Ethereum IPO reboot coming, time to get nervous about the future of crypto

[marcelus]

Comparing Ethereum with NXT is like comparing a nice car (NXT) with its production and assembly line (Ethereum).

Nope, there's nothing that Eth is slated to do that can't be implemented in the NXT eco-system.
When NXT releases Monetary System, NXT becomes the factory......a better comparison would be that NXT is Lego and Eth is a 3d printer.

https://www.ethereum.org/
https://nxtforum.org/index.php
I've just spent a few minutes checking out Ethereums site.....apart from the money slurping machine at the front door, it reads like an extract from NXTs technical discussion section.

How much money has it slurped now?

9,471.85518446 BTC at the moment.

Which makes the company currently worth $5,544,000 USD.

Ridiculous.

Why is it ridiculous?

[ShroomsKit_Disgrace]

Which makes the company currently worth $5,544,000 USD.

Ridiculous.

Why is it ridiculous?

Will you pay 5m USD for buying thin air?

 

[tooil]

Which makes the company currently worth $5,544,000 USD.

Ridiculous.

Why is it ridiculous?

Will you pay 5m USD for buying thin air?

 

There are obviously some whales willing to bet on new concept. Nxt and Maidsafe did pretty well compare to other alt coins.

[EvilDave]

Which makes the company currently worth $5,544,000 USD.

Ridiculous.

Why is it ridiculous?

Will you pay 5m USD for buying thin air?

 

Thin air, backed by Goldman Sachs. That makes it totally trustworthy.......

Whatever happened to the idea that crypto would liberate us from the greed and incompetence of Wall St?

[joe 90]

How is Goldman Sachs backing it?

[jibble]

Goldman Sachs isn't backing it but its a psychological condition these people have.

Just like when someone gets mugged or something and then they are too afraid to go out, or can not relax around strangers, their mind has been changed , they have be traumatized. they become irrational .

Same exact thing here, they hear Goldman Sachs and instead of thinking logically about it, they just start throwing their own shit screaming "Goldman Sachs!! Goldman Sachs!!!"

Because of the mistrust this institute has created. you are now getting people who instead of just seeing it and thinking "yeah they are a piece of shit"  and that's it.  they become irrational and concocted wild stories about stuff without any proof....just a paranoid delusional feeling brought on by the betrayal of such a huge institution

[marcelus]

Which makes the company currently worth $5,544,000 USD.

Ridiculous.

Why is it ridiculous?

Will you pay 5m USD for buying thin air?

 

Why invest in any idea ever then? Let's just leave the world the way it is. Let's not kickstart probable solutions to various problems. Who cares about progress?

[EvilDave]

Goldman Sachs isn't backing it but its a psychological condition these people have.

Just like when someone gets mugged or something and then they are too afraid to go out, or can not relax around strangers, their mind has been changed , they have be traumatized. they become irrational .

Same exact thing here, they hear Goldman Sachs and instead of thinking logically about it, they just start throwing their own shit screaming "Goldman Sachs!! Goldman Sachs!!!"

Because of the mistrust this institute has created. you are now getting people who instead of just seeing it and thinking "yeah they are a piece of shit"  and that's it.  they become irrational and concocted wild stories about stuff without any proof....just a paranoid delusional feeling brought on by the betrayal of such a huge institution

I just took the time to do some research, and the GS connection is clear, 2 of the core devs being ex-GS employees. If I was a full-on conspiracy theorist, that would be enough to start me foaming at the mouth.

As it is, since GS was/is one of the main players in the total clusterfuck/theft that is the current global financial crisis, there is just no way in Hell that I would trust Ethereum as far as I could throw it.

Eth may well be 'clean', might even be a success, but no matter how much I love some profit, they aren't getting my BTC.
(Better call Vitalik, let him know his salaries gonna be late)

[Nullu]

Comparing Ethereum with NXT is like comparing a nice car (NXT) with its production and assembly line (Ethereum).

Nope, there's nothing that Eth is slated to do that can't be implemented in the NXT eco-system.
When NXT releases Monetary System, NXT becomes the factory......a better comparison would be that NXT is Lego and Eth is a 3d printer.

https://www.ethereum.org/
https://nxtforum.org/index.php
I've just spent a few minutes checking out Ethereums site.....apart from the money slurping machine at the front door, it reads like an extract from NXTs technical discussion section.

How much money has it slurped now?

9,471.85518446 BTC at the moment.

Which makes the company currently worth $5,544,000 USD.

Ridiculous.

Why is it ridiculous?

To value a start-up company at over 5 million USD? I shouldn't even have to answer that question. So a company that isn't making any money is now worth over 5 million. How long, if at all, do you think it will take for your stake to be worth anything? For it to double, the company, once it goes live, would have to make 5 million on top of that, and that's assuming 100% of their earnings will go into the value of Ether, which it certainly won't.

Just think about it and you'll see how overly-inflated the evaluation is.

