Why Ethereum is garbage and must be stopped

[r0ach]

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[testz]

Don't understand your point. What you want to say?
If you don't like Ethereum/MasterCoin/Nxt/ProtoShares/BitShares or any other crowd sourcing like projects, simply stay away.

If you want to say something about it, please make it clear.

[gambitx]

Ethereum sucks i agree, too much greed by the owners. But it has nothing to do with Invictus, Invictus is doing really well btw.

[Nullu]

I admit that it's as iffy as it gets, but does that mean there isn't a lot of money to be made? No. Just like with altcoins, there are winners and there are losers. Smart people will know a get-rich-quick scheme when they see one, and they'll use it to their advantage.

There is a pecking order to these things, and if I've learned anything, there's Ponzi schemes, Ponzi players and Ponzi suckers.

Show me an IPO that's really any different.

What would really suck is if this thing actually took off.

It very well could be. It does have to be fair to be successful. This just another way for smart people to get richer, and not-so-smart people to get poorer. No different than hundreds of schemes like it. It's already Beyond the means of your average crypto enthusiast. This is solely for people with big money and big ideas.

[Pitstop]

Goldman Sachs?  Are you serious

Accompanying the previous point, we have alleged Goldman Sachs involvement:  http://bitcointalk.org/index.php?topic=431938.0

All altcoins were and are are about one thing and one thing only = sell "air" for bitcoins. Much cheaper
than getting them some other way. Much better than buying a lot of them and thus increasing the price
and revealing your moves and intentions.

In the end, the most cryptocoiners will be left with worthless crap, some altcoin value of which will be
nulled overnight.

I disagree!! BTC & all altcoins are air ( as you call them ) but none are backed "by debt only" which gives  them more value than FIAT Currency in a free market! So just under 1000 people/corporations/banks already own over 50% of all the BTC mined to date, so they can pump and dump on a whim and win on both the up and down moves ( Just like the rigged stockmarket, Bondmarket, Derivativemarket ) which will all come crashing down later this year or next maybe. Now a 12 year old can launch his/her own coin for $100 and give it a crap name and maybe make a buck but the FREE Market will decide what coins hold real value! and that's the way it should be!!  

[Netnox]

I'm not so sure about this.

- They are asking an insane 30k BTC

- 50% pre mined

- They are setting a price out of nothing for 1 eth, while it's not even out yet

- "ex" Goldman Sachs pricks are supporting this project

aaand probably other red flags i'm not aware of.

[Pitstop]

What do you expect from Banksters!!! and they think the sheeple fools will fall over themselves to get in  and sadly some will.

[heskey]

Even the name of the coin is creepy. 'Etherium' sounds exactly like something a bunch of greedy banksters would think is appealing to the Internet geeks.

[lemfuture]

endless alt coins or endless ipo alt coins

[Netnox]

ethereum symbol                                                               
                         

usd symbol

[Pitstop]

Ohh!! they luv their Capstones ( Triangles/Pyramids ), Owls, Checkered patterns, Goats...etc. Freemason, Biederberg, Skull & Bones bags or crap!! This will never fly in a community of those who are critical thinkers and are aware!!

[Honeypot]

ethereum symbol                                                               
                         

usd symbol

Regardless of the issue, that's not a valid or serious accusation. What next, no triangles?

That's how delusional this sounds. Stay off the feel-good, feel-intelligent conspiracy clap trap and focus on things you can prove and show with your own results. They are far more effective than your soap box.

[samysamy1]

OK the signs are visible so stay away from the enemy 

Can someone explain in a few sentences what Ethereum is all about? Tried to get quickly over their website a couple of times but couldn't get my head around it. Is it supposed to be a new cryptocoin?

[btcusr]

I like that pyramid analogy, so ethereum is supposed to be the other side of the pyramid shown in fiat currency..

