6 ms·

Ethereum Genesis Sale

93 points by MichaelAO 12y ago

ps4fanboy 12y ago
Does anyone have a TLDR on this?
- oldstrangers 12y ago
  The devs are going to make a shit ton of money.
- Keyframe 12y ago
  YACS - yet another coin scam
wyager 12y ago
I don't see this panning out well. Between the wonky incentive scheme, the lack of usefulness, and the mishaps with broken hash algorithms and stuff, there is not a lot of promising stuff going on here. Is there something I'm missing? Does Ethereum actually let us do anything new, or better than we can do it now?
- vessenes 12y ago
  Ethereum is truly innovative; the first genuine stab at a post-Bitcoin blockchain. It's also going to take many, many years to work the kinks out. The scripting language is so much more sophisticated that it'll be quite some time before the ins and outs of attack vectors will be reasonably understood. I'll save comments on the mining for another time; I'm not totally up to date with their current plans. One thing any mining strategy needs to have a solution for is the popularity / security dichotomy: Bitcoin has provably much more compute than you securing the network. This makes you want to tag on to Bitcoin, with, say the side-chain proposal. On the other hand, if you do that, pre-mining becomes harder, and you will be dealing with ASIC cartel economics. If you go the other way and build a 'non-ASIC-able' proof of work, you probably don't want to accidentally get on the ASIC bandwagon when you've promised your customers that they won't be on it.
  - vertex-four 12y ago
    > If you go the other way and build a 'non-ASIC-able' proof of work, you probably don't want to accidentally get on the ASIC bandwagon when you've promised your customers that they won't be on it. You also run the risk that anybody with access to a botnet might be able to gain 51% of the network's processing power.
  - testrun 12y ago
    Are we already going post-bitcoin? By all accounts we are still struggling to figure out bitcoin.
    - semiel 12y ago
      I actually think it's unfortunate that a "pure" currency was the first application of the blockchain. Bitcoin's problems are around mindshare and social acceptance, because it's useless without it. Something like Filecoin interests me much more, because the value of the system is a bit more independent of crowd psychology.
  - patrickk 12y ago
    You can "snap together" pieces and build an ethereum script for various things here: http://etherscripter.com/0-4-0/ http://etherscripter.com/0-4-0/ See the code sample link. You can even check out the output in a Lisp-like language.
  - wyager 12y ago
    You didn't actually answer any of my questions. Why is ethereum useful? It's also not that innovative. Increase the scope of the scripting language and charge for ops, and you've just turned Bitcoin into it.
    - drcode 12y ago
      You'd also need a key-value store linked to contracts, as well as the ability for contracts to call each other. Those are more difficult (though your main point stands)
- lordgilman 12y ago
  One thing that nobody's mentioned in the Ethereum camp is how useful good tooling is. If you think back to the past year of Bitcoin history there are a lot of high-profile sites that could have and should have made use of more sophisticated bitcoin escrow transactions. Why didn't they[0]? IMO there isn't going to be much of an abstraction layer over the underlying Bitcoin transaction language and anyone who wants to use these features will have to learn how to write directly in the transaction bytecode[1]. Ethereum will have much better tooling (they're already working hard at it!) and this is how you'll turn Ethereum's competitive feature advantages over Bitcoin into users. ----- [0] Ok, let's assume good faith on the operator's part. [1] What I'd like to see is a 'C' for bitcoin transactions instead of the current assembler. I don't think that will happen.
panarky 12y ago
I generally think that pre-mined cryptocurrencies are bad, just a lottery for a small group of insiders. And this ethereum sale is pre-pre-mined ... pay now for the chance to get pre-mined currency later. I'm intrigued by the concept, though. Decentralized storage, compute, scripting and secure exchange is an ideal platform for autonomous corporations.
- rodream 12y ago
  > I generally think that pre-mined cryptocurrencies are bad, just a lottery for a small group of insiders. It's less a lottery for the early adopters and more a money funnel for the creators -- and a cash toilet for everyone else. The technology here is interesting but not new, and the problems that will make this fail are found in the social fabric, not code. Realistically, though, I think there is a scalable new business model emerging: make up something of no tangible value (bonus points for instead selling a promise of providing something of intangible value), slap on a price tag, add pretty design and some concept videos. Rinse and repeat until the pop.
  - walterbell 12y ago
    Fresh tulips on deck.
  - cheese1756 12y ago
    > Realistically, though, I think there is a scalable new business model emerging: make up something of no tangible value (bonus points for instead selling a promise of providing something of intangible value), slap on a price tag, add pretty design and some concept videos. Rinse and repeat until the pop. But they already have proof of concept clients and scripting languages set up. It's not as if they're doing a crowdfunding campaign with just an idea. Would I be wary of the project if it had no code? Sure, anyone would be. But am I wary of a project that's being actively developed? Certainly not as much. The code can speak for itself.
