Re: [ANN] [ASIC-RESISTANT] UltraCoin (UTC) - Ultrafast 6 second transactions!!
I realize you're just trying to interpret, but there is an odd logical circle there. Developers don't add value to the coin.... but we are to give them money to solve the problems we're having.... though they add no value.
And I'm not going into the obvious statement of profit when most Devs take a chunk of it for themselves. In this case, a very hefty chunk. I don't care if it is supposedly going to be invested in the coin or not. If UTC died tomorrow for some odd reason, He would still have ASICs worth a ton or potentially will make a ton of money with. It's a win / win. If UTC doesn't die, he still has 100,000 UTC that was provisioned for himself. That certainly seems like profit to me.
The point of my original comment was, in the end, Bumface stands to profit one way or another, but seems unwilling to risk anything personally for it. I don't think the statement was invalid and some don't see it as a problem. From a technical standpoint it isn't, but it doesn't strike me as someone who really believes there is long term value as every nickel out of his pocket today seems to bankrupt him when he's sitting on a pile of premine gains that you all prop up through mining and trading. You're already shouldering a ton of the work, I just get upset when I see something come up that, by every right, he should dip into his own funds to take care of, yet he asks again for your help.
I'll give it to you all for dedication at this point, but don't completely be blind in your support just because you want to believe. That's fanaticism.
And I'm not going into the obvious statement of profit when most Devs take a chunk of it for themselves. In this case, a very hefty chunk. I don't care if it is supposedly going to be invested in the coin or not. If UTC died tomorrow for some odd reason, He would still have ASICs worth a ton or potentially will make a ton of money with. It's a win / win. If UTC doesn't die, he still has 100,000 UTC that was provisioned for himself. That certainly seems like profit to me.
The point of my original comment was, in the end, Bumface stands to profit one way or another, but seems unwilling to risk anything personally for it. I don't think the statement was invalid and some don't see it as a problem. From a technical standpoint it isn't, but it doesn't strike me as someone who really believes there is long term value as every nickel out of his pocket today seems to bankrupt him when he's sitting on a pile of premine gains that you all prop up through mining and trading. You're already shouldering a ton of the work, I just get upset when I see something come up that, by every right, he should dip into his own funds to take care of, yet he asks again for your help.
I'll give it to you all for dedication at this point, but don't completely be blind in your support just because you want to believe. That's fanaticism.
Last time I read, he said he spend more than 20 BTC of his own money to create this coin, pay for web sites, pay for ziggy etc etc.
That was even before the coin was on any exchange. So going by his words, he did spend his own money for Ultracoin.
Yes, he will profit. But if he is willing to work to improve Ultracoin due to such incentive, that's a win-win for both of us.
One of the big reason why this coin took off in the first place was because of his name and recognition for being a BTC-e mod.
The bigger question here is how much he will be able to spend on Ultracoin once he gets his ASIC. (ASIC better be profitable.
)I'm under the impression that it all came from the IPO or he paid himself back out of the IPO. He has said he paid for a consultant, an SEO guy, the initial website, maybe something else, I don't remember, but the IPO was 80 BTC. I think about 30 of those went to ASICs. He details it at some point in this thread.
I don't really want to drag this out anymore. I've said my piece on this topic. I think it's valid, but I think the same thing when I debate religion with fundamentalists. Sometimes, you are at an impasse with some people and there's no point beating a dead horse.
I'll end my rant with this -- There are things that could be done with this coin that would help the possibility that it will survive the alt coin fallout. At some point in the life of this coin, others agreed. All I see now is a bunch of blind faith that things are going to be okay.... just because. Or that some publicity at a conference is all that's needed to boost it to the moon. I don't know if it's a Q&A session or just a speech, but if he doesn't compellingly sell this coin in ways he's never been able to do for me (it's fast! isn't enough), it may tank even further.
You really want to help UTC while your at that conference Bumface? Kick Josh Zerlan in the nuts while on stage. You'll get a standing ovation... maybe a national medal... who knows really? The accolades may be endless.
BTW -- There is no altcoin panel Q&A or discussion on the program for that conference, when is it occurring?