Why Ethereum is garbage and must be stopped

[Zzzack]

Is Ethereum a scam?

Yes I think it is a scam coin based on what I have heard. I have heard Ethereum is premined at 50%. That is way too large a chunk for the project devs to get to themselves.

[juju]

Reading the Ethereum paper describes solutions to problems several currencies currently have or theoretically will have. From my perspective it sounds like a promising protocol, it seems like it highlights positive aspects from other Alternate currencies and tries to improve upon the downsides these currencies have primarily because they are reliant on the Bitcoin protocol and that imposes limitations when wanting to add extra functionality to the protocol. (Colored Coins, Metacoins, DAO, Contracts)

[nwbitcoin]

The main issue I have with Ethereum is that its not backed by technical people, but marketing types.

Regardless of how well connected they are within the Bitcoin community, they are not as technical as they are at writing good copy.

I also don't like the idea that there is nothing available to check over before launch.

Nxtcoin, on the other hand is also claiming to be a next gen coin, but at least you can buy them, and keep an eye on development.

However, rather than making a fuss, let the market decide! ;-)

[mill0601]

Past history

The Protoshares / Invictus people are involved with this.  For anyone who isn't familiar with their products like Protoshares, I'm not even kidding or exaggerating here, they're a combination of 50% crypto-fascism, and 50% crypto-socialism.  I'm not sure if they will even bother trying to refute this claim since the dictionary definitions line up exactly with what they have attempted to create in the past.

Occam's Razor - Never heard of it

Just like Sunny "The Taxman" King, the Ethereum people have never heard of the word "Occam's Razor".  There are hundreds, if not thousands of Arbitrary variables in Ethereum they get to tinker and play God with.  Bitcoin is popular because it's a simple, straightforward, trust free system.  You don't have little leprechauns behind the scenes randomly assigning values based on whatever they feel like that day.  All people want is freedom from bankers, they do not want some bizarre, poorly thought out, weirdo economic system forced on them that looks like it was designed by Mussolini.

Goldman Sachs?  Are you serious

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

IPO Scam and premine - Check

Why have only one scam when you can have two at the same time !

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.

Not this again

The past Invictus / Protoshares people have always been knee deep in scandals involving pre-mines in things like Memory coin, or "Freetrade" and all his baggage.

The bottom line

This is nothing but a rebranding of Protoshares, an already failed concept.

I could go on for days.  It makes me almost physically ill reading anything remotely affiliated with Invictus / Protoshares people.

Shit man speak for yourself I would punch a nun to get my hands on an autonomous robot armed with a machine gun.

[PeercoinEnthusiast]

Past history

The Protoshares / Invictus people are involved with this.  For anyone who isn't familiar with their products like Protoshares, I'm not even kidding or exaggerating here, they're a combination of 50% crypto-fascism, and 50% crypto-socialism.  I'm not sure if they will even bother trying to refute this claim since the dictionary definitions line up exactly with what they have attempted to create in the past.

Occam's Razor - Never heard of it

Just like Sunny "The Taxman" King, the Ethereum people have never heard of the word "Occam's Razor".  There are hundreds, if not thousands of Arbitrary variables in Ethereum they get to tinker and play God with.  Bitcoin is popular because it's a simple, straightforward, trust free system.  You don't have little leprechauns behind the scenes randomly assigning values based on whatever they feel like that day.  All people want is freedom from bankers, they do not want some bizarre, poorly thought out, weirdo economic system forced on them that looks like it was designed by Mussolini.

Goldman Sachs?  Are you serious

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

IPO Scam and premine - Check

Why have only one scam when you can have two at the same time !

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.

Not this again

The past Invictus / Protoshares people have always been knee deep in scandals involving pre-mines in things like Memory coin, or "Freetrade" and all his baggage.

The bottom line

This is nothing but a rebranding of Protoshares, an already failed concept.

I could go on for days.  It makes me almost physically ill reading anything remotely affiliated with Invictus / Protoshares people.

Drugs?

[casterlyrock]

Thanks for the post

[coinrevo]

Just like Sunny "The Taxman" King, the Ethereum people have never heard of the word "Occam's Razor".  There are hundreds, if not thousands of Arbitrary variables in Ethereum they get to tinker and play God with.  

r0ach - what are your issues with Peercoin? thanks.

Ultimately its for the market decide. So I'm working on a market system which puts all at a level playing field. Then you have demand & supply establishing prices. As long as information is freely distributed people can evaluate all schemes on their own merit.

[CoinCube]

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

Thank you for sharing this. Never seen it before made my afternoon 

[r0ach]

Just like Sunny "The Taxman" King, the Ethereum people have never heard of the word "Occam's Razor".  There are hundreds, if not thousands of Arbitrary variables in Ethereum they get to tinker and play God with.  

r0ach - what are your issues with Peercoin? thanks.

Ultimately its for the market decide. So I'm working on a market system which puts all at a level playing field. Then you have demand & supply establishing prices. As long as information is freely distributed people can evaluate all schemes on their own merit.