  - jarman 12y ago
    New business model? Hyping and selling worthless junk to suckers is probably the oldest scheme. From magic trinkets and panaceas to 100500% guaranteed profit investments
lukifer 12y ago
> Also, please note that before the release of the Genesis Block in the winter of 2014/2015, ether will not be usable in any way, in fact it won’t technically be created until that point in time. This doesn't exactly instill confidence. Buyers are purchasing an IOU, which is the opposite of a trustless, distributed system. (At least they're up-front about it.)
- drcode 12y ago
  People also should note that the Ethereum folks have blown past many deadlines, so I would be skeptical of this being ready even in Winter 2014/2015. (Disclosure: I plan to invest regardless)
faizdev 12y ago
If you have time to read up on the technicals, the following introductory paper (dubbed 'the yellow paper') is highly informative with regards to the technology and related work Ethereum is based upon: http://gavwood.com/Paper.pdf http://gavwood.com/Paper.pdf
StephenGL 12y ago
Ethereum has all the trappings of a cult (have you seen some of the nuball videos they have posted) and cults aren't known for having it all together.
- Eliezer 12y ago
  Apparently literally everything is a cult.
  - corpselord420 12y ago
    most things involving blockchains tend to be
- melloclello 12y ago
  Those videos sound interesting, link?
- joeyspn 12y ago
  Peter Thiel apparently is a "believer" [0]... What does this means to you? [0] http://www.coindesk.com/peter-thiel-fellowship-ethereum-vitalik-buterin/ http://www.coindesk.com/peter-thiel-fellowship-ethereum-vita...
javert 12y ago
I was pretty excited about Ethereum when I first heard about it, but now, it looks like there is no fixed cap on the total amount of ether, which I consider to be a major fault. What's stopping people from forking and making a "version" with a fixed cap, like bitcoin?
- drdeca 12y ago
  I believe that they have stated that they are aware of the possibility of forks due to people having differing preferences, and that their stated view of that is that if thats what people want to do then that is what people will do. So, I don't think theres anything preventing such a new version from being created. (It could be difficult to get a large enough mass of people on it though.)
- DennisP 12y ago
  Bitcoin has a fixed cap but it won't be reached until 2140. For the first four years it had linear growth, just like Ethereum will have. Demand increased faster than supply so the price went up. In percentage terms, Ethereum's growth will be down to 5%/year after 20 years.
programmarchy 12y ago
Introducing Freethereum: a future fork of Ethereum with its own Genesis Block. Please note that before the release of the Freethereum Genesis Block, freether will not be usable in any way, in fact it won’t technically be created until that point in time. Buy Now: 1 BTC = 9999 FREE Exodus to 1MAHTNYgv6di77RVcCU7vXtA7FgYEosb8H!
- natrius 12y ago
  Code doesn't make a fledgling currency. The brand does via the demand that brand creates.
  - programmarchy 12y ago
    Ethereum is more ambitious than being merely a fledgling currency. It's a fledgling civil infrastructure. That's a pretty big responsibility. Forks and threats of forks are a way to keep "brands" honest. And speaking of brands, everyone likes "free"!
- Danieru 12y ago
  Introducing Libreum: a future fork of Freethereum with its own Genesis Block. Please note that before the release of the Libreum Genesis Block, Libreum will not be usable in any way, in fact it won’t technically be created until that point in time. Invest Now: 1 FREE = 1l1l1l LIBRE Payable to 1SLASHDEVSLASHNULL
- gojomo 12y ago
  Ha ha! But serious: There's the thought experiment of "Aethereum" (note the subtly-different leading-A spelling). It is the suggestion there be another alt-coin, which uses Ethereum's code (and thus is feature-equivalent), but skips its initial distribution, instead using a point-in-time copy of the evolved Bitcoin distribution. For more info: https://bitcointalk.org/index.php?topic=563972.0 https://bitcointalk.org/index.php?topic=563972.0 More generally, the idea has been termed a "spin-out". (I like "spincoin" as a description of the process, too, and proposed a specific refinement called "Sumcoin" in that thread back in April.) This tactic – or just the credible threat of it – creates an interesting differentiation challenge for feature-based cryptocoins.
dinkumthinkum 12y ago
OK, I have followed some of the musings of the cryptocurrency crowd, though not in tremendous depth. I watched the video, I'm not looking for a tl;dr; per se, just what is it that I just watched? I feel like I just watched yet another solution to all the world's problems or something. Now, when he says "users can be rewarded with tokens of value into the startups that they invest in" .... Now, in my world, this is not a novel concept. This is called "money," wall street does this every day. Just saying ...
- semiel 12y ago
