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ICO startups band together to create $100M grant fund for Ethereum projects

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Re: ICO startups band together to create $100M grant fund for Ethereum projects

#11

Post by dcow »

marknadal wrote: post #3

Really good/bad mixed feelings on this. - Is it legal for effectively crowdfunded projects to then fund other projects? - Ethereum has integrity, willing to change its core technology in order to become more scalable. But... - Is "paying off" developers to build apps for it just evidence of the lack of apps naturally/organically being built? - Yet Seed Stage funding from traditional VCs has dried up, so is this effec…

In what world does ignoring your core principles and breaking promises to users in order to spare some speculatively valuable digital assets equate to integrity?

Re: ICO startups band together to create $100M grant fund for Ethereum projects

#12

Post by lumberjack »

So much money and yet this is what they are betting on: https://www.stateofthedapps.com/. I just baffles the mind, how much money is being thrown at this. I think Ethereum is still mostly just a foggy idea of something that might have potential. But it is nowhere near ready to host any dapp that creates value. The chief problem is that while you can execute code in a decentralised manner, you cannot interact with the real world in a decentralised manner. You still need to have a trusted source of information from the outside world. And if that wasn't enough of a problem, anything that isn't a stupid game is going to run into legal hurdles very quickly.

Re: ICO startups band together to create $100M grant fund for Ethereum projects

#13

Post by wrinkl3 »

lumberjack wrote: post #12

So much money and yet this is what they are betting on: https://www.stateofthedapps.com/ . I just baffles the mind, how much money is being thrown at this. I think Ethereum is still mostly just a foggy idea of something that might have potential. But it is nowhere near ready to host any dapp that creates value. The chief problem is that while you can execute code in a decentralised manner, you cannot interact with th…

The current solution is to rely on a Blockchain Oracle, a third-party smart contract that is hooked to real-world data feeds and acts as a data career.

Re: ICO startups band together to create $100M grant fund for Ethereum projects

#14

Post by cslarson »

lumberjack wrote: post #12

So much money and yet this is what they are betting on: https://www.stateofthedapps.com/ . I just baffles the mind, how much money is being thrown at this. I think Ethereum is still mostly just a foggy idea of something that might have potential. But it is nowhere near ready to host any dapp that creates value. The chief problem is that while you can execute code in a decentralised manner, you cannot interact with th…

Oh the cynicism here is so sad. To everything there is a season, I guess. Anyway! Does the Dai stablecoin not undermine this idea that nothing worthwhile can be built on Ethereum? Don't like ICOs? Neither do I. While the evolution of ICOs in 2017 was really interesting I think DAOs (and things like DAICOs) will see more prominence in 2018. It is an exciting world!

Re: ICO startups band together to create $100M grant fund for Ethereum projects

#15

Post by [deleted] »

cslarson wrote: post #14
lumberjack wrote: post #12

So much money and yet this is what they are betting on: https://www.stateofthedapps.com/ . I just baffles the mind, how much money is being thrown at this. I think Ethereum is still mostly just a foggy idea of something that might have potential. But it is nowhere near ready to host any dapp that creates value. The chief problem is that while you can execute code in a decentralised manner, you cannot interact with th…

Oh the cynicism here is so sad. To everything there is a season, I guess. Anyway! Does the Dai stablecoin not undermine this idea that nothing worthwhile can be built on Ethereum? Don't like ICOs? Neither do I. While the evolution of ICOs in 2017 was really interesting I think DAOs (and things like DAICOs) will see more prominence in 2018. It is an exciting world!

[deleted]

Re: ICO startups band together to create $100M grant fund for Ethereum projects

#16

Post by tobltobs »

cslarson wrote: post #8
sago wrote: post #2

This is a sensible move, I think. Of all the cryptocurrencies, ETH at least has a story about why it might have intrinsic value in the medium-term, beyond pure speculative passion: i.e. its use as a platform for smart contracts. But that potential only gets realised if more people use it for more significant purposes, rather than just for functionless ICOs or trivial games. On the other hand, if this injection can he…

I think anyone looking for an interesting use case for Ethereum smart contracts should check out how the Dai stablecoin works[1]. Using it is an eye opener, too ( https://dai.makerdao.com ). [1] https://medium.com/cryptolinks/maker-for-dummies-a-plain-eng...

