Quote from: Vitalik Buterin on February 06, 2014, 06:09:54 PM

Quote from: greentea on February 06, 2014, 02:47:19 PM

But that is one in the same ... it's really a turn-off for investors when you're asking money from them and then immediately diluting their shares with the premine.

I don't see why so many people think of it that way. When you're getting VC funding for a startup, it's common practice to hand out something like 10-20% in the first round. Nobody ever thinks of that as some kind of evil plot where you sell the company and then pull the rug out from under the hapless venture capitalists and dilute them 80-90%; people think of it as, well, you creating X shares and only handling out 0.1X-0.2X to the VCs. It's the same here; we're taking preorders for 67% of the initial issuance instead of 100% of the initial issuance.

It could be because crypto's are money itself, not just another VC startup. The former relies on the shear force of the idea itself, the latter relies upon a huge kickstart, makes a lot of people take risk.

ETH = best thing since sliced bread and eth needs $100 Million (or whatever) does not compute.

Further BTC, LTC and PPC has proved that you can do it with out asking for huge funds up front, and those three are in the top market cap.

Sunny King exemplifies good practice. He spent a year on PeerCoin, and was out their having to buy up, mine or mint his own product. Zero premine, zero funding. The Same for XPM.

SK goes to the point of refusing donations.

so far in ETH, you are going to
raise 30K btc, that puts you $20~30 Million
then, do a premine as well.

Its hard to think of any thing else that has anything near this in startup terms, in crypto's, ripple maybe.

I'm not saying the ETH offer is wrong, or bad, but his IPO model garners a lot of negative feed back.

However this why a judge can never judge himself, thats why

"You don't see why so many people think of it that way."

It would be near impossible to be objective in your position, thus this weights out the counter argument in your mind. Wetware usually cannot occupy a subjective domain and function objectively.