  The key technology of cryptocurrency is the blockchain, which essentially allows for many sorts of centralized verification to be replaced with math. Most of the application ideas floating around the cryptocurrency world aren't fundamentally new, but are rather taking centralized ideas and doing them in a decentralized way. So, Bitcoin is just online money transfers, but without banks or credit card companies or Paypal being involved. Ethereum is just the stock market (and lots of other things), but without Wall Street or any of the other centralized authorities. It's not yet clear what the best use-cases are, or which specific implementations (if any) will survive. But I'm pretty optimistic about someone finding something useful to do with this technology.
radicalbyte 12y ago
Is this the western/hipster equivalent of a 419 scam?
- eclipxe 12y ago
  Yes
- olalonde 12y ago
  I find it sad to see this type of negative comment on a site dedicated to technological innovation and entrepreneurship. And I'm saying this as someone who doesn't plan to invest in Ethereum.
  - andylei 12y ago
    people dedicated to technological innovation can't believe in scams?
  - pdpi 12y ago
    There's plenty of quacks calling themselves innovators and entrepreneurs. We should pride ourselves in taking a critical eye to things, and the OP isn't the only person to smell the unmistakable funk of a scam in this.
    - facepalm 12y ago
      They already have a working proof of concept and lots of interest from the Hacker community. Have you even looked at it? If you don't think that it's innovative, I guess it's something you would invent in your sleep? Makes me hope they actually succeed, so that I can watch out for your "I could have done that" comment on HN.
    - olalonde 12y ago
      Ethereum is undeniably innovative (the first crypto currency that incorporates a Turing complete language). It certainly is a very risky investment but a scam?
- facepalm 12y ago
Cyther606 12y ago
Ethereum launch in review: - Investment Prospectus: https://www.ethereum.org/pdfs/TermsAndConditionsOfTheEthereumGenesisSale.pdf https://www.ethereum.org/pdfs/TermsAndConditionsOfTheEthereu... - Premine Part I: Anyone can buy ETH in exchange for BTC for the next 42 days - Premine Part II: On top of Premine Part I, +10% of the total ETH allocated during Premine Part I will be distributed to "early contributors" - Premine Part III: On top of Premine Part I and Premine Part II, +10% of the total ETH allocated during Premine Part I will be distributed to the Ethereum Foundation - The supply of ETH is uncapped and inflationary at a rate of +25% per year - The premine is being conducted by "EthSuisse", a Swiss entity which will be prompty dissolved after the premining period ends. The Ethereum team makes no guarantee that development of Ethereum will continue after the dissolution of "EthSuisse" - Regardless of how many BTCs are raised during the premine period, ~4000 BTC is explicitly reserved to pay for "Expenses incurred prior to and related to Genesis Sale". Translation: they are pocketing the first 4000-5000 BTC > The Ethereum Platform is being developed primarily by a volunteer contributor team - many of whom will be receiving gifts of ETH in acknowledgement of their dedication - and will continue to be developed on a volunteer basis by some developers as well as under a more formalized contracting or employment relationship for other developers. The group of developers and other personnel that is now, or will be, employed by, or contracted with, Ethereum Switzerland GmbH ("EthSuisse") is termed the "Ethereum Team." EthSuisse will be liquidated shortly after creation of genesis block, and EthSuisse anticipates (but does not guarantee) that after it is dissolved the Ethereum Platform will continue to be developed by persons and entities who support Ethereum, including both volunteers and developers who are paid by nonprofit entities interested in supporting the Ethereum Platform.
- wmf 12y ago
  It's not 25% inflation (of the outstanding money supply) per year; it's a fixed number of ETH per year. Essentially another open-loop deflationary monetary policy.
  - imaginenore 12y ago
    That's not deflationary in any sense. The total amount of Ether issued always increases, thus devaluing all the Ether issued earlier. That's why it doesn't make any sense to buy it now, unless you need it now.
viach 12y ago
Sometimes reading new crypto news I think that all my attempts to build some real software for people are just worthless. All I need is stay at home for 6 months and roll out another $coin$ to participate in this gold rush. Oh ok.
- woah 12y ago
  They have clients in 3 different languages, something like 3 different scripting languages that compile to the assembler, a working testnet, an ecosystem of working contracts, and a bunch of 3rd party apps already. It's good to be skeptical, but this comment strikes me as ignorant.
  - viach 12y ago
    This comment strikes me as emotional :) I didn't say I can rewrite all _their_ codebase in 6 months. But if we are talking just about something working enough to get attention - why not?
muyuu 12y ago
Hah classic Mircea Popescu :) http://log.bitcoin-assets.com/?date=22-07-2014#764497 http://log.bitcoin-assets.com/?date=22-07-2014#764497 22:54:55mircea_popescu:;;sell 5000 "ethereum coins deliverable March 15th, 2015" 1 BTC "Up to 1k BTC's worth accepted. Get in touch."
msane 12y ago
My opinion of the Thiel Fellowship has been dropping lately.