[GuruChris]

To value a start-up company at over 5 million USD? I shouldn't even have to answer that question. So a company that isn't making any money is now worth over 5 million. How long, if at all, do you think it will take for your stake to be worth anything? For it to double, the company, once it goes live, would have to make 5 million on top of that, and that's assuming 100% of their earnings will go into the value of Ether, which it certainly won't.

Just think about it and you'll see how overly-inflated the evaluation is.

That's prolly an understatement. Eth will prolly be worth 10mill or more by the time the IPO is done. and then 10 mill will have to be made for a 100% profit

[Nxtblg]

Goldman Sachs isn't backing it but its a psychological condition these people have.

Just like when someone gets mugged or something and then they are too afraid to go out, or can not relax around strangers, their mind has been changed , they have be traumatized. they become irrational .

Same exact thing here, they hear Goldman Sachs and instead of thinking logically about it, they just start throwing their own shit screaming "Goldman Sachs!! Goldman Sachs!!!"

Because of the mistrust this institute has created. you are now getting people who instead of just seeing it and thinking "yeah they are a piece of shit"  and that's it.  they become irrational and concocted wild stories about stuff without any proof....just a paranoid delusional feeling brought on by the betrayal of such a huge institution

Well...I think it's more like the surmises that people out of the loop have to rely on to make sense of the insider part of the world. If you don't have the inside dope, but you need a definite conclusion, you do have to fly by the seat of your surmise. It's unavoidable, really.

...saith the formerly-overworked data-entry guy...

[marcelus]

Goldman Sachs isn't backing it but its a psychological condition these people have.

Just like when someone gets mugged or something and then they are too afraid to go out, or can not relax around strangers, their mind has been changed , they have be traumatized. they become irrational .

Same exact thing here, they hear Goldman Sachs and instead of thinking logically about it, they just start throwing their own shit screaming "Goldman Sachs!! Goldman Sachs!!!"

Because of the mistrust this institute has created. you are now getting people who instead of just seeing it and thinking "yeah they are a piece of shit"  and that's it.  they become irrational and concocted wild stories about stuff without any proof....just a paranoid delusional feeling brought on by the betrayal of such a huge institution

I just took the time to do some research, and the GS connection is clear, 2 of the core devs being ex-GS employees. If I was a full-on conspiracy theorist, that would be enough to start me foaming at the mouth.

As it is, since GS was/is one of the main players in the total clusterfuck/theft that is the current global financial crisis, there is just no way in Hell that I would trust Ethereum as far as I could throw it.

Eth may well be 'clean', might even be a success, but no matter how much I love some profit, they aren't getting my BTC.
(Better call Vitalik, let him know his salaries gonna be late)

You don't have to trust it. It's an open source decentralised application. What has the background of people working on it got to do with anything? I've lots of friends who worked in banks. So what? Seriously the arguments I'm hearing here are so stupid. This forum used to be a place where I would be enlightened and enthralled. Those days appear to be gone.

[marcelus]

To value a start-up company at over 5 million USD? I shouldn't even have to answer that question. So a company that isn't making any money is now worth over 5 million. How long, if at all, do you think it will take for your stake to be worth anything? For it to double, the company, once it goes live, would have to make 5 million on top of that, and that's assuming 100% of their earnings will go into the value of Ether, which it certainly won't.

Just think about it and you'll see how overly-inflated the evaluation is.

When you consider its potential, $5m is pennies. A tiny figure. $5m is nothing these days anyway. We're talking about a global platform here. Banks do billions worth of business on a daily basis. If you're building something that requires a huge amount of talent and time, millions are required. Simple as that.

[Mercator]

Well said, Marcelus.

As long as the people who are buying Ethers are doing so in a spirit of assisting in the launch of what can be a truly revolutionary idea and not just speculating on the price, then that is sufficient justification for the effort.

The advent of BTC makes it easy for funds to flow quickly and in an unimpeded way from many individuals to a common entity.

The $6m or so is really very small in this context compared with what the Ethereum team are setting out to achieve.

Do not forget that they plan to open-source their code so that the crypto-community worldwide will stand to benefit from their work.

[EvilDave]

"Open source" or "planning to be open source" ?
Seems to be some confusion, anyone with a definitive answer?

Open source will mean that Eth will get cloned inside 2 seconds of release, which may not sit well with the guys who ponied up $5 million so far, but is a lot more in line with the ideals (such as they are) of the crypto scene.

[marcelus]

"Open source" or "planning to be open source" ?
Seems to be some confusion, anyone with a definitive answer?

Open source will mean that Eth will get cloned inside 2 seconds of release, which may not sit well with the guys who ponied up $5 million so far, but is a lot more in line with the ideals (such as they are) of the crypto scene.

