Ethereum is a great idea - I've talked to some of the devs and they seem really competent and enthusiastic - altogether a nice team of folks.

Unfortunately, looking at the detail of the pre-sale (not an IPO as they're selling software - a product) there is so much complication and lack of clarity that much has to be taken on trust.

For me the confusion about how many Ethers will exist in total is in sharp contrast to BTCs 21 million cap which is one of its greatest selling points.

Therefore any investment in this pre-sale is really just a support of the team and a wish to see this very ambition project succeed - eventually.

I do not see this as an investment but as support to the team.