Dai stablecoin is using oracles. What is eye opening about that. That you can't build something useful with Ethereum without trusting some centralized authority?

Re: ICO startups band together to create $100M grant fund for Ethereum projects

#17

Post by bitreality »

marknadal wrote: post #3

Really good/bad mixed feelings on this. - Is it legal for effectively crowdfunded projects to then fund other projects? - Ethereum has integrity, willing to change its core technology in order to become more scalable. But... - Is "paying off" developers to build apps for it just evidence of the lack of apps naturally/organically being built? - Yet Seed Stage funding from traditional VCs has dried up, so is this effec…

I think right now the easy money is all in ICO's. Talented developers have much more incentive to just create a new coin than develop a dAPP on Ethereum. Eventually, this ICO craze should slow down, and it will make more financial sense to develop on top of existing coins.

Re: ICO startups band together to create $100M grant fund for Ethereum projects

#18

Post by dperfect »

wrinkl3 wrote: post #13
lumberjack wrote: post #12

So much money and yet this is what they are betting on: https://www.stateofthedapps.com/ . I just baffles the mind, how much money is being thrown at this. I think Ethereum is still mostly just a foggy idea of something that might have potential. But it is nowhere near ready to host any dapp that creates value. The chief problem is that while you can execute code in a decentralised manner, you cannot interact with th…

The current solution is to rely on a Blockchain Oracle, a third-party smart contract that is hooked to real-world data feeds and acts as a data career.

> ...hooked to real-world data feeds

I think that's what is meant by "a trusted source of information from the outside world". You can have as many layers of smart, trustless technology as you want sitting between the dapp and the data source, but it always comes back to relying on a trusted (and potentially corrupt/compromised) real-world source. Maybe it has to be multiple independent sources? Sorry - there's still no way for those sources to cryptographically disprove any collusion.

Re: ICO startups band together to create $100M grant fund for Ethereum projects

#19

Post by DennisP »

bitreality wrote: post #17
marknadal wrote: post #3

Really good/bad mixed feelings on this. - Is it legal for effectively crowdfunded projects to then fund other projects? - Ethereum has integrity, willing to change its core technology in order to become more scalable. But... - Is "paying off" developers to build apps for it just evidence of the lack of apps naturally/organically being built? - Yet Seed Stage funding from traditional VCs has dried up, so is this effec…

I think right now the easy money is all in ICO's. Talented developers have much more incentive to just create a new coin than develop a dAPP on Ethereum. Eventually, this ICO craze should slow down, and it will make more financial sense to develop on top of existing coins.

Take a quick look at how many of those ICO tokens are built on top of Ethereum: https://coinmarketcap.com/tokens/

Most of those are connected to some kind of dApp project.

Re: ICO startups band together to create $100M grant fund for Ethereum projects

#20

Post by IntronExon »

cslarson wrote: post #14
lumberjack wrote: post #12

So much money and yet this is what they are betting on: https://www.stateofthedapps.com/ . I just baffles the mind, how much money is being thrown at this. I think Ethereum is still mostly just a foggy idea of something that might have potential. But it is nowhere near ready to host any dapp that creates value. The chief problem is that while you can execute code in a decentralised manner, you cannot interact with th…

Oh the cynicism here is so sad. To everything there is a season, I guess. Anyway! Does the Dai stablecoin not undermine this idea that nothing worthwhile can be built on Ethereum? Don't like ICOs? Neither do I. While the evolution of ICOs in 2017 was really interesting I think DAOs (and things like DAICOs) will see more prominence in 2018. It is an exciting world!

It’s a common error of judgement to assume that people who don’t share your unvarnished enthusiasm are cynics. One way to test for this is to see if you can intelligently address the concerns of “cynics” without just waving your hands and invoking the rosy future you imagine. It can be helpful to look to the past and present and try to understand why people have reservations, and address them comprehensively.
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