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Author Topic: Why Ethereum is garbage and must be stopped  (Read 11239 times)
Ait
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April 01, 2014, 03:00:25 AM
 #41

You might as well be investing in decentralized, autonomous robots armed with machine guns.  



How do I invest in these robots?  Is there an IPO?  I have 0.0005btc  Tongue

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April 01, 2014, 03:23:55 AM
 #42

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.

Roach even though you are a USD bagholder and retard you got this basically correct.

But I can simplify it for everyone,  its just how Banks think .

The Blockchain is the " gold"

Everything else is a paper " iou" .

In this case the words have just chnaged , from debt iou to " contract" .

So the old banker shell game of we hold the gold and you play with the paper certificates still holds.

There really is nothing to see here as its a DOA idea.

The Bitcoin monopoly capitalists tried it and we have a host of beautiful failures,  mastercoin etc , other junk.

There is the Ripple faliure.

How can you impose centralization onto a decentralized market with an expanding information environment? 

- Twitter @Kolin_Quark
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April 01, 2014, 04:46:02 AM
 #43

If it is really garbage, why does it need to be stopped? No one likes garbage, therefore no adoption. Right!?
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April 01, 2014, 04:50:30 AM
 #44

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

I concur with this point the system is too new to just throw aside presently
Until I see a solution that addresses the financial system and volatility of bitcoins better and working I will consider the Ethereum project a possible outcome

That said #2 the fundraiser is a totally different issue and should be noted separately

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April 01, 2014, 05:23:14 AM
Last edit: April 01, 2014, 06:46:17 AM by markm
 #45

If it is really garbage, why does it need to be stopped? No one likes garbage, therefore no adoption. Right!?

I was going to respond to that most recent huge rant above, but responding to this succinct post is as apt while responding to the same basic problem.

There exists a breed of marketeers that believes the "mainstream" is attained by bullshit, not, for example, by technical merit.

Their main real point in practice seems to be that "the masses" are snowed by bullshit far more effectively and efficiently than they are impressed and attracted and recuited by actual quality goods and services.

Thus basically their strategy is to keep throwing shit against walls until some of it sticks.

That is, pump out so much bullshit that lots of money is sucked in, then simply buy whatever actual skills, goods, services, techniques and so on that it takes to stay in business once they have snowjobbed a huge crowd into giving them huge piles of money.

They do seem to have a point in some ways, partly because once they have huge piles of money they often do find lots of technically skilled people who need money thus are willing to try to fix the garbage the snowjob marketeers made vague noises about in their propaganda / marketing-copy or to come up with something that could in some way seem at least vaguely akin to the vapourware the marketeers were raving about.

So the approach is snowjob the masses first and then try to come up with something, because first actually coming up with something so often leaves developers with a great product or service that no one buys because the marketeer snowjob people already have the masses hanging on a hope sending all their money chasing after vapourware. (And thus to an extent locked in by a throw good money after bad type fallacy: being already bagholders holding the bullshit bag, many often will opt to try to somehow salvage that bag and oppose anything actually good and useful that might devalue that bag.)

Thus the marketeers expect to win, because if any developers ever do actually come up with something that even vaguely resembles the vapourware the marketeers were bullshitting about, the marketeers expect to co-opt it by buying the developers or snowploughing them under with lots of hired help hired to copy their development as property of the marketeers.

So the value proposition they are really putting to the public amounts to "you know that bullshit is what wins the market, you see how good we are at bullshitting you, so buy in and we will make you rich by bullshitting everyone else too".

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April 01, 2014, 05:42:57 AM
 #46

If it is really garbage, why does it need to be stopped? No one likes garbage, therefore no adoption. Right!?

It doesn't need to be stopped , i said its DOA.

The only way to force junk like this on people is though deception or threat , that has been the last 100 years.

We have just had a first hand demonstration of the failures of both.

As i said if the cap surges it will be a circle jerk and the only aim is to sucker investors in, but the traditional way to do that was with brokers and IPOs , but if you are dealing with an educated market you might sucker what 3% if that ?

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April 01, 2014, 06:48:43 AM
 #47

They probably do not regard "the mainstream" aka "the masses" as an educated market.

They might be right about that.

The bullshit is probably hoped to be the target market's primary source of "education" on the matter.

-MarkM-

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