93 points by MichaelAO 12y ago

ps4fanboy 12y ago

Does anyone have a TLDR on this?

oldstrangers 12y ago
The devs are going to make a shit ton of money.
Keyframe 12y ago
YACS - yet another coin scam

wyager 12y ago

I don't see this panning out well. Between the wonky incentive scheme, the lack of usefulness, and the mishaps with broken hash algorithms and stuff, there is not a lot of promising stuff going on here. Is there something I'm missing? Does Ethereum actually let us do anything new, or better than we can do it now?

vessenes 12y ago
Ethereum is truly innovative; the first genuine stab at a post-Bitcoin blockchain. It's also going to take many, many years to work the kinks out. The scripting language is so much more sophisticated that it'll be quite some time before the ins and outs of attack vectors will be reasonably understood. I'll save comments on the mining for another time; I'm not totally up to date with their current plans. One thing any mining strategy needs to have a solution for is the popularity / security dichotomy: Bitcoin has provably much more compute than you securing the network. This makes you want to tag on to Bitcoin, with, say the side-chain proposal. On the other hand, if you do that, pre-mining becomes harder, and you will be dealing with ASIC cartel economics. If you go the other way and build a 'non-ASIC-able' proof of work, you probably don't want to accidentally get on the ASIC bandwagon when you've promised your customers that they won't be on it.
- vertex-four 12y ago
  > If you go the other way and build a 'non-ASIC-able' proof of work, you probably don't want to accidentally get on the ASIC bandwagon when you've promised your customers that they won't be on it. You also run the risk that anybody with access to a botnet might be able to gain 51% of the network's processing power.
- testrun 12y ago
  Are we already going post-bitcoin? By all accounts we are still struggling to figure out bitcoin.
  - semiel 12y ago
    I actually think it's unfortunate that a "pure" currency was the first application of the blockchain. Bitcoin's problems are around mindshare and social acceptance, because it's useless without it. Something like Filecoin interests me much more, because the value of the system is a bit more independent of crowd psychology.
- patrickk 12y ago
  You can "snap together" pieces and build an ethereum script for various things here: http://etherscripter.com/0-4-0/ http://etherscripter.com/0-4-0/ See the code sample link. You can even check out the output in a Lisp-like language.
- wyager 12y ago
  You didn't actually answer any of my questions. Why is ethereum useful? It's also not that innovative. Increase the scope of the scripting language and charge for ops, and you've just turned Bitcoin into it.
  - drcode 12y ago
    You'd also need a key-value store linked to contracts, as well as the ability for contracts to call each other. Those are more difficult (though your main point stands)
lordgilman 12y ago
One thing that nobody's mentioned in the Ethereum camp is how useful good tooling is. If you think back to the past year of Bitcoin history there are a lot of high-profile sites that could have and should have made use of more sophisticated bitcoin escrow transactions. Why didn't they[0]? IMO there isn't going to be much of an abstraction layer over the underlying Bitcoin transaction language and anyone who wants to use these features will have to learn how to write directly in the transaction bytecode[1]. Ethereum will have much better tooling (they're already working hard at it!) and this is how you'll turn Ethereum's competitive feature advantages over Bitcoin into users. ----- [0] Ok, let's assume good faith on the operator's part. [1] What I'd like to see is a 'C' for bitcoin transactions instead of the current assembler. I don't think that will happen.

