[ETH] Ethereum = Scam

[CoinHoarder]

Note the viable solution for Ethereum may be to centralize only the verification, and keep the voting power decentralized. This is essentially what I am proposing for my PoW design.

I assume you mean verification as in if the smart contract output matches the input submitted by the requesting node? Centralization of the transaction processing seems to be giving up the decentralized voting power.

Centralization is always more efficient, but complete centralization is not necessary. That is your main gripe with Ethereum, right? That each node has to run the scripts themselves?

I think proper checks and balances could be implemented to reduce the amount of nodes the code has to be ran on while maintaining decentralization.

IE. If 100% of an arbitrary number of randomly selected nodes agree on the output, then it may not be necessary for all nodes on the network to run that code as long as there is one honest node. If there is one dissenting node, then the full network (or a larger percentage of the network) runs the code to solve the dispute. ... or something similar to this.

[TPTB_need_war]

I think proper checks and balances could be implemented to reduce the amount of nodes the code has to be ran on while maintaining decentralization.

Reply is in the proper thread.

[Spoetnik]

Buying and selling Ethereum is like smoking the sweet, sweet crack rock. I don't even know what an ETH is, but I can't stop getting returns on it.

holy crypto crack dog "RETURNS" ?

WOW i guess the topic title was blown wide open now..

YOU MADE 50 cents !!!!!!!!!!!1111111111111ONEONEONEONE

PS:

IPO.

[TheFiendishOne]

I like someones response indicating the only other suitable coin is Litecoin, in the sense of decentralization.  I am all for decentralization.  My only argument against it is how many people have lost money due to decentralization, how many people have gotten away with theft due to decentralization, and how many of these theives have been properly prosecuted?

I want to assume that anyone, whether for or against ETH, has read the white paper.  Spoetnik brings some valid arguments.  There's no limit on Eth?  That is both good and bad (I know we have dogecoin for that) BUT does dogecoin perform smart contracts?  I think that Spoetniks rage overcomes his ability to speak clearly for all to understand.  

How many of you who are calling ETH a complete scam ever signed any form of contract?  Do you not realize the potential that smart contracts have?  I want you to seamlessly merge a smart contract platform like how ETH brings to the bitcoin protocol and then sure we wouldn't need eth, but I feel that Ethereum truly brings something unique.

Yes, the whole IPO shitcoin phase brings up major red flags with Ethereum but it's not just an IPO.  Aren't IPO's in a way centralized?  So we have a centralized, decentralized software platform? wtf is that?

The potential of a decentralized software platform is a major green flag for me.  There is so much potential here, that if you do not see it I feel for you.  On a side note, I do believe there are other coins like this?  If so then obviously this isn't a first.

The entire altcoin scene makes me sick.  When I go to coinmarketcap I feel like puking, simply because I could use some money, and I am watching those 24 hour volumes, watching people throw their money away thinking damn, they could have just given it to me.  Just a little guy in this bitcoin world I can understand Spoetnik's argument 100%.  Not that I completely agree with him that ETH is a scam, but that you could EASILY assume that EVERY coin is a complete and utter scam.  

So I am pretty sure that Paycoin is a scam right?  Everyone should know this...or is Paycoin not a scam?  Didnt someone make a coin to make fun of paycoin and they called it Paycon?  So that means that Paycoin is 100% a confirmed scam.  Makes me wonder how 1 Paycoin is worth just under 4 pennies right now?  I guess Scams hold value not matter how many people know it's a scam?  $171 dollars in the last 24 hours.  I could honestly say that I could have used that $171 for something good, necessities even.  Shit I need.  Instead I'm watching money being thrown away into a confirmed scam coin, which leads me to Paycon.  $206 in the last 24 hours.  Are...you...serious...how can the trade volume for a coin made to make fun of another scam coin be at $200?  muchless, the tradevolume is higher than the original scamcoin itself.  Why the hell are these scam coins even listed?  