Open source. Yes it may be cloned. The Ethereum guys mention this in their lengthy message to all would-be buyers. The lay all their cards on the table. People are free to choose whether to invest or not. Wherein lies the problem with this? Can I not like this project and invest in it without having to listen to a whole lot of nonsense based on nothing but conjecture here? I believe that a fork probably won't be successful because of the talent behind Ethereum and its branding/mindshare. Of course we could end up with another Mastercoin/Counterparty situation. Anything is a possibility. That's why investments are always risks. I wish to take a risk on this because it's the first big leap since bitcoin itself. What it could be is mind-blowing.

[EvilDave]

@ Marcelus: chill yr boots, mate.
I have a personal distrust of the current financial system, and I'm not amazingly happy to see yet another hyped up IPO, but I'm not condemning Ethereum.
It is a good idea, but from my point of view not such a quantum leap forward, seeing as NXT has been opening up the second generation crypto-currency feature set for several months now. However, Eth will be able to offer a complete scripting language, which will be a useful addition to NXTs modular approach.
So: good idea, yes, mindblowing, not really.

And again from my experience with NXT: if Eth is truly open-source, it will get cloned. Mercilessly and immediately, so you should be prepared for that. Hopefully, as with NXT, the momentum will remain with Eth itself, and not be siphoned off by cloners.

[Nullu]

To value a start-up company at over 5 million USD? I shouldn't even have to answer that question. So a company that isn't making any money is now worth over 5 million. How long, if at all, do you think it will take for your stake to be worth anything? For it to double, the company, once it goes live, would have to make 5 million on top of that, and that's assuming 100% of their earnings will go into the value of Ether, which it certainly won't.

Just think about it and you'll see how overly-inflated the evaluation is.

When you consider its potential, $5m is pennies. A tiny figure. $5m is nothing these days anyway. We're talking about a global platform here. Banks do billions worth of business on a daily basis. If you're building something that requires a huge amount of talent and time, millions are required. Simple as that.

I'm sorry, but potential doesn't put food on the table. Every altcoin ever developed ever had "potential". Banks do billions, yet if nobody knows about, or uses Etherium, that's what it'll be worth in the end. Pennies.

It's all hype. Where are the businesses coming out to back Etherium? It all sounds good on paper, but that's it. Big promises, and little evidence. Which makes it any different to any other IPO how, exactly?

[marcelus]

To value a start-up company at over 5 million USD? I shouldn't even have to answer that question. So a company that isn't making any money is now worth over 5 million. How long, if at all, do you think it will take for your stake to be worth anything? For it to double, the company, once it goes live, would have to make 5 million on top of that, and that's assuming 100% of their earnings will go into the value of Ether, which it certainly won't.

Just think about it and you'll see how overly-inflated the evaluation is.

When you consider its potential, $5m is pennies. A tiny figure. $5m is nothing these days anyway. We're talking about a global platform here. Banks do billions worth of business on a daily basis. If you're building something that requires a huge amount of talent and time, millions are required. Simple as that.

I'm sorry, but potential doesn't put food on the table. Every altcoin ever developed ever had "potential". Banks do billions, yet if nobody knows about, or uses Etherium, that's what it'll be worth in the end. Pennies.

It's all hype. Where are the businesses coming out to back Etherium? It all sounds good on paper, but that's it. Big promises, and little evidence. Which makes it any different to any other IPO how, exactly?

Every idea in its infancy is just hype. Every business idea is just a promise. This phenomenon is not unique to crypto! To build anything costs money. That's why capital is raised. That's why investors exist. It's not any different to any other IPO. Nor should it be. There's absolutely nothing wrong with raising capital to build something that could make a difference to the world. How is this so hard to grasp?

[Nullu]

To value a start-up company at over 5 million USD? I shouldn't even have to answer that question. So a company that isn't making any money is now worth over 5 million. How long, if at all, do you think it will take for your stake to be worth anything? For it to double, the company, once it goes live, would have to make 5 million on top of that, and that's assuming 100% of their earnings will go into the value of Ether, which it certainly won't.

Just think about it and you'll see how overly-inflated the evaluation is.

When you consider its potential, $5m is pennies. A tiny figure. $5m is nothing these days anyway. We're talking about a global platform here. Banks do billions worth of business on a daily basis. If you're building something that requires a huge amount of talent and time, millions are required. Simple as that.

I'm sorry, but potential doesn't put food on the table. Every altcoin ever developed ever had "potential". Banks do billions, yet if nobody knows about, or uses Etherium, that's what it'll be worth in the end. Pennies.

It's all hype. Where are the businesses coming out to back Etherium? It all sounds good on paper, but that's it. Big promises, and little evidence. Which makes it any different to any other IPO how, exactly?

Every idea in its infancy is just hype. Every business idea is just a promise. This phenomenon is not unique to crypto! To build anything costs money. That's why capital is raised. That's why investors exist. It's not any different to any other IPO. Nor should it be. There's absolutely nothing wrong with raising capital to build something that could make a difference to the world. How is this so hard to grasp?

I'm not saying these are unique concepts, which is precisely why I suggest people invest with their heads and not their hearts. Ask the tough questions before risking everything for potentially nothing.