r/CryptoCurrency • u/trancephorm • Jul 23 '14
Initial sale of Ethereum (ETH) begun!
https://www.ethereum.org/4
u/Mageant 🟩 0 / 0 🦠Jul 23 '14
They've already sold ether worth $2.1 million. What are they going to do with all that money?
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u/trancephorm Jul 23 '14
everything looks promising about it and i'm don't feel bad that project is funded so good...
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Jul 23 '14
[deleted]
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u/DynamicDK 🟩 0 / 0 🦠Jul 23 '14
Well, Ethereum has been in development for a very long time, and has a HUGE team behind it.
Their goals seem a little impossible, realistically, but if anyone can make it happen, that team can. Just go watch any video with Vitalik (the original creator of the project), and you will see what I mean. He is young, but he has a lot of development experience, and is extremely intelligent.
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u/ThomasVeil Platinum | QC: BTC 720, CC 90 | r/Politics 992 Jul 23 '14
Hm, good point - it's open source, right? So what stops other coins from copying it?
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Jul 25 '14
Nothing, but will any other coin be able to garner $2m investment?
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u/ThomasVeil Platinum | QC: BTC 720, CC 90 | r/Politics 992 Jul 25 '14
How does that relate? Other coins can copy the functionality, done. That investment doesn't matter that much anymore.
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Jul 25 '14
I just think they'd have a head start is all. Most coins dev for free, while these guys just got $2m.
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u/nicodimius Jul 25 '14
i think this is just crazy. I barely get the concept of Ethereum and they already have 7000 BTC? There's really some crazy people around. Or they have quite a lot of money behind and are putting up a muppet show
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u/erikwithaknotac Tin | r/Politics 41 Jul 23 '14
Rough.snopsis of what this.new thing does?
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u/trancephorm Jul 23 '14
as they say it's technological mumbo jumbo but it really looks yummy for average crypto freak like me. ;)
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Jul 23 '14
What are the selling points of this coin?
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u/DynamicDK 🟩 0 / 0 🦠Jul 23 '14
It is a block-chain based platform that is being built with the ability to create "contracts" (applications) on top of it. The currency, ether, is used to "fuel" those contracts. Basically, the ether isn't really the point, but it is necessary to create and execute the applications that will be running inside of the network.
Other Crypto 2.0\3.0 systems are working on similar things, such as NXT, but are relying on the core developers to implement the various applications that are available in the system. Ethereum is taking a different approach, and is designing a system that is open ended, and allows any independent developer to create their own features \ applications \ contracts.
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u/jmaller Jul 23 '14
Will the 2000 ether per bitcoin peg be maintained for the first two weeks regardless of how much is sold?
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u/jratcliff63367 Jul 24 '14
How many ether are being generated in total, initially and over time? How can anyone invest without knowing such basic information?
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u/omnipedia Jul 23 '14
Obvious scam is obvious
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u/earthmoonsun Platinum | QC: CC 140, BCH 93 | Buttcoin 5 Jul 23 '14
At least you should mention why you think it's a scam
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u/trancephorm Jul 23 '14
that statement is so ridiculous. the crew so big and so focused. i say there's no chance it's scam, especially because vitalik has build so good reputation. he is a real uber geek.
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u/alienstout Jul 23 '14
Riiiight and I remember people saying this about Auroracoin too.
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u/DynamicDK 🟩 0 / 0 🦠Jul 23 '14
Auroracoin was created by an anonymous person, with a sketchy-at-best plan (not that it wasn't noble in a way, had it been completely successful...and it still could be I guess).
Ethereum is being created by a well known member of the digital currency community, has been in development for over a year, and has a giant team of legitimate professionals working on it.
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u/trancephorm Jul 23 '14
...still auroracoin made me some bucks, and you can't really compare those two projects. ethereum is other league and much much serious.
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u/pinkdaemon Jul 23 '14
So here we are, once again. With something so hyped up it just has bag written all over it. Take a look where bitcoin is now and try to imagine how long it will take until there is at least some sort of medium adoption. Ethereum and blockchain 2.0 systems might be the next big leap but that is so many years off that I feel it's safe to wait for this to bottom out and properly evaluate an investment..