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Is there any way to verify these have really been sold? Is there any third party involved that can verify? Something doesn't feel right and we know Cryptocurre

by brador 12y ago

Is there any way to verify these have really been sold? Is there any third party involved that can verify? Something doesn't feel right and we know Cryptocurrency users are suckers for juicy hype trains. But I do like the concept of p2p distributed servers.

nullc 12y ago
Are you meaning to suggest that some of the people involved might have borrowed funds with promises to return them, or offered some parties deep discounts in exchange for temporarily putting up full prices on large amounts of share, in order to falsely prop up the 'market' value for these assets and create the social proof needed to dupe larger numbers of inexperienced investors into participating? Inconceivable!
jarradhope 12y ago
Ethereum isn't about distributed servers. It's not like a VPS. Like Bitcoin is to banks, Ethereum is like to any contract or transaction in the meeting of the minds.
- FractalNerve 12y ago
  Is there a way to do that with Bitcoin and if so how?
  - DennisP 12y ago
    Bitcoin has a more limited scripting system. For details on ethereum script's added abilities, see the whitepaper on ethereum.org, pages 11-13.
b1db77d2 12y ago
Seeding the jar with BTC is speculated to be what Mastercoin did as well, it's not an unreasonable idea in the least. It's essentially free except for the encumbered funds being unusable for a short period.
joeyspn 12y ago
> Is there any way to verify these have really been sold? Is there any third party involved that can verify? What do you mean? Just look at the blockchain address where the funds are being deposited [0]. I've done several buys and all of them showed up instantly... [0] https://blockchain.info/address/36PrZ1KHYMpqSyAQXSG8VwbUiq2EogxLo2 https://blockchain.info/address/36PrZ1KHYMpqSyAQXSG8VwbUiq2E...
- IkmoIkmo 12y ago
  Sold to actual developers. It could be that the team sells ethereum to itself with their own bitcoin. The transaction shows up on the blockchain but nothing happened. They both owned the ethereum and bitcoin before and after the transaction exactly the same.
  - DennisP 12y ago
    They've posted terms of sale promising not to do that. It's possible that they're committing fraud by taking money under false pretenses, but I'm guessing not. They're well-known people with good reputations and a team of lawyers advising them.
    - IkmoIkmo 12y ago
      Oh for sure, I'm not investing in them because as a developer I'm not looking for ethers, especially not at such a price level when developers ought to be able to develop on a testnet for free. My decision has nothing to do with the extent I trust them to be honest, there's absolutely no indication that they're dishonest. I just wanted to say that the fact something is on the blockchain is meaningless in and of itself because at near zero-cost you can create trades with yourself. That doesn't mean I'm saying they do this or implying it. Again, no reason for me to suspect it, just arguing the point it's possible.
      - DennisP 12y ago
        You can develop on the testnet for free right now. The ether currently for sale are for the production network, and won't be available until launch.

by brador 12y ago

nullc 12y ago

Are you meaning to suggest that some of the people involved might have borrowed funds with promises to return them, or offered some parties deep discounts in exchange for temporarily putting up full prices on large amounts of share, in order to falsely prop up the 'market' value for these assets and create the social proof needed to dupe larger numbers of inexperienced investors into participating? Inconceivable!

jarradhope 12y ago

Ethereum isn't about distributed servers. It's not like a VPS. Like Bitcoin is to banks, Ethereum is like to any contract or transaction in the meeting of the minds.

FractalNerve 12y ago
Is there a way to do that with Bitcoin and if so how?
- DennisP 12y ago
  Bitcoin has a more limited scripting system. For details on ethereum script's added abilities, see the whitepaper on ethereum.org, pages 11-13.

b1db77d2 12y ago

Seeding the jar with BTC is speculated to be what Mastercoin did as well, it's not an unreasonable idea in the least. It's essentially free except for the encumbered funds being unusable for a short period.

joeyspn 12y ago

> Is there any way to verify these have really been sold? Is there any third party involved that can verify? What do you mean? Just look at the blockchain address where the funds are being deposited [0]. I've done several buys and all of them showed up instantly... [0] https://blockchain.info/address/36PrZ1KHYMpqSyAQXSG8VwbUiq2EogxLo2 https://blockchain.info/address/36PrZ1KHYMpqSyAQXSG8VwbUiq2E...

IkmoIkmo 12y ago
Sold to actual developers. It could be that the team sells ethereum to itself with their own bitcoin. The transaction shows up on the blockchain but nothing happened. They both owned the ethereum and bitcoin before and after the transaction exactly the same.
- DennisP 12y ago
  They've posted terms of sale promising not to do that. It's possible that they're committing fraud by taking money under false pretenses, but I'm guessing not. They're well-known people with good reputations and a team of lawyers advising them.
  - IkmoIkmo 12y ago
    Oh for sure, I'm not investing in them because as a developer I'm not looking for ethers, especially not at such a price level when developers ought to be able to develop on a testnet for free. My decision has nothing to do with the extent I trust them to be honest, there's absolutely no indication that they're dishonest. I just wanted to say that the fact something is on the blockchain is meaningless in and of itself because at near zero-cost you can create trades with yourself. That doesn't mean I'm saying they do this or implying it. Again, no reason for me to suspect it, just arguing the point it's possible.
    - DennisP 12y ago
      You can develop on the testnet for free right now. The ether currently for sale are for the production network, and won't be available until launch.