5 ms·

Do we know how much of the $13M they have left?

by brayton 12y ago

bachback 12y ago
raised = 18m$ assets left = 7.5m$ expense = 4m$ trading losses = 6.5m It's an insane amount of money to burn through, without releasing anything of utility so far. I had to deal with several people from that team and they are scammers. Idea itself is interesting, but not workable.
- 0x8D3A 12y ago
  Scammers isn't the least of it. The system they have designed and executed is ludicrously insecure and falls to even the most basic of flaws. It's unlikely that it will ever be able to achieve consensus given the endless stream of crashes and logic errors, like being able to send yourself a negative balance (thus, infinite money) or crashing every node in the network by sending a block header with a nonce of zero. The sheer quantity of security bugs and undefined behavior in the two clients attempting to act in bit-for-bit identical ways in two different languages is quite alarming. https://github.com/ethereum/go-ethereum/issues?utf8=%E2%9C%93&q=label%3Avuln+ https://github.com/ethereum/go-ethereum/issues?utf8=%E2%9C%9... I'd bet against it ever getting to try it's consensus given that their launch is now going to be completely centralized (ie, it can't stand up on it's own let alone with malicious attackers, so it's going to be remotely controlled by the developers for now). Will they ever remove the crutch and risk everything crumbling? Seems very doubtful.
  - drcode 12y ago
    Though I disagree with you, I upvoted your comment because its content is all factually correct.
  - bachback 12y ago
    Right. It's not really a block-chain, but a block-tree (whatever that is supposed to be). I suspect to make smart contracts work, one needs a different time-stamping/incentive system altogether (non-blockchain), but haven't seen any progress in that direction.
    - DennisP 12y ago
      For more information on the block tree see the GHOST protocol paper, which predates Ethereum. It does collapse into a linear chain for all but the most recent blocks. http://eprint.iacr.org/2013/881.pdf http://eprint.iacr.org/2013/881.pdf
      - bachback 12y ago
        I know that paper. The authors have no background in distributed systems and use math to prove absurd things. If you look at the core proposed algorithm, it's not even a P2P algorithm.
        DennisP 11y ago
        Eh? It's P2P just like Bitcoin. The only difference is how forks are resolved. Bitcoin nodes choose the longest chain they see. Another way to put that is: at any forking point, Bitcoin nodes choose the block with the longest chain after it. GHOST nodes choose the block with the most total computation after it (which may include additional branches).
drcode 12y ago
Last I heard, it was in the 5-7M range. Most of the decrease can be accounted for by the fall in Bitcoin since the presale- For the most part, the core team seems to have been pretty decent with maintaining a reasonable burn rate. (as much as outsiders can determine)
- bachback 12y ago
  10M$ in one year, i.e. 30,000$ per day is a reasonable burn rate?
  - drcode 12y ago
    As I said, most of that is due to the drop in Bitcoin value, not an actual burn rate, in terms of how most people would consider the term "burn rate". For better or worse, had ethereum sold all their Bitcoin holdings immediately after the presale they would have been hated by a large chunk of the cryptocurrency community... They ended up taking a big volatility risk for this reason (among others) which worked against them.

Do we know how much of the $13M they have left?

by brayton 12y ago

Do we know how much of the $13M they have left?

raised = 18m$ assets left = 7.5m$ expense = 4m$ trading losses = 6.5m It's an insane amount of money to burn through, without releasing anything of utility so far. I had to deal with several people from that team and they are scammers. Idea itself is interesting, but not workable.

0x8D3A 12y ago
Scammers isn't the least of it. The system they have designed and executed is ludicrously insecure and falls to even the most basic of flaws. It's unlikely that it will ever be able to achieve consensus given the endless stream of crashes and logic errors, like being able to send yourself a negative balance (thus, infinite money) or crashing every node in the network by sending a block header with a nonce of zero. The sheer quantity of security bugs and undefined behavior in the two clients attempting to act in bit-for-bit identical ways in two different languages is quite alarming. https://github.com/ethereum/go-ethereum/issues?utf8=%E2%9C%93&q=label%3Avuln+ https://github.com/ethereum/go-ethereum/issues?utf8=%E2%9C%9... I'd bet against it ever getting to try it's consensus given that their launch is now going to be completely centralized (ie, it can't stand up on it's own let alone with malicious attackers, so it's going to be remotely controlled by the developers for now). Will they ever remove the crutch and risk everything crumbling? Seems very doubtful.
- drcode 12y ago
  Though I disagree with you, I upvoted your comment because its content is all factually correct.
- bachback 12y ago
  Right. It's not really a block-chain, but a block-tree (whatever that is supposed to be). I suspect to make smart contracts work, one needs a different time-stamping/incentive system altogether (non-blockchain), but haven't seen any progress in that direction.
  - DennisP 12y ago
    For more information on the block tree see the GHOST protocol paper, which predates Ethereum. It does collapse into a linear chain for all but the most recent blocks. http://eprint.iacr.org/2013/881.pdf http://eprint.iacr.org/2013/881.pdf
    - bachback 12y ago
      I know that paper. The authors have no background in distributed systems and use math to prove absurd things. If you look at the core proposed algorithm, it's not even a P2P algorithm.
      - DennisP 11y ago
        Eh? It's P2P just like Bitcoin. The only difference is how forks are resolved. Bitcoin nodes choose the longest chain they see. Another way to put that is: at any forking point, Bitcoin nodes choose the block with the longest chain after it. GHOST nodes choose the block with the most total computation after it (which may include additional branches).

drcode 12y ago

Last I heard, it was in the 5-7M range. Most of the decrease can be accounted for by the fall in Bitcoin since the presale- For the most part, the core team seems to have been pretty decent with maintaining a reasonable burn rate. (as much as outsiders can determine)

bachback 12y ago
10M$ in one year, i.e. 30,000$ per day is a reasonable burn rate?
- drcode 12y ago
  As I said, most of that is due to the drop in Bitcoin value, not an actual burn rate, in terms of how most people would consider the term "burn rate". For better or worse, had ethereum sold all their Bitcoin holdings immediately after the presale they would have been hated by a large chunk of the cryptocurrency community... They ended up taking a big volatility risk for this reason (among others) which worked against them.