[ETH] Ethereum = Scam

[cryptonator777]

Oh god scam is now the best smart contract platform.
Once i saw an article OMG is a scam when it was $ 1, I don't know why people do this to real projects with value

[lagista]

the ethereum scam is just an issue that wants to destroy ethereum. because the current ethereum is very good from the price and will not be scam because it is supported by the number of requests and strong in the position of cryptocurrency.

[cherryganda]

what are those people who tole that ethereum was scam, do they have lots of ETH now on their wallet or still not having them coz of ego ?
well lets not judge things first but yes in crypto currencies every ICO is a SCAM until proven successful.. been witness to many failed ICO's and scams too.. im just happy for ethereum that they are now well known and strong!

[Rebelf]

Atstoat after i read your final remark i'd an idea..I would love to visit a small denated voting system on a corner of the posting Or remark.Kind of just like a basic voting system where one can prefer or against a remark.But this is actually the twist..Let us do this but for one good reason.. Integrity !Let's come with an Integrity rating worth next to each comment..It might be fascinating to see who believes what.No stoat i don't believe your final comment either.. a stack of b . s ..And conspiracy theories ?What like yours ?Based on you Benthach and that i have an "Agenda"And also you claim to 't be doing any posting for monetary factors ?This post right here to increase the need for your ETH cash ..simple as that.Me ? I haven't got any..I publish to clarify the truth .isg

[Gnosis7777]

You're not wrong.

Ethereum sold 60 million token in a fallacious 'crowdfunding' (a.k.a Unregistered Securities Offering) - the data has pointed to the fact that the distribution in this ICO was deliniar; with most of the purchases coming in large batches, the implication inexorability being, that only a few people are holding the majority of the Ethereum Token.

Then, of course, the DEV's pocketed for themselves an additional 12million tokens - giving us a total of 72,000,000 premined tokens.

It is/was an utter spurious launch, and was unanimously declared a scam by the community during the first epoch of it's existence; yet, through marketing hype, fraud, and unfettered lobbying they've managed
to pseudo-legitimize their scam.

It appears only a a minutia of us remain that bother to do actual research and look through this blatant scam's marketing hype, however the modern milieu simply doesn't care - the scammier, the better, and more likely their ponzi is to make temporal 'profits' in this market atmosphere. Crypto has become a joke - it isn't what it was 3-6 years ago, and there is no going back, it's a snake eating its tail.

We all know this won't last - most poignantly with a neverending spewing of premined ERC20 tokens into the environment - which makes one wonder if Vitalik Buterin is working with some government, somewhere, to undermine cryptocurrency through this blatant scam.

[wanderfia19]

This project is alive and VERY well funded. Having the cash to pay for develpoment is the most important factor in making a project work. As of right now, the short term and medium term prospects for ethereum seem to look good.

[Doctor.Strange]

Oh god scam is now the best smart contract platform.
Once i saw an article OMG is a scam when it was $ 1, I don't know why people do this to real projects with value

People said the same now for many undervalued projects, people always talk BS.

[TradingIsBreath]

Ethereum is the largest decentralised application platform in cryptocurrency. You might be wondering what a decentralised application platform is. In a nutshell, it is a blockchain on which applications can be built. You could think of it as an operating system like IOS or Android, upon which application like Candy Crush are builtYes, Ethereum is the second largest cryptocurrency out there.

However, things move very quickly in technology. For those who are old enough to remember, Internet Explorer used to have complete dominance in the web browser market. Now it’s nowhere to be seen. The point is that technology evolves and just because a cryptocurrency (like Ethereum) is big today, doesn’t mean that something better will come along and make it obsolete.

[erikoy]

Hate the censorship on coindesk. I agree with ethereum being a scam and have already had many discussions about it on this forum.

I see this topic is old already. Ethereum was not a scam and it is now functioning as good as like the other crypto. If many of this users before could be able to read this thread again then they can laugh at themselves arguing about a certain scam to which it proves out that it was not. Ethereum is one of the great crypto listed in coinmarketcap.com

[moynul2050]

until now ethereum is still the prima donna, smart contracts from ethereum are still widely used by several projects.
why do you still call ethereum scam? don't you still follow a project that uses an ERC-20 smart contract?
please don't make news that continues to corner bitcoin.

[StatesManG]

I believe the ownerof this topic is still here to ee ethereum spring high. I didn't know this kinda topic was here until today. It's an interesting read though

[wxganz]

Do not agree with the author of the topic. Perhaps his trust should talk about it. ETH is developing very quickly. This team has their own product that they are improving. ETH is a platform for all altcoins. Therefore, I do not agree with your point of view and i consider it absurd.

[e@symode]

A very wrong opinion, which has been formed today in a completely incomprehensible way. Today there is Vitalik Buterin. Today it forms very large cryptocurrency communities. See how it all turns out. I don't think that ETH is a scam project.

[BitUsher]

Ethereum is a premined scam.


1)   Vitalik and many others in the Ethereum space are known scammers. Vitalik is not an idiot thus he should have known better than pitch something as ridiculous as quantum mining to potential investors. This is a snake oil salesman pitching technical nonsense  to the credulous.
http://www.newsbtc.com/2016/08/17/gregory-maxwell-vitalik-buterin-ran-quantum-computer-scam/

https://archive.fo/VZbPs

https://www.youtube.com/watch?v=DkUpZkeqhF4


2) ETH is an illegal security according to the Howey test with a premine of 72 million eths. They purposely misled investors by suggesting merely 12 million gifted premine ignoring the 60 million they sold. Misleading total supply graphs in their prospectus.

