOfTheEthereumGenesisSale.pdf

clause 19.9

Risk that Ethereum Platform May Never be Completed or Released.

Purchaser understands, that while Ethereum Team will make reasonable efforts to complete the Ethereum
software, it is possible that an official completed version of the Ethereum Platform may not be released
and there may never be an operational Ethereum Platform. 

This is poor form.

I see, raise money and put as many out clauses as possible, that will inspire confidence!

I'm sure they will deliver, but I never expected such legal manipulation from the Ethereum team.

[Adamlm]

Terms of ether sale:

https://www.ethereum.org/pdfs/TermsAndConditionsOfTheEthereumGenesisSale.pdf

clause 19.9

Risk that Ethereum Platform May Never be Completed or Released.

Purchaser understands, that while Ethereum Team will make reasonable efforts to complete the Ethereum
software, it is possible that an official completed version of the Ethereum Platform may not be released
and there may never be an operational Ethereum Platform. 

I missed this point, so they can run away a month from now saying bye bye to all investors?

correct

whats why everyone needs to read the terms and conditions

when i saw that i walked away..good luck to everyone

But still it seems to be a very big chance for those who want to risk. This is an one-time opportunity to get Ethereum at the beginning, something like mining BTC on your personal PC in 2010...

[sin242]

Terms of ether sale:

https://www.ethereum.org/pdfs/TermsAndConditionsOfTheEthereumGenesisSale.pdf

clause 19.9

Risk that Ethereum Platform May Never be Completed or Released.

Purchaser understands, that while Ethereum Team will make reasonable efforts to complete the Ethereum
software, it is possible that an official completed version of the Ethereum Platform may not be released
and there may never be an operational Ethereum Platform.  

This is poor form.

I see, raise money and put as many out clauses as possible, that will inspire confidence!

I'm sure they will deliver, but I never expected such legal manipulation from the Ethereum team.

To be fair, there are things like this and much, much worse in most EULAs that people click through.  Not saying this isn't a cause for concern, but it's just as likely that
the team had a lawyer draw everything up and something like that isn't really suprising.