
Ethereum Cloud Mining for Dummies - cdvonstinkpot
https://github.com/angelomilan/ethereum-guides/blob/master/GPU-cloud_mining.md
======
chrispeel
Vitalik Buterin and others have been very clear that Ethereum may fail
completely and that it's an experiment. Others
([https://twitter.com/NickSzabo4/status/495300992049479680](https://twitter.com/NickSzabo4/status/495300992049479680))
widely acknowledge that Ethereum is the most technically ambitious
cryptocurrency since Bitcoin; it's not in the same category of coins which
changed a parameter and created a new coin.

I'm the organizer of the Silicon Valley Ethereum meetup; I've offered a chance
to Greg Maxwell, and Austin Hill the chance to talk to us and give a coherent
critique of Ethereum; they did not take me up on the offer (We had Matthieu
Riou give a brief critique of Ethereum at our meetup; see
[https://www.youtube.com/watch?v=BwPulJKP1_Y](https://www.youtube.com/watch?v=BwPulJKP1_Y)).
I'd be very happy for a coherent and respectful critique of Ethereum from one
of you at one of our meetups; you're welcome to contact me; see
[http://www.meetup.com/EthereumSiliconValley/](http://www.meetup.com/EthereumSiliconValley/)

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mkstowegnv
Skepticism of individual cryptocurrencies is advisable as is skepticism of
their critics. A lot of the vitriol and guttersniping is the product of
rivalry between them, bitterness over the fall in value for many of them, and
an almost religious division of opinion on the merits of sidechains versus
separate currencies. At the moment the Wikipedia page for ethereum has no
criticism section, as most controversial subjects do.

~~~
davidgerard
> At the moment the Wikipedia page for ethereum has no criticism section, as
> most controversial subjects do.

At the moment the Wikipedia page reads like an advertisement.

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Paul_S
This is as much of a scam as any product ever sold. The creators sell you a
product that will make them money. You know that you are paying more than its
cost because you want it. Am I describing ethereum or a toothbrush?

The point is: even if they get stupid rich because of the block premined for
the presale doesn't make the system better or worse.

~~~
davidgerard
Nobody buys toothbrushes on the basis that the toothbrush market will go to
the moon. This is, however, the standard selling point for cryptocurrencies.
As is claiming the selling point is something other than a claim it will go to
the moon.

------
leashless
_facepalm_

Bitcoin fundamentalism doesn't really change what we've shipped, and as you
see products coming out based on our technology over the next few weeks, these
questions will be settled, cold, hard and clear.

Enough.

~~~
davidgerard
I look forward to you explaining this one:

[http://cointelegraph.com/news/115034/ethereum-launches-
but-l...](http://cointelegraph.com/news/115034/ethereum-launches-but-leaked-
chat-says-project-needs-years-more)

If you look at how the money actually flowed, it went from the suckers to the
premining pumpers who dumped it, and the devs will be paid another seven
months before leaving the bagholders high and dry.

Note the irrelevance of the promised smart contract/distributed botnet
functionality - which, as that post notes, at present rates _won 't be working
properly for years_ \- to the actual, observed flow of cash.

This is a repeat of Paycoin and Stellar. Totally standard premined altcoin
pump and dump.

------
joosters
Bonus scam: Ethereum introduces the first ever verified pyramid scheme!

[http://pastebin.com/AGDsJL6j](http://pastebin.com/AGDsJL6j)

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ThomPete
A lot of claims about this being a scam. As someone who have had same idea as
Ethereum and not to scam people, can someone explain to me what makes it a
scam.

~~~
yc1010
Premining,

Satoshi releases Bitcoin quietly to the world and doesnt ask for a red cent in
advance from anyone despite creating one of the most important/innovative
technologies of the last decade, and then disappears with his mined coins
remaining for years unused and presumed lost.

Ethereum guys sell Ether(s) in advance (why for bitcoin of course) promising
the moon and the stars in the form of a cryptocurrency + scripting

They put the horse before the cart IMHO, imagine if all those years ago Linus
asked everyone to give him 18 and half million to develop Linux, would it be
where it is now?

~~~
ThomPete
Thats like saying the dotcom bubble was a scam isn't it? You can certainly
phrase it like that but is that really whats going on. An actual scam?

~~~
brighton36
Many dotcoms were very scammy.

~~~
ThomPete
A few were but most were just naive. Point is that calling Etherum a scam seem
based on claiming to know the intentions of the creator, rather than an actual
description of what Etherum is.

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davidgerard
The Ethereum scam is detailed here:
[https://www.reddit.com/r/Buttcoin/comments/3g5sk8/anyone_pay...](https://www.reddit.com/r/Buttcoin/comments/3g5sk8/anyone_payed_attention_to_the_ethereum_trading/)

tl;dr it's a pretty standard premined altcoin scam. All the "smart contract"
babble is a cover for the premined altcoin scam.

see also: Stellar.

~~~
abrkn
If it's a scam, why do they have a Github organization with 50+ repos? go-
ethereum alone has 6469 commits by 59 authors[1]. Would be the most elaborate
and time consuming scam ever.

[1] [https://github.com/ethereum/go-ethereum](https://github.com/ethereum/go-
ethereum)

~~~
13
Money buys a lot of commits. Give me a few million dollars and we'll get
together a group of people that will build an entire computer from discrete
transistors. People involved and amount of work doesn't make something
worthwhile, reasonable, or viable, it just means that people work for money.

~~~
JorgeGT
I would give you a few million dollars to see that if I had them! It would be
an incredibly useful project for education :D

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davidgerard
Looks like word got out about the premine: it's straight-up imploded upon
hitting the exchanges, losing 75% in a day and still dropping.
[http://coinmarketcap.com/currencies/ethereum/](http://coinmarketcap.com/currencies/ethereum/)
Paycoin 2.0!

(And as soon as it stabilised against Bitcoin, Bitcoin went down $20.)

~~~
DennisP
The first prices were posted while Kraken only allowed a few users to sell
(Level-4 verified with collateral). It's not surprising that the price went
down when the supply went up.

~~~
davidgerard
Graph still flat.

So, when do you predict it will start going up uP UP? Please make a checkable
prediction as to this.

~~~
DennisP
Not before there's a convenient gui with a nice collection of apps.