panarky 12y ago

I generally think that pre-mined cryptocurrencies are bad, just a lottery for a small group of insiders. And this ethereum sale is pre-pre-mined ... pay now for the chance to get pre-mined currency later. I'm intrigued by the concept, though. Decentralized storage, compute, scripting and secure exchange is an ideal platform for autonomous corporations.

rodream 12y ago
> I generally think that pre-mined cryptocurrencies are bad, just a lottery for a small group of insiders. It's less a lottery for the early adopters and more a money funnel for the creators -- and a cash toilet for everyone else. The technology here is interesting but not new, and the problems that will make this fail are found in the social fabric, not code. Realistically, though, I think there is a scalable new business model emerging: make up something of no tangible value (bonus points for instead selling a promise of providing something of intangible value), slap on a price tag, add pretty design and some concept videos. Rinse and repeat until the pop.
- walterbell 12y ago
  Fresh tulips on deck.
- cheese1756 12y ago
  > Realistically, though, I think there is a scalable new business model emerging: make up something of no tangible value (bonus points for instead selling a promise of providing something of intangible value), slap on a price tag, add pretty design and some concept videos. Rinse and repeat until the pop. But they already have proof of concept clients and scripting languages set up. It's not as if they're doing a crowdfunding campaign with just an idea. Would I be wary of the project if it had no code? Sure, anyone would be. But am I wary of a project that's being actively developed? Certainly not as much. The code can speak for itself.
- jarman 12y ago
  New business model? Hyping and selling worthless junk to suckers is probably the oldest scheme. From magic trinkets and panaceas to 100500% guaranteed profit investments

lukifer 12y ago

> Also, please note that before the release of the Genesis Block in the winter of 2014/2015, ether will not be usable in any way, in fact it won’t technically be created until that point in time. This doesn't exactly instill confidence. Buyers are purchasing an IOU, which is the opposite of a trustless, distributed system. (At least they're up-front about it.)

drcode 12y ago
People also should note that the Ethereum folks have blown past many deadlines, so I would be skeptical of this being ready even in Winter 2014/2015. (Disclosure: I plan to invest regardless)

faizdev 12y ago

If you have time to read up on the technicals, the following introductory paper (dubbed 'the yellow paper') is highly informative with regards to the technology and related work Ethereum is based upon: http://gavwood.com/Paper.pdf http://gavwood.com/Paper.pdf

StephenGL 12y ago

Ethereum has all the trappings of a cult (have you seen some of the nuball videos they have posted) and cults aren't known for having it all together.