When examining proof of stake, the conclusion I came up with was, it's a more elegant solution to solve the problems proof of stake *attempts* to tackle, by simply not giving out unlimited numbers of wallet addresses, or limiting them to one per individual:

Bitcoin Capitalism vs Bitcoin Socialism and the inevitable death of Sunny King

https://bitcointalk.org/index.php?topic=395769.0

I believe NEM coin (NXT fork), is attempting to utilize this idea now.  But then they taint and ruin the entire project with an IPO money grab.

[GigaCoin]

I dare you to come up with something better than Ethereum then, please enlighten us 

[Its About Sharing]

To understand the deep insight of roach fully, you need to look at why he thinks Doge coin is a winner thread. Outside of the wisdom given here, he gives more in that thread.  This one is enlightening, grab the popcorn  ... https://bitcointalk.org/index.php?topic=446286.msg4906057#msg4906057 Bashing threads on other coins and promoting Doge? You don't say... And joined 3 months ago.

[mintedstone]

Agree, it is a garbage.

[coinrevo]

now that the big eth fundraiser was called off, I'm more sympathetic. its probably thanks to communal efforts that it was called off. I think there should be some guidelines for such power-plays.

r0ach thanks for your posts. you're one of the few who realize that these problems are not merely technical.

I don't understand how eth even pretends to solve the hashing power problem. Anyway.

[theomoplatapus]

 

[Its About Sharing]

now that the big eth fundraiser was called off, I'm more sympathetic. its probably thanks to communal efforts that it was called off. I think there should be some guidelines for such power-plays.

r0ach thanks for your posts. you're one of the few who realize that these problems are not merely technical.

I don't understand how eth even pretends to solve the hashing power problem. Anyway.

I think we need to separate two issues:
1 - Ethereum the technology
2 - Ethereum's fund raiser

I have a problem with #2 as did many if not most BTC supporters. So, let's not cloud the money issue with what Ethereum can do. If you listened to the latest Let's Talk Bitcoin Podcast, where the leaders of Ethereium, Mastercoin and Invictus were talking, it seems like Etherium has a pretty good idea. But even the other guys joked about the 30,000 BTC fundraiser - God that sounds a bit much. And that is
for starters. But again, Ethereum the technology sounds very very interesting. And one of the preceding (not to mention colored coins as well) will probably be firmly entrenched before years end.

IAS

[r0ach]

To understand the deep insight of roach fully, you need to look at why he thinks Doge coin is a winner thread. Outside of the wisdom given here, he gives more in that thread.   This one is enlightening, grab the popcorn  ... https://bitcointalk.org/index.php?topic=446286.msg4906057#msg4906057 Bashing threads on other coins and promoting Doge? You don't say... And joined 3 months ago.

It's not one of my best posts, and kind of jumbled in thought, but you took it out of context entirely.  I said Doge is a winner because Doge will reward miners to keep the thing up.  It's going to exist and be used as currency no matter what.  Things like Quark on the other hand, could just disappear overnight since there's no reason for anyone to keep the block chain up, and people might become suspicious of a currency that basically requires check points to be broadcast in real time to be secure.  It's all stated there in the following quote from that thread:

"Contrary to what the topic might look like, I'm not saying Doge is a good buy, it gets pumped above real market value too much.  What I am saying is, Doge as a currency will survive because they're actually rewarding miners to keep the thing up.  Even if Doge lost 75% of it's value overnight somehow, a year from now it will still be around, and probably more valuable than it is currently.  If a coin like NXT lost 75% of it's value in a flash crash (which probably will happen due to horrendous distribution), you would probably never see the coin again after a week."

It also turns out the Doge reserve went against almost the entire community demands for halving dogeflation and stayed with 5%.  It's not that big a deal in the short, medium, or long term, as demonstrated in the following post, but it's still a PR nightmare:

http://theblogchain.com/2014/02/03/dogecoin-is-not-mugabecoin-a-discussion-of-inflation/

[extee]

r0ach philopsophy is this
GPU coin = awesome
not a GPU coin ? = scam

GPU coins are the most wasteful form of mining nor solve the centralization issue.
but they are pimped by gamers trolls with crossfire setups so they can turn their cards into $$$

."if NXt lost 75% of its value it would die instead doge still survives".....nxt lost more than half of its value at least on 2 occasions.....and it grows stronger and its development too .
and btw Nxt on release survived shit loads of dddos attacks with only an handful of nodes .there's more chance for a PoS coin to survive long term than a coin based on mining that is for sure.

in any case i don't hate on doge...i like its inflationary model...incentivizes spending.....but hating on ethereum is idiotic.  i don't care if those guys are asking big money...they deserve it as they bring innovation and skill in the game. surely they deserve to make more money than lazy gpu miners who troll forums all day and who feel they should be the one making da money in crypto (even if mining is not even needed anymore).