So as some of you work hard towards gaining more bitcoin adoption, and educating others on bitcoin to get them to use the system of this wonderful decentralized currency (including me) we have hundreds if not thousands of morons not only dumping their money into scam coins, but we have website owners listing scam coins just because they met some minor pre-requisite for getting listed.  

Makes me wonder how many people are getting paid off to keep the smoke screen going....

I like to be informed, so I do read up on conspiracy theories...it really wouldn't surprise me if the majority of the big dogs in this crypto world are already corrupt to the point that this system is already broken and failed and eventually we will have a centralized, decentralized cryptocurrency ran by the government because without the government running our money there is too much damn greed and if history hasn't proven in the last 3 years, we (or at least most of you fuckers) are INCAPABLE of running a decentralized money ran by the people.

Which leads me back to Ethereum, the opinion (i dont have the facts) that eth probably is not a scam, but that in the white paper, to me, in my opinion, the white paper screams NWO.

I dont care.  I said it.  Infact, I'm not entirely against a new world order.  Maybe I would be able to travel the world knowing my government is everywhere.  Third world countries would not be third world countries.  We are all in this one world together.  There aren't 3 separate worlds, so I've always felt that third world countries are bullshit, and are our own damn fault that they exist.

The only red flag I saw with Ethereum was some new world order shit that has both good and bad qualities.

Give them too much control and we're screwed.  Not enough control and we screw eachother.

Say that's false?  Decentralized money like bitcoin -- people fucking eachother over left and right!  Dumb.  So at the end of the day, when we're sitting with a useless bitcoin wallet because big bro stepped in and said enough is enough, don't point the finger at anyone but yourselves.

Just read around in this forum and you'll see for yourself.  It's sad.

Hopefully one day, you fuckers realize this, wake up and stop being dumb.  Then maybe we can have a truly decentralized cryptocurrency.

If you ask me, bitcoin is not as decentralized as one may think.  The whole Bitcoin XT stuff and 5 devs running bitcoin blah blah blah...dumb.  So instead of entrusting our government, we are entrusting 5 developers lol.  You guys are gonna break it.  lol.  Oh well.  Hopefully you don't.  Unless you're actually going to listen to me, this entire system is fucked because of greed and stupidity.  Pretty easy for a major corporation to step in and pay off these 5 devs to follow their agenda...then we got blind people following blind people.  Good luck guys, I'll be watching from my little bitcoin corner.  Keeping up how I can, my company accepts bitcoin! (I am the first and only company in my city to accept bitcoin).

In conclusion, regardless of the nwo'ish whitepaper, I think Ethereum has potential with just the smart contracts alone.  and if Ethereum is in any way shape or form a scam...with a 5.4 million dollar trade volume in the last 24 fucking hours... please.  Someone here me out if all you crypto guru's that are sitting on loads of cash are willing to just throw your money away please send just a fraction of that my way I will do good with it.  ^_^ May God or someone anyone please help us if these people are dumping millions of dollars every fucking day into a scam coin.  Just toss it in my trash can so that I can actually make a difference with it.

Which kinda leads me to believe that Spoetnik may not have all the facts.  5.4 million dollars a day and you're calling it a scam?

More evidence please?   Perhaps 5 million dollars worth of evidence.  Thanks.

- Fiendish

[Gataway]

Chinese are pumping everything currently.

How do you know it is pumped by the Chinese? The biggest exchange is Poloniex.

[nzminer]

Chinese are pumping everything currently.

How do you know it is pumped by the Chinese? The biggest exchange is Poloniex.

I wasnt talking about ethereum in particular.

[stoat]

The "it's not a currency" angle is getting pretty tiring.

Haven't you FUDsters got any better lines?

I suspect
Benthach and spoetnik are both tptbneedwar alt accounts.  Just 3 different personalities of the same unhinged loon

[TPTB_need_war]

I suspect
Benthach and spoetnik are both tptbneedwar alt accounts.  Just 3 different personalities of the same unhinged loon

This is slander against my reputation. If you don't retract this, I will put negative trust on your profile.

I am absolutely not either of those accounts. I demand a retraction from you.