Eliezer 12y ago
Apparently literally everything is a cult.
- corpselord420 12y ago
  most things involving blockchains tend to be
melloclello 12y ago
Those videos sound interesting, link?
joeyspn 12y ago
Peter Thiel apparently is a "believer" [0]... What does this means to you? [0] http://www.coindesk.com/peter-thiel-fellowship-ethereum-vitalik-buterin/ http://www.coindesk.com/peter-thiel-fellowship-ethereum-vita...

javert 12y ago

I was pretty excited about Ethereum when I first heard about it, but now, it looks like there is no fixed cap on the total amount of ether, which I consider to be a major fault. What's stopping people from forking and making a "version" with a fixed cap, like bitcoin?

drdeca 12y ago
I believe that they have stated that they are aware of the possibility of forks due to people having differing preferences, and that their stated view of that is that if thats what people want to do then that is what people will do. So, I don't think theres anything preventing such a new version from being created. (It could be difficult to get a large enough mass of people on it though.)
DennisP 12y ago
Bitcoin has a fixed cap but it won't be reached until 2140. For the first four years it had linear growth, just like Ethereum will have. Demand increased faster than supply so the price went up. In percentage terms, Ethereum's growth will be down to 5%/year after 20 years.

programmarchy 12y ago

Introducing Freethereum: a future fork of Ethereum with its own Genesis Block. Please note that before the release of the Freethereum Genesis Block, freether will not be usable in any way, in fact it won’t technically be created until that point in time. Buy Now: 1 BTC = 9999 FREE Exodus to 1MAHTNYgv6di77RVcCU7vXtA7FgYEosb8H!

natrius 12y ago
Code doesn't make a fledgling currency. The brand does via the demand that brand creates.
- programmarchy 12y ago
  Ethereum is more ambitious than being merely a fledgling currency. It's a fledgling civil infrastructure. That's a pretty big responsibility. Forks and threats of forks are a way to keep "brands" honest. And speaking of brands, everyone likes "free"!
Danieru 12y ago
Introducing Libreum: a future fork of Freethereum with its own Genesis Block. Please note that before the release of the Libreum Genesis Block, Libreum will not be usable in any way, in fact it won’t technically be created until that point in time. Invest Now: 1 FREE = 1l1l1l LIBRE Payable to 1SLASHDEVSLASHNULL
gojomo 12y ago
Ha ha! But serious: There's the thought experiment of "Aethereum" (note the subtly-different leading-A spelling). It is the suggestion there be another alt-coin, which uses Ethereum's code (and thus is feature-equivalent), but skips its initial distribution, instead using a point-in-time copy of the evolved Bitcoin distribution. For more info: https://bitcointalk.org/index.php?topic=563972.0 https://bitcointalk.org/index.php?topic=563972.0 More generally, the idea has been termed a "spin-out". (I like "spincoin" as a description of the process, too, and proposed a specific refinement called "Sumcoin" in that thread back in April.) This tactic – or just the credible threat of it – creates an interesting differentiation challenge for feature-based cryptocoins.

dinkumthinkum 12y ago

OK, I have followed some of the musings of the cryptocurrency crowd, though not in tremendous depth. I watched the video, I'm not looking for a tl;dr; per se, just what is it that I just watched? I feel like I just watched yet another solution to all the world's problems or something. Now, when he says "users can be rewarded with tokens of value into the startups that they invest in" .... Now, in my world, this is not a novel concept. This is called "money," wall street does this every day. Just saying ...

semiel 12y ago
The key technology of cryptocurrency is the blockchain, which essentially allows for many sorts of centralized verification to be replaced with math. Most of the application ideas floating around the cryptocurrency world aren't fundamentally new, but are rather taking centralized ideas and doing them in a decentralized way. So, Bitcoin is just online money transfers, but without banks or credit card companies or Paypal being involved. Ethereum is just the stock market (and lots of other things), but without Wall Street or any of the other centralized authorities. It's not yet clear what the best use-cases are, or which specific implementations (if any) will survive. But I'm pretty optimistic about someone finding something useful to do with this technology.

radicalbyte 12y ago

Is this the western/hipster equivalent of a 419 scam?

