a year ago
The Foundation gets funded via a pre-sale to deliver a 'product' by a certain time, without any guarantees. And participants willingly agree. But this 'project' also claimed that it would be transparent. Ultimately, Frontier misses its release deadline by a relatively wide margin. It becomes apparent that a bunch of people got paid well for doing trivial jobs. The foundation waits two months after the (late) release of Frontier to publicly disclose that the foundation will run out of funds, all the while having this inside info along with only Gawd knows what else while ETH trades on exchanges, allowing for insiders to cash out. Insiders that are now 'moving on' to for-profit personal initiatives. They basically took the 'zero sum' out of the zero sum game at the expense of the pre-sale buyers. While us Dapp devs and DAOs, already having to deal with shit like NY's Bit License complicating matters, have only the profit from ETH to support our efforts until our projects go live. And even then, the crypto-decentralized-OS version of the Bertrand Paradox (you can see an example of this starting to show itself in the handful of prediction markets sprouting after Augur Project became public) makes any hope of our dapps being profitable highly unlikely, thus an appreciating ETH/USD is the main incentive for us dapp devs to follow through with our efforts. And now that ETH/USD is trading at its two-month lows after trending downward for the past month, and now they dare exclaim that Ethereum's future will depend mainly on the community henceforth?
a year ago
Comment: From mercsuey on reddit