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It's an alt coin, it's pre-mined and because of that it cannot be a successor to Bitcoin which was not pre-mined. (Though Satoshi mined a little bit, that bitco

by MCRed 12y ago

It's an alt coin, it's pre-mined and because of that it cannot be a successor to Bitcoin which was not pre-mined. (Though Satoshi mined a little bit, that bitcoin has been left out of circulation.) For alt-coins pre-mining generally means its a scam. They are proposing a whole bunch of next generation functionality, which if they pull it off may overcome the unfairness of pre-mining and make them all super rich. But it's super ambitious and isn't yet clear that it will even be possible to do what they want to do, and if they do it will take years to establish the trust necessary to use it for its intended purpose. Choosing to pre-mine means anyone who does due diligence won't be trusting them for quite awhile. I think this is still a lot of hype (And this article is just adding to it) without substance. I think the way bitcoin was done was correct-- no hype and just a release of code.

imaginenore 12y ago
You are factually wrong. Only one third of Ether is premined. https://blog.ethereum.org/2014/04/10/the-issuance-model-in-ethereum/ https://blog.ethereum.org/2014/04/10/the-issuance-model-in-e...
- adamnemecek 12y ago
  "only"
- chm 12y ago
  What one usually means by "pre-mining" is the allocation of a certain quantity of resources/value (in this case ether) _before_ the genesis block. So in this regard he was right.
DennisP 12y ago
Because of those ambitious goals, they thought it necessary to get a fair number of developers and cryptographers working on it full time. 98% of the premine was a public presale of coins, which paid the expenses for all those people. How would you have done it?
- drcode 12y ago
  Actually, a significant amount of the premined coin will go to the ethereum organization- They are premining more than they put up for the presale, if I recall. (INB4 someone says the ether allocated in the genesis block doesn't fit the strict definition of a premine)
  - DennisP 12y ago
    I got my figure from the currency issuance section in the white paper on Github. Perhaps it's out of date. https://github.com/ethereum/wiki/wiki/White-Paper#currency-and-issuance https://github.com/ethereum/wiki/wiki/White-Paper#currency-a...
    - drcode 12y ago
      So, two sections of the premine allocation are called "Reserve spent pre-sale" "Reserve used post-sale" and account for 16.52%. Are you claiming those line entries also were also part of a "public presale of coins", to use your own terminology? (FYI I'm a fan of ethereum, just trying to get the facts straight)
      - DennisP 12y ago
        Hmm I'm not sure what they mean. I was looking at the part just before that: > 0.099x the total amount sold (60102216 ETH) will be allocated to the organization to compensate early contributors and pay ETH-denominated expenses before the genesis block. > 0.099x the total amount sold will be maintained as a long-term reserve. But here's a pdf of the terms of sale which has figures similar to the chart: http://ethereum.org/pdf/TermsAndConditionsOfTheEthereumGenesisSale.pdf http://ethereum.org/pdf/TermsAndConditionsOfTheEthereumGenes...

by MCRed 12y ago

imaginenore 12y ago

You are factually wrong. Only one third of Ether is premined. https://blog.ethereum.org/2014/04/10/the-issuance-model-in-ethereum/ https://blog.ethereum.org/2014/04/10/the-issuance-model-in-e...

adamnemecek 12y ago
"only"
chm 12y ago
What one usually means by "pre-mining" is the allocation of a certain quantity of resources/value (in this case ether) _before_ the genesis block. So in this regard he was right.

DennisP 12y ago

Because of those ambitious goals, they thought it necessary to get a fair number of developers and cryptographers working on it full time. 98% of the premine was a public presale of coins, which paid the expenses for all those people. How would you have done it?

drcode 12y ago
Actually, a significant amount of the premined coin will go to the ethereum organization- They are premining more than they put up for the presale, if I recall. (INB4 someone says the ether allocated in the genesis block doesn't fit the strict definition of a premine)
- DennisP 12y ago
  I got my figure from the currency issuance section in the white paper on Github. Perhaps it's out of date. https://github.com/ethereum/wiki/wiki/White-Paper#currency-and-issuance https://github.com/ethereum/wiki/wiki/White-Paper#currency-a...
  - drcode 12y ago
    So, two sections of the premine allocation are called "Reserve spent pre-sale" "Reserve used post-sale" and account for 16.52%. Are you claiming those line entries also were also part of a "public presale of coins", to use your own terminology? (FYI I'm a fan of ethereum, just trying to get the facts straight)
    - DennisP 12y ago
      Hmm I'm not sure what they mean. I was looking at the part just before that: > 0.099x the total amount sold (60102216 ETH) will be allocated to the organization to compensate early contributors and pay ETH-denominated expenses before the genesis block. > 0.099x the total amount sold will be maintained as a long-term reserve. But here's a pdf of the terms of sale which has figures similar to the chart: http://ethereum.org/pdf/TermsAndConditionsOfTheEthereumGenesisSale.pdf http://ethereum.org/pdf/TermsAndConditionsOfTheEthereumGenes...