eclipxe 12y ago
Yes
olalonde 12y ago
I find it sad to see this type of negative comment on a site dedicated to technological innovation and entrepreneurship. And I'm saying this as someone who doesn't plan to invest in Ethereum.
- andylei 12y ago
  people dedicated to technological innovation can't believe in scams?
- pdpi 12y ago
  There's plenty of quacks calling themselves innovators and entrepreneurs. We should pride ourselves in taking a critical eye to things, and the OP isn't the only person to smell the unmistakable funk of a scam in this.
  - facepalm 12y ago
    They already have a working proof of concept and lots of interest from the Hacker community. Have you even looked at it? If you don't think that it's innovative, I guess it's something you would invent in your sleep? Makes me hope they actually succeed, so that I can watch out for your "I could have done that" comment on HN.
  - olalonde 12y ago
    Ethereum is undeniably innovative (the first crypto currency that incorporates a Turing complete language). It certainly is a very risky investment but a scam?
facepalm 12y ago

Cyther606 12y ago

Ethereum launch in review: - Investment Prospectus: https://www.ethereum.org/pdfs/TermsAndConditionsOfTheEthereumGenesisSale.pdf https://www.ethereum.org/pdfs/TermsAndConditionsOfTheEthereu... - Premine Part I: Anyone can buy ETH in exchange for BTC for the next 42 days - Premine Part II: On top of Premine Part I, +10% of the total ETH allocated during Premine Part I will be distributed to "early contributors" - Premine Part III: On top of Premine Part I and Premine Part II, +10% of the total ETH allocated during Premine Part I will be distributed to the Ethereum Foundation - The supply of ETH is uncapped and inflationary at a rate of +25% per year - The premine is being conducted by "EthSuisse", a Swiss entity which will be prompty dissolved after the premining period ends. The Ethereum team makes no guarantee that development of Ethereum will continue after the dissolution of "EthSuisse" - Regardless of how many BTCs are raised during the premine period, ~4000 BTC is explicitly reserved to pay for "Expenses incurred prior to and related to Genesis Sale". Translation: they are pocketing the first 4000-5000 BTC > The Ethereum Platform is being developed primarily by a volunteer contributor team - many of whom will be receiving gifts of ETH in acknowledgement of their dedication - and will continue to be developed on a volunteer basis by some developers as well as under a more formalized contracting or employment relationship for other developers. The group of developers and other personnel that is now, or will be, employed by, or contracted with, Ethereum Switzerland GmbH ("EthSuisse") is termed the "Ethereum Team." EthSuisse will be liquidated shortly after creation of genesis block, and EthSuisse anticipates (but does not guarantee) that after it is dissolved the Ethereum Platform will continue to be developed by persons and entities who support Ethereum, including both volunteers and developers who are paid by nonprofit entities interested in supporting the Ethereum Platform.

wmf 12y ago
It's not 25% inflation (of the outstanding money supply) per year; it's a fixed number of ETH per year. Essentially another open-loop deflationary monetary policy.
- imaginenore 12y ago
  That's not deflationary in any sense. The total amount of Ether issued always increases, thus devaluing all the Ether issued earlier. That's why it doesn't make any sense to buy it now, unless you need it now.

viach 12y ago

Sometimes reading new crypto news I think that all my attempts to build some real software for people are just worthless. All I need is stay at home for 6 months and roll out another $coin$ to participate in this gold rush. Oh ok.

woah 12y ago
They have clients in 3 different languages, something like 3 different scripting languages that compile to the assembler, a working testnet, an ecosystem of working contracts, and a bunch of 3rd party apps already. It's good to be skeptical, but this comment strikes me as ignorant.
- viach 12y ago
  This comment strikes me as emotional :) I didn't say I can rewrite all _their_ codebase in 6 months. But if we are talking just about something working enough to get attention - why not?

muyuu 12y ago

Hah classic Mircea Popescu :) http://log.bitcoin-assets.com/?date=22-07-2014#764497 http://log.bitcoin-assets.com/?date=22-07-2014#764497 22:54:55mircea_popescu:;;sell 5000 "ethereum coins deliverable March 15th, 2015" 1 BTC "Up to 1k BTC's worth accepted. Get in touch."

msane 12y ago

My opinion of the Thiel Fellowship has been dropping lately.