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Offline toast

Reddit thread mentions keyhotee
« on: March 10, 2014, 04:28:39 PM »

Near top comments
http://www.reddit.com/r/Bitcoin/comments/201g66/onename_the_decentralized_identity_system_for/

Also... check out the -4 "Or ethereum" comment... haha, people get it
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

Offline sfinder

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Re: Reddit thread mentions keyhotee
« Reply #1 on: March 10, 2014, 04:55:25 PM »
copied form Reddit thread that you mentioned
Quote
Ethereum may not be a scam, but it is little better. About 22.5% of Ethereum coins are being held by the developers for "development activities." If Ethereum were to become as popular as bitcoin, the developers would have 2 billion dollars for their "deveopment."

Unlike litecoins or most other coins, Ethereum was not distributed fairly for miners to make a choice whether or not to get in. Instead, much of Ethereum is pre-mined. They don't publicize this, so most people aren't aware.

I will never support Ethereum and I suggest that people here do not either. Nobody needs to assign themselves 22.5% of a currency for any purpose. Ethereum is little better than Ripples, which are mostly held by the corporation that created them, and which makes huge profits when their value increases.

    permalink
    parent

[–]sjalq 0 points 55 minutes ago

Seriously dude, you actually wasted a few minutes of your time taking me to town for "promoting" it because I felt is was futuristic.

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    parent

[–]sjalq 0 points 56 minutes ago

The pre-mine is irrelevant to its usefulness. It does support a bunch of things (like contract states and Turing complete contracts) that Bitcoin does not and will have a very difficult time implementing.

If the system is useful why care if they pre-mined it??

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    parent

[–]quintin3265 1 point 2 seconds ago

I'm currently having an argument with someone in /r/bitcoinmarkets who has $64m in bitcoins. I told him that if I had so many bitcoins, my money would be in T-bonds tomorrow and I would resign in 2 weeks.

Similarly, if I was a developer of Ethereum, and I suddenly discovered that my 22.5% of pre-mined Ethereum coins were worth $64m, I would sell everything I had, stop working on Ethereum, and do what I want with my life.

As you can see, the main problem with developers having an excessive amount of money is that there is no reason for them to continue development. They would be fools to take the chance at having a boss telling them what to do for the rest of their lives once they would click one button and be able to decide for the first time what they want to do every moment of every day.

You might be able to make an argument for premining with a smaller number of coins, but they simply don't need that much money. It's an absurd amount. Ethereum doesn't need to mature to even a fraction of litecoins' market cap. The developers can cut out, crash the market, and most importantly take all the domain knowledge with them, and the project will die because nobody knows how to continue it.


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Offline G1ng3rBr34dM4n

Re: Reddit thread mentions keyhotee
« Reply #2 on: March 10, 2014, 09:53:35 PM »
Near top comments
http://www.reddit.com/r/Bitcoin/comments/201g66/onename_the_decentralized_identity_system_for/

Also... check out the -4 "Or ethereum" comment... haha, people get it

upvoted keyhotee and downvoted ethereum.  No longer near the top of the comments though - about half way down for anyone else looking.

Offline fuzzy

Re: Reddit thread mentions keyhotee
« Reply #3 on: March 12, 2014, 09:44:42 AM »
copied form Reddit thread that you mentioned
Quote
Ethereum may not be a scam, but it is little better. About 22.5% of Ethereum coins are being held by the developers for "development activities." If Ethereum were to become as popular as bitcoin, the developers would have 2 billion dollars for their "deveopment."

Unlike litecoins or most other coins, Ethereum was not distributed fairly for miners to make a choice whether or not to get in. Instead, much of Ethereum is pre-mined. They don't publicize this, so most people aren't aware.

I will never support Ethereum and I suggest that people here do not either. Nobody needs to assign themselves 22.5% of a currency for any purpose. Ethereum is little better than Ripples, which are mostly held by the corporation that created them, and which makes huge profits when their value increases.

    permalink
    parent

[–]sjalq 0 points 55 minutes ago

Seriously dude, you actually wasted a few minutes of your time taking me to town for "promoting" it because I felt is was futuristic.

    permalink
    parent

[–]sjalq 0 points 56 minutes ago

The pre-mine is irrelevant to its usefulness. It does support a bunch of things (like contract states and Turing complete contracts) that Bitcoin does not and will have a very difficult time implementing.

If the system is useful why care if they pre-mined it??

    permalink
    parent

[–]quintin3265 1 point 2 seconds ago

I'm currently having an argument with someone in /r/bitcoinmarkets who has $64m in bitcoins. I told him that if I had so many bitcoins, my money would be in T-bonds tomorrow and I would resign in 2 weeks.

Similarly, if I was a developer of Ethereum, and I suddenly discovered that my 22.5% of pre-mined Ethereum coins were worth $64m, I would sell everything I had, stop working on Ethereum, and do what I want with my life.

As you can see, the main problem with developers having an excessive amount of money is that there is no reason for them to continue development. They would be fools to take the chance at having a boss telling them what to do for the rest of their lives once they would click one button and be able to decide for the first time what they want to do every moment of every day.

You might be able to make an argument for premining with a smaller number of coins, but they simply don't need that much money. It's an absurd amount. Ethereum doesn't need to mature to even a fraction of litecoins' market cap. The developers can cut out, crash the market, and most importantly take all the domain knowledge with them, and the project will die because nobody knows how to continue it.



Oddly, a quick "find" of the term "ethereum" on here returns nothing.  Are mods of this subreddit pulling potential negative opinions of ethereum off?  Post critical comments to the ethereum subreddit a couple times and see how long it takes before they ban you from posting. 

Regardless, I just finished upvoting all posts with the term "Keyhotee" in them. 
« Last Edit: March 12, 2014, 09:46:14 AM by fuznuts »
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