Is Ethereum a possible scam? by wiggity55

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ethereum · @wiggity55 · Jun 17 '17 (edited)

$27.17

Is Ethereum a possible scam?

So i've done some research & came along a great article about Ethereum awhile back & got hooked. For over a year now i've been invested into Ethereum. What a great product right? Being on the investment side for over a year now i'd safely say I know the ins & outs of cryptocurrency, ico's, smart contracts, proof of stake, ect...

Anyway I would like to purpose to you about doing some more extensive research regarding Ethereum. After doing more & more research myself im![ethereum scam.jpg](https://steemitimages.com/DQmVmbKxKkuFBDS97adN3qXcStvsiFDZAgGm5emwpaUaUa1/ethereum%20scam.jpg) starting to think it is a scam... let me know your thoughts.

Ethereum has been out for over 2 years now. After investing into countless ico's, hoop dream projects, ive yet to really see one usebale real world DAPP (Decenteralized application).

You mean to tell in 2 years & 100s of million dollars, or billions at this point & you don't really have a real world useable product yet? Ok... Let's leave that alone for a second. Everytime I purpose this idea about a possible scam. I'm immedetly met by people that bash me, slam me for even going there. That's fine & I understand why they would be upset, but the real red flag here is they cannot provide me any type of proof whatsoever that this isn't actually a scam. My threads get deleted anytime i speak of such crazy things on Ethereum's facebook group, something is starting to smell rotten in Denmark... Everything is still hearsay. I do realize things take time, also im aware of the homestead fork, & metropolis fork & this stuff is very much still in beta, BUT 2 YEARS AND HARDLY ANYTHING IS FUNCTIONAL YET?

I would love for you to do some research about this & hear your thoughts...

Here are some others that have questioned the product & have also come up empty with proof of concept yet, i'm not alone lol

https://www.reddit.com/r/answers/comments/6e0e6i/is_ethereum_a_scam_if_not_what_does_it_do_in_real/

https://bitcointalk.org/index.php?topic=1451441.0

All the best!

Feel free to share & see what your network of friends think.

👍 sneak, onlyvoluntary, tommycordero, crawfish37, chrishronic, wiggity55, diggerdugg, sarma, digitizemycash, pressurepointau, amvanaken

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@chrishronic · Jun 17 '17

https://pics.me.me/what-if-aliens-were-visited-by-aliens-17999325.png

it is possible

👍 nawaaz

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@halfik · Jun 17 '17

Technology is there. It's working. So not, it's not a scam. 
And 2 years to develop a good working application isn't that much. 2-3 years is a time to develop working prototype.

Is it overhyped? Yes. 

Most of this companies that got millions of $ from icos won't devliver product. But if couple will, then we are have proof that technology has it's use case.

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@wiggity55 · Jun 17 '17

Fair enough, thank you for your feedback.

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@wiggity55 · Jun 17 '17

Even the ico's are sketchy... SONM needed & raised like 68 million dollars. Golem's ico was back in like Nov & they only needed 9 million. What has changed since then? Im not a developer, so i have no idea. Why did bancor need 147 million dollars to build a cryptocurrency converter? Are they building these dapps with million dollar super computers? Something isnt adding up boss.

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@halfik · Jun 17 '17 (edited)

They never said they need $147mln. People simple throw at them with that amount of money. Now they have to figure out how to use that amount of cash (except cocaine) lol.

People are throwin cash into this icos like crazy. And most of this comapnies won't deliver any product. Even Golem said they need 8 or 9 years to deliver. And still didn't provide any iformation about current situation on market they are trying to disturb. People gave them $9mln and don't know what is the price of service they are trying to sell? I doubt they can provide computing power cheaper that amazon and others.

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3 replies

@nawaaz · Jun 17 '17 (edited)

Ethereum is the future, all of it is virtual and not really underpinned. The whole crypto currency thing could be a sham to deplete cash In the black market.

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@schneidor · Jun 17 '17

You are a bit unprecise. You tell us that haven't seen one useable decentralized application?   There are a few...The primary example that I came across is Gridcoin and BOINC. That is a working application. But just in case you mean that u don't know an example of  an ethereum based application.Then I can agree that I'm missing those as well atm. Conlcuding just from this, that ethereum is a scam...Is not enough for me. In my opinion the  main problem is that the most of the "companies/ICOs using ethereum are still in very early stages.  Software development is not that easy. And atm, there are not that many software developer that are capable of programming in solidity. So... at the end.. imao it is to early to judge.

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@wiggity55 · Jun 17 '17

Remember the movie "the social network". Think back to the part Mark knew what he was creating was going to be HUGEEEEEE. He left the party, ran back to his apartment & starting coding immediately, because he knew on something like this first to market with a great product was gonna be a very rich dude. Same applies here right?  There should be a race against time to get there first & there isnt as far as im concerned... I have an open mind though. Im still invested into ethereum. Im not ready to jump ship just yet. I think people will start getting antsy for useable dapps within the next 6 months, or you'll start seeing people bail.

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@schneidor · Jun 17 '17

Then you have more trust in ETH than me. After a few research in ETH I m pretty sure there will be a heavy correction in this currency. So many ICOs are using ETH for the start.. People but ETH to get into these ICOs.. All fine.. But at some point any ICO has to pay their rent, employees and so on. And if there is no profit that this ICO can produce..In the long run they have to sell their ETH. There are many nonsense ICO rising up from the dead atm. They will most likely never make proifit. I have quit ETH. But this doesnt mean it is a scam. IMAO it will not work in the short term 1-2y. After a year or two I think there will be the massive correction. Perhaps earlier. Then I will look into it. Because the idea behind ETH is nice. But we are way too early. A few years to early. But..... who knows probably Im wrong :)

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1 reply

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