[r0ach]

GPU coins are the most wasteful form of mining nor solve the centralization issue.
but they are pimped by gamers trolls with crossfire setups so they can turn their cards into $$$

Not even close.  In a perfect world with no botnets, CPU PoW would probably be a much less annoying distribution model for all parties involved, but that model is just not valid at the current time.  I even suggested a way to fix it so the CPU PoW system would become viable, and fix PoW energy problems in two posts on this page, so I obviously have no bias towards GPU:

https://bitcointalk.org/index.php?topic=395769.0

[Slingshot]

Re: Why Ethereum is garbage and must be stopped
=================================

 Thank you OP.

 All your points have been taken under serious consideration by many.

 Not to mention your other valid points on other issues in this tread.

 It's extremely dangerous and all too defeating to reward those only out for themselves,
and damn the rest along the route.

 Many here are very young, and naive, plus far too trusting. Never take anything at face value.


 These IPO's show up without their goods, without it all on display, without a complete plan laid to bare,
and then expect and find gullible, naive gamblers all too willing to roll the dice. And in the end the
scammers starting these horrible creations only enrich themselves, while scheming and scamming away
just like our soon to be ex-bankster enemies.

 Wake up people.

 Recently I have focused on why many Crypto's wont survive, and culled my own previously extremely
large stable of dozens of speculative Crypto's down to merely a dozen, and still rapidly falling from there.

 Sadly very few Crypto's have what it takes. And these IPO Crypto's are nothing but a shot in the dark,
and placing one's trust into strangers whom peddle mere words instead of real, solid, stable wares.

 As for the scammers, hucksters, and con artists: Your on notice. And a lot of us are going to be
running over your scams left and right from now on. We're simply going to police this sector ourselves.
And leave all these free loading parasite scammers as road kill. You wont find it an easy nor pleasant
task to try to keep scamming this DECENTRALIZED Crypto-Currency Revolution. Not anymore.

 From the bot-net CPU type Crypto scammers, to the PnD Scammers, to the IPO get rich quick
scammers, to the massive Pre-Mine and Insta-Mine scammers, to scammers of all stripes...Get lost.
All of you get lost. Your wasting your time and efforts from here out. Some of us will drive you right
out if you don't wise up and leave already. Just leave. Disappear. And never come back!


 It's taken a very long time to realize that some types of Crypto's are not "Masterpieces" after all.

 At first, second, and even close up glances some really appear to be Masterpieces.

 But instead their merely wonderful scam-masterpieces, masquerading as something their not.


FACT:

 Very few Crypto's have any real chance at making it into the Mainstream Marketplace.

 And in case the reader of this isn't really focused the fact is that RACE is already well underway.


 2014 is THE RACE to the Mainstream Marketplace. Winner(s) take all, or at least nearly all, this year.
================================================================


 And after Cryptos such as Bitcoin grab the lion share of the marketplace it will take more than merely
a masterpiece with some new twists to unseat bitcoin, or any of the rest of the selected winners of 2014.

 What, do people here really think businesses and the mainstream will want and desire to juggle
many dozens of crypto's? Not hardly. They will want as few as possible, and as many as it takes to get
diversified safely. No more, no less. With the lion share going to the top one, two or three types.
These are the facts, and sadly their ignored by almost everyone here. Wake up. Smell the Crypto.


 So if you can't release a solid, stable, ready from the get go, with massive numbers of servicesCrypto,
that's a real masterpiece your wasting your time and efforts.

 And don't dare pre-mine it, nor insta-mine it either. But not with any ASIC or CPU only types. We're on
to those types of scams now. Those merely for the wealthiest (asic types) or the crooks with bot-nets
(cpu types) wont be supported anymore. Not by those that learn what a scam that they have been
suckered into supporting! And word will from now on travel far and wide about all those scams. All the
scammers are now on notice. GET LOST, or all your efforts will be in vain!

 And if all you have is something else altogether, or one of these IPO schemes, or whatever, then
fuck off, because we're going to expose you relentlessly, trash you endlessly, fully ruin your plans,
and your hopes to con many. And run you all right off the digital cliff. As well as dash your dreams
of any riches.

 Satoshi laid it all out. Either greatly improve on that masterpiece called Bitcoin, or your wasting your
time and efforts.


 The race to the Mainstream Marketplace is already fast underway.
==========================================

Those there first will have won, and will be extremely difficult to dethrone.

Add to that there will be little chance for late bloomers to grab even a tiny bit of market share.


 So scammers with hopes of getting wealthy:
---------------------------------------------------

 ===================================================================
 Your all on notice. Fact is your not welcome, and you will be outed. So get lost. Or We will crush your scams.
 ===================================================================

 The heat is just starting to be cranked up in this entire DECENTRALIZED Crypto Revolution.

 It will only get much more severe for any and all scammers from here out.

 Damn the Banksters to Hell, and Damn these Scammers to Hell too.
Your two of a kind. And you have all worn out your welcomes.

 We wont stand for your types anymore.
Not in our communities.
Not in this Crypto Revolution.
Not anywhere.
Not anymore.



Caveat emptor - let the buyer beware!

[Led]

I've seen far too many long soliloquies with nary a reference. I can't believe the first post, and I can't believe the last. I didn't even bother with page 2.