I have pointed out the engineering reasons that Ethereum is fundamentally flawed. I have nothing to do with the weak arguments of those two clowns.

[Spoetnik]

The "it's not a currency" angle is getting pretty tiring.

Haven't you FUDsters got any better lines?

I suspect
Benthach and spoetnik are both tptbneedwar alt accounts.  Just 3 different personalities of the same unhinged loon

uhhh.... YOUR COMMENT is tiring LOL

Don't YOU ! have any "better lines" ?

Sorry but i have heard that one before once or twice  

Let's see..
I bring up specific points as criticism and what do you do ? Attack me personally ?
And you have a lot of balls talking about alt accounts hypocrite SHILL.

Anything to say on topic sweety ?

[Puhi]

[/quote]

Ethereum is not just a currency. It is fuel for making smart contracts. Microsoft is working on the Ethereum based system.
[/quote]

That has nothing to with a currency and NO Microsoft is NOT working with ETH at all.
[/quote]

I agree. Dont believe MS is using ETH tech for anytrhing.

[JosNekoKopa]

For sure, when you see 100 btcs volume one day at exchanges buy that coin and wait for few days and then dump.
I don't like this ETH but my wasted chance to triple btcs.

[davien]

For sure, when you see 100 btcs volume one day at exchanges buy that coin and wait for few days and then dump.
I don't like this ETH but my wasted chance to triple btcs.

When you see 100 btcs volume with rising price better don't buy nothing, cause probably there will be a dump soon

[loki0505]

lets make that money boys!! feels good switching 100% from BTC to ETH and playing with house money now

[TPTB_need_war]

The truth about Ethereum, i.e. borderline scam or at least technological incompetence:

Ignore the fud and the hype.  I'm long term excited about this project.

[...]

Even though I think eth will destroy the need and market cap of bitcoin (wait and see).  It won't happen today or tomorrow.  You are buying into a pump.  Wait until things are boring and then don't put off your purchase.

Eth is already better than bitcoin.  People just don't know it yet.  And the ecosystem is coming down the like at an insane rate.  Most popular alts are scams.

Why are you displaying your ignorance about technological issues that you are apparently incapable of comprehending? Even you were in my Reddit thread where I explained it, yet you somehow still are in this delusion that Ethereum is not incompetent. 

Ethereum is not better than any other scam. And it is a borderline scam or at least incompetence masked by technobabble from some young nerds who know some math and programming, but have limited capitulation to reality.

So why are you constantly making threads spreading pointless FUD about ethereum?

Yeah why are you doing that stoat?

And you are lying about my identity and have refused to retract your slander, when I am clearly not the two users you accused me of being and I have even shared my LinkedIn photo and identity.

Why can't you admit that Ethereum's developers suck and after $millions wasted, they still have not solved the most fundamental issue that must be solved in order to make scripting on a block chain work?

The technological challenge with a long-running script on a block chain is verification. The gas (and txn fees) are paid to the winner of the PoW block, not to all miners, but all miners (full nodes) have to endure the SAME cost of verification. Yet not all miners have the same hashrate, thus not all miners have the same income per block. Thus some miners recoup less of their verification costs than other miners. As I explained in greater detail, this forces mining to become 100% centralized in one miner with 100% hashrate.

Ethereum is off on another tangent named Casper, with shards, consensus-by-betting, etc, which is another hopeless and futile attempt to solve a problem that CAN NOT BE SOLVED BECAUSE OF THE INVIOLABLE CAP THEOREM!

Ethereum will never solve this problem and remain decentralized. Never. Thus all the scripts and products being built on top of Ethereum are headed to failure when Ethereum fails to solve the scaling problem of verification in a decentralized manner. Because centralization of scripting is meaningless, we always had that already.

I have solved the problem because I realized verification MUST be centralized (due to the inviolable CAP theorem and the correct understanding that a 100% decentralized system can not solve the Byzantine General's Problem), and thus I instead designed a way to control the centralization of verification with decentralized PoW miners (because each user submits a PoW share with their txn and because PoW mining is rendered UNprofitable for all parties).

