Ethereum IPO reboot coming, time to get nervous about the future of crypto
First thing you notice when looking at the Ethereum website now, is that the team has ballooned to the size of a small town. I was expecting to see 2-8 guys working on this thing max. When you're dealing with this massive number of people, it's obviously no longer an open source p2p currency project, but an actual corporation looking to make mega bucks. Yes, I understand the product may have some innovations (which Counterparty, NXT, and others are also doing similar things), but this is kind of an insult to the Satoshi legacy turning his original invention into a giant, corporate money grab.
I'm not really sure what their current funding plan is, but the previous one seemed to involve an IPO for enormous, windfall profits, combined with an enormous developer share to go along with that. They probably would have made hundreds of thousands of dollars, while also controlling something like 10-25% of the equity/money supply as posted in the following thread:
http://forum.ethereum.org/discussion/11/founders-and-issuance
Now it seems like they're running into legal issues and may have to cancel IPO release for the United States. All it takes is one look at Buterin to tell the guy was too young to know what the hell he was getting into. He could have kept this thing with 2-8 people, issued themselves reasonable, time released equity shares, as proof of concept for how their invention is supposed to work, and just be done with it. Now this thing is an out of control bus headed straight into the SEC + the front page of Hazaard's scam warning section.
I'm not really sure what their current funding plan is, but the previous one seemed to involve an IPO for enormous, windfall profits, combined with an enormous developer share to go along with that. They probably would have made hundreds of thousands of dollars, while also controlling something like 10-25% of the equity/money supply as posted in the following thread:
http://forum.ethereum.org/discussion/11/founders-and-issuance
Quote
While it is true that their share would be continuously diluted, this is of course true of everyone else using the system as well. Using their own chart as a guide, after 5 years the founders would hold 6.25% from their reward, but I am assuming that these founders will probably, either in whole or in part, make up the board of the Ethereum foundation responsible for an additional 6.25%. Add to that whatever portion they get from their contribution to the initial fundraiser and whatever they are able to mine in that time and I would bet you can add another 10% or so. Ostensibly, this would give them control over upwards of 20-25% of the supply, either directly or indirectly
Now it seems like they're running into legal issues and may have to cancel IPO release for the United States. All it takes is one look at Buterin to tell the guy was too young to know what the hell he was getting into. He could have kept this thing with 2-8 people, issued themselves reasonable, time released equity shares, as proof of concept for how their invention is supposed to work, and just be done with it. Now this thing is an out of control bus headed straight into the SEC + the front page of Hazaard's scam warning section.