3) Vitalik and many other have been falsely representing Ethereum and misleading others over and over again. example - pitching turing completeness as the valuable aspect of ETh , now pivoting away from that and saying it was never about turing completeness but "rich statefulness"

4) Ethereum is a pointless project that will lead to no efficiency because there is no censorship risk in code execution. If a project has no hope of ever creating an efficiency(like bitcoin has found with regulatory arbitrage) than every company and project will ultimately fail in its ecosystem. Are you trying to suggest that someday in the future there will be censorship risk in code execution? If not than what purpose does Ethereum solve if it comes with a horrible tradeoff of an extremely large attack surface and huge scaling problems?
5) Advertising immutability and unstoppable contracts that were than immediately reversed with multiple hard forks.

6)   For goodness sake the inflation distribution rate or final algo is not even defined and people are investing in this. This is insane and basically amounts to faith in vitalik and his team, while at the same time newbs are misled into believing eth is decentralized.


https://www.youtube.com/watch?v=wUUVlatCvp0

https://www.youtube.com/watch?v=mCiHTJRbIf4

https://www.youtube.com/watch?v=BgFXqVpGDNg


https://medium.com/startup-grind/i-was-wrong-about-ethereum-804c9a906d36


https://www.reddit.com/r/ethereumfraud/

Additionally, there are plenty of ICO's who have locked up Ethereum's and need to constantly sell them for fiat to pay for their burn rate going into next year which places a constant negative pressure on ETH price

This is what I think of Ethereum's 2.0 plans - https://www.youtube.com/watch?v=16T5CUNGX2Q&t=6h37m20s

[Vit83]

The main problem I see because is that they are very late with their updates, and they going to do changes without any conversation with eth holders. They just changing everything they want.

[Marvell1]

Ethereum is a premined scam.


1)   Vitalik and many others in the Ethereum space are known scammers. Vitalik is not an idiot thus he should have known better than pitch something as ridiculous as quantum mining to potential investors. This is a snake oil salesman pitching technical nonsense  to the credulous.
http://www.newsbtc.com/2016/08/17/gregory-maxwell-vitalik-buterin-ran-quantum-computer-scam/

https://archive.fo/VZbPs

https://www.youtube.com/watch?v=DkUpZkeqhF4


2) ETH is an illegal security according to the Howey test with a premine of 72 million eths. They purposely misled investors by suggesting merely 12 million gifted premine ignoring the 60 million they sold. Misleading total supply graphs in their prospectus.

3) Vitalik and many other have been falsely representing Ethereum and misleading others over and over again. example - pitching turing completeness as the valuable aspect of ETh , now pivoting away from that and saying it was never about turing completeness but "rich statefulness"

4) Ethereum is a pointless project that will lead to no efficiency because there is no censorship risk in code execution. If a project has no hope of ever creating an efficiency(like bitcoin has found with regulatory arbitrage) than every company and project will ultimately fail in its ecosystem. Are you trying to suggest that someday in the future there will be censorship risk in code execution? If not than what purpose does Ethereum solve if it comes with a horrible tradeoff of an extremely large attack surface and huge scaling problems?
5) Advertising immutability and unstoppable contracts that were than immediately reversed with multiple hard forks.

6)   For goodness sake the inflation distribution rate or final algo is not even defined and people are investing in this. This is insane and basically amounts to faith in vitalik and his team, while at the same time newbs are misled into believing eth is decentralized.


https://www.youtube.com/watch?v=wUUVlatCvp0

https://www.youtube.com/watch?v=mCiHTJRbIf4

https://www.youtube.com/watch?v=BgFXqVpGDNg


https://medium.com/startup-grind/i-was-wrong-about-ethereum-804c9a906d36


https://www.reddit.com/r/ethereumfraud/

Additionally, there are plenty of ICO's who have locked up Ethereum's and need to constantly sell them for fiat to pay for their burn rate going into next year which places a constant negative pressure on ETH price

This is what I think of Ethereum's 2.0 plans - https://www.youtube.com/watch?v=16T5CUNGX2Q&t=6h37m20s

So many famous and respectful companies are partners of ethereum and do you still consider it scam? Ethereum is like a protocol, the platform where anybody can do whatever he wants. I don't think it's smart thing to guilt ethereum for everything that is based on its platform. Don't you think so?

[BitUsher]

The project literally cannot create any efficiency because there is no censorship risk in code execution. Thus there will be no successful DAPP created that has utility. Many of these legitimate companies are not directly partnering with ethereum foundation which is likely going to be largely fined by the SEC due to creating an illegal security. These companies are only indirectly courting others with the block chain and IOT hype train to sell them products or services like could computing. This is not just a criticism of an altcoin project because I would hold the same criticism towards rootstock.

You realize ETh 2.0 is a completely new blockchain as the ETH devs have already admitted to themselves ETH 1.0 is such a mess it would be better to start from scratch? What is hilarious is they are repeating all the same mistakes on a larger scale with ETh 2.0 creating a even more complex and wider attack surface.

[Bravext]

This post was made in 2016 and this is 2019 and Ethereum has proven this your post wrong from all angles possible because this your scam accusation likely prevented many people from investing and considering the current price, I am thinking quite a few people are thinking if how to do you harm.

[Chemcrier]

What I usually check is results and so far, the only result I am seeing is that Ethereum is still standing tall up till this moment, if is still functional and operating at into top 3 levels in the cryptocurrency market, this is hardly the signs of a scam.

[5thFear]

If you think that Ethereum is a scam then you should also be considering Bitcoin as a scam also. If you have then please do me a favor, send me all your ethereum, Bitcoin and any other tokens/coins and leave this industry. We are already getting a lot of bounty hunters which is having a negative impact.