[OTK47]

I understand scepticism towards new projects such as this. Actually, I think it's healthy to help improve on original plans (such as the issues with Dagger). But I don't understand why people make such definitive statements deeming a new cryptocurrency as garbage without a solid base of evidence. It's too early to make such judgements. Ethereum is far from many altcoins that merely imitate bitcoin.

I am not a particularly technical person, so I must say when it comes to the technical details of ethereum I have to base judgements on trusted sources. Therefore, I may not have a particularly valuable opinion on the specifics. However, the aims of this project seems innovative to me. So although I will not try to challenge you on technical issues with ethereum, I think it is counter productive to trash new and potentially revolutionary ideas. People like you stifle innovation and I think you should phrase your criticism in a more productive way.

Does using the security that a decentralised network like bitcoin has provided, but improving it's functionality to allow the development of a whole range of autonomous services sound like a "garbage" idea? To me it sounds like a fascinating progression from creating a decentralised currency to creating a diverse set of decentralised services that currently rely on the trust of people. I'm sure you are aware of the inherent greedy nature of human beings.

I don't know maybe you are right, but I think that regardless of whether ethereum is a success, it is an interesting concept and the idea in itself provides a valuable contribution.

[anderl]

Things nobody wants or needs - Check

It's not even a currency.  You're initially being sold as getting involved with a currency, yet their plans include things like moving a large portion of the IPO into the establishment of a "decentralized autonomous organization", another Protoshares buzz/scam word.  Just like every other variable in this plot, they don't even bother listing what the purpose of such an entity is, or why you should want it.  You might as well be investing in decentralized, autonomous, robots armed with machine guns.  There's just zero reason for you to want any of this stuff to exist.

This is the biggest and glaring issue of the coin network.  They are incorporating the coins into a more centralized organization rather than keeping them in the network.  This allows the organization to dictate the value of the coin at whim.  You might be mining for a profit one second and then all of a sudden the organization dictates a change and you are in the hole.  All the while the organization is the one profiting on the shift in value.

They are establishing a Federal Reserve coin network where a single body controls the inflation and value of the coin.  Only the ones in charge of the network and their insiders will every profit from it.  For everyone else it is a negative sum game.

[kalus]

this is the first i've ever heard of ethereum.

_{i misread this as something about electrum wallets and clicked through.}

[r0ach]

OK the signs are visible so stay away from the enemy  

Can someone explain in a few sentences what Ethereum is all about? Tried to get quickly over their website a couple of times but couldn't get my head around it. Is it supposed to be a new cryptocoin?

It doesn't matter if you're a nuclear physicist, you will not understand what it is because they do not tell you what it is.  They give broad, buzzword loaded phrases, without specifics, that can mean anything.  Look at the following phrase:

"All bitcoin raised will be initially sent to a multisig exodus address controlled by the fiduciary members and then moved to a holding entity established in Canada that will be gradually converted into a decentralized autonomous organization"

Technically, that sentence could mean a man in Canada is going to take all the money and drive a Hyundai to Mexico where he will spend it all on drugs and hookers and they would not be lying.

Load up the "corporate bullshit generator" link here and click it a few times.  Notice how everything generated looks identical to Ethereum text:  "objectively incubate covalent experiences"

http://www.atrixnet.com/bs-generator.html

[FrictionlessCoin]

I'll be honest,  they seem to have backing by a long list of Bitcoin afficionados.

I think it indeed is quite expensive 35 million IPO.  However,  if you got that kind of money for your development cost,  then you should be a serious player.

The problem with a lot of folks here is that they think development costs nothing.

Anyway,  if you are looking for something cheaper, then our team is working on something just as ground breaking.

[fr4nkthetank]

Don't understand your point. What you want to say?
If you don't like Ethereum/MasterCoin/Nxt/ProtoShares/BitShares or any other crowd sourcing like projects, simply stay away.

If you want to say something about it, please make it clear.

ILL MAKE IT EASY TO UNDERSTAND




IF IT SMELLS LIKE SHIT AND LOOKS LIKE SHIT, IT PROBABLY IS A BUNCH OF CRAP