Quote from: Klonewars on January 25, 2014, 01:38:29 PM

Quote from: gutshot5820 on January 25, 2014, 01:12:17 PM

Quote from: Klonewars on January 25, 2014, 12:55:46 PM

They say they are trying to make this IPO as fair as possible and distribute it also to miners etc. BUT they don't follow through with this fairness to themselves enriching themselves greatly. This could be a great technology but I'm not technical but this is more unfair than NXT ever was. At least NXT only became enriched by their own coins and didn't collect a huge amount of BTC to start.

I might invest in this but I am 100% that the guys are doing something that will benefit themselves multiples of times more than any investor. If they wanted to be fair they could put a cap at 1 BTC or even just ask people to send a token amount like .001 BTC etc. They could still get rich from their share if they create a successful coin. Don't forget even if this coin sucks and fails they get rich, this isn't Libertarian freedom of capitalism but more resembling a Ponzi scheme.

If I buy this coin and don't make much i'm going to be pissed that the skinny little geek is going to be snorting coke of one of his Faggot Dungeons and Dragons buddies butt crack.

The simple question you have to ask yourself is this? Why pre-buy this coin as an investment and make these guys 36 million when you can probably make just as much on other coins without the risk of pre-sale. For example, I have been buying up Klondikes since their launch a few weeks ago and already tripled my investment and expect at least 10x more still. Why did I invest my money into Klondike? They have six certifiable devs that are working on projects round the clock and you know how much was pre-mined and pre-sold? Zero and Zero. These guys are actually BUYING their own coins and hoping their investment in hard earn work and capital will earn them money later. Can you believe that? I can invest in Klondikes because I know the devs got a lot of their OWN money and time riding on it so they will not let it fail. These guys on ethereum, I cant stop laughing, they are asking for 36 million dollars and 50% pre-mine. "palmface" If didn't see it, I would think it had to be a joke.

Even if you believe this coin will succeed in some capacity, you should not reward these guys for being greedy. These type of deals will turn off a lot of the Bitcoin community and if people start putting any decent amount of money into these types of coins, I GUARANTEE YOU, there will be a hundred more coins like this that will try to raise millions in pre-sale. And before you know it, the market will be saturated and collapse, and the hundreds of thousands of people will start losing money because there just is not enough capital to support hundreds of 36 million pre-sale coins. Don't support these get rich quick scams. If you like the concept, you will be able to buy tons of these coins aftermarket without any pre-sale risk and without enabling these type of coin operators schemes.

Thing is i'm not saying that its not a great coin, it could be, that's why I said I'm not technical and didn't know enough to ascertain its intrinsic value.

That point is irrelevant, my point is even if they have the most awesome coin in the world and will become the new global reserve currency they are clearly setting the IPO up to massively benefit themselves under the guise of being fair to miners etc. So the truth is I could make some good money on them but I know the founders will be making off like bandits as well. BUT I don't mind that, founders deserve rewarding if they ARE successful but they will succeed even if their coin isn't.

So why wouldnt I just pass this by? Well because if I gain I care little about their success. In fact the reason they can grab a large cut is because they MIGHT have a great coin. They know you want something and are being dicks about it basically. They are selling water in a desert, of course we want it and they can charge anything they want.

Now I have zero problem with them being dicks about how much they are asking, what I find annoying is they are talking BS about this being the fairest way possible to distribute the coins.

I would respect the little dweeb if in his squeaky little nerd voice he just said hey i'm the Geek Daddy and i'm gonna get so rich I can buy every Star Wars figure ever made and can get to have a gay spit-roast with his hero's Mark Zukerberg and Obama.

I dont know what the problem is anyways. If you pre-buy the coins you are enabling these kinds of schemes and it will ultimately hurt you in the long run because hundreds of coins will try to pre-sale millions in the future and turn and burn traders and investors. If you like the coin you will be able to buy a ton of them aftermarket without supporting this scheme. Besides, they are setting a pre-market sale of one dollar per ethereum. I GUARANTEE YOU that it will be way undersold. I am 100% certain that real traders will not dump that kind of cash into someone else's lap before launch. When they find out its undersold, they are going to try to make up for it by pre-mining the crap out of it and selling it aftermarket to pay themselves in that way. The market will get saturated in the beginning and you will be able to buy as many as you want at a steep discount. Imagine they try to dump 30 million shares on the market at a dollar plus all the coins that will be mined. It will surely sink before it will rise. You have to be dumb to buy it in advance. You will can wait until the last day of pre-sale and find out if its undersold and then you will know they will have to dump a lot of coins on the market in order to keep monetary promises to all their core people.

The ONLY reason they are doing crowdsource type of funding is because no legit banker or venture capitalist in the world would fund this project and if they did it would be with minimum cash to stay afloat and share options if they succeed. The only people they can find dumb enough to not dig deep into finances are people who invested in coins and are just looking for the next hit without doing any due diligence. But, I believe even us dumb traders can smell a fish and bait when we see one. So there will be a few suckers and it will fall way way short of their goals. Hence, massive dumping in the beginning. I'm not against these guys making money, just against people taking advantage of other people. This is a total scam job. IPO my ass, that's just appalling and these guys must have a very low opinion of the Bitcoin community's intelligence. Let them earn their money off the bitcoin community like every other dev. Through hard work and success of the coin.

Free markets only work when the naive are made aware of the risks, otherwise it is just another scam job. I'm not even sure if these guys are legally allowed to fund this amount of money with USA residents, there are certain crowdsourcing laws to keep people from scamming others and Im sure when you are talking 36 million, it would be highly scrutinized.