So who will be the winner of everything? Me. Not Ethereum. Not to mention that marketing plan is light years ahead of any altcoin, because I will market directly to the millions of masses and achieve millions of adoptions (and be the first coin to do so).

Look I was there at the beginning telling Charles (one of the guys who founded and organized the creation of Ethereum) in Skype that Vitalik's PoW algorithm could be parallelized thus not CPU only, telling him that they could not solve the fundamental problem above, and telling him that they were going to raise too much $ with too many mouths to feed and still wouldn't solve the fundamental problems. Originally Charles was recruiting me to form this company, not Vitalik. But I balked and said I didn't want to raise all that money and I didn't want to start something until I was sure I had solved all fundamental issues. If you don't believe me, go ask Charles.

All the gory details about Ethereum's technical incompetence are here:

https://www.reddit.com/r/ethtrader/comments/42rvm3/truth_about_ethereum_is_being_banned_at/

Enjoy the Ethereum pump while it is hot and while people are ignorant of the truth about the technical incompetence of the Ethereum developers. Eventually the truth will come out and especially when my white papers and coin are released.

[Spoetnik]

For sure, when you see 100 btcs volume one day at exchanges buy that coin and wait for few days and then dump.
I don't like this ETH but my wasted chance to triple btcs.

When you see 100 btcs volume with rising price better don't buy nothing, cause probably there will be a dump soon

Agreed.

I have said this is a P&D scheme from the start and dev's or fans can try & deny it but..
IT IS NOW !

The majority of users and various size pump groups care about 1 thing.. profit.
And what do they go after ?
What is popular ..because that is where the money / people are.
It doesn't matter what coin it is, the procedure is the same.

So *most* users will be involved with a coin and *most* are going to dump.
Hence, the dump WILL happen !

So even if they could prove it's not P&D coin. it is NOW !

When you see the mass spamming / advertising going in.. it's too late to buy in.
You would know this if you had been trading long enough.
..some things never change.

I also will not support some shitty ass "APP'z" IPO coin with a scammy launch either.
And buying / selling them -IS- "support".

[JosNekoKopa]

For sure, when you see 100 btcs volume one day at exchanges buy that coin and wait for few days and then dump.
I don't like this ETH but my wasted chance to triple btcs.

When you see 100 btcs volume with rising price better don't buy nothing, cause probably there will be a dump soon

Agreed.

I have said this is a P&D scheme from the start and dev's or fans can try & deny it but..
IT IS NOW !

The majority of users and various size pump groups care about 1 thing.. profit.
And what do they go after ?
What is popular ..because that is where the money / people are.
It doesn't matter what coin it is, the procedure is the same.

So *most* users will be involved with a coin and *most* are going to dump.
Hence, the dump WILL happen !

So even if they could prove it's not P&D coin. it is NOW !

When you see the mass spamming / advertising going in.. it's too late to buy in.
You would know this if you had been trading long enough.
..some things never change.

I also will not support some shitty ass "APP'z" IPO coin with a scammy launch either.
And buying / selling them -IS- "support".

And please tell me you didn't try to take advantages of all those silly investors, or you have some greater cause like good Samaritans?

[Dekker3D]

Pump and Dump could be done on any altcoins and ETH is not an exception. I can't buy in anymore as I'm waiting for a major dump first before putting in any btc into it.
Only time can tell if it's really another scam just like paycoin or for real like bitcoin.

[USB-S]

Pump and Dump could be done on any altcoins and ETH is not an exception. I can't buy in anymore as I'm waiting for a major dump first before putting in any btc into it.
Only time can tell if it's really another scam just like paycoin or for real like bitcoin.

Volumes are dropping hard. One must be delusional to buy with these market conditions.

[stoat]

The mental gymnastics required to say ethereum is a scam may be getting too much for some people in this thread.

[USB-S]

The mental gymnastics required to say ethereum is a scam may be getting too much for some people in this thread.

I suggest you drop your few hundred coins before you see their value disappear. Buy again when the bear market is over. If you felt this bull run, you're going to feel the next one as well, I'll guarantee you that.