Why are people throwing money at these? It makes no sense. You have no guarantee that they won't just run off with the money, except your trust in the operators.
We're all presumably working on our own startups here. Can you imagine getting $200,000,000 in seed funding without even starting on your project? Just absolutely WTF is going on there?
yet eths marketcap doesn't go down?
Between them they've raised $500m.
I'll have disagree with you on this
And part of how the money supply has billion-xed since 2000 and no one seems to notice
Futures for Tezos are already trading at 6x the amount people invested during ICO.
> It makes no sense.
In the short term it makes a lot of sense (600% ROI). In the long term: An Ethereum based on OCaml has an interesting potential.
> You have no guarantee that they won't just run off with the money
If the developers are not anonymous, while no guarantee, it makes it less likely. When you cross the road you also have no guarantee that the cars won't run you over. Some amount of trust is needed, whether for money or your entire life. Benefit of crypto is that you don't necessarily need to rely on trust. I doubt Tezos has contractual access to all the money they received, or are allowed to dump their shares as soon as it starts trading for real.
I see this kind of stuff a lot in the "cryptocurrency" space. When I was reading about Waves, for instance, one proponent unironically proclaimed that "It's built on Scala, which is a better architecture than Ethereum".
I'm no Scala hater, but surely stuff like the implementation language isn't the most important variable in evaluating a new altcoin / cryptocurrency platform? This sounds a lot like hand wavy mumbo jumbo that's meant to convince non-technical "investors" to part with their cash / BTC.
Consider that not even the fucking inventor of Ethereum himself can write a contract without massive exploits.
Uber - Order a taxi with your phone
Facebook - Connect with your friends online
Google - Find stuff on the internet
Wikipedia - An encyclopedia that anyone can edit
Amazon - Buy stuff online, without going anywhere
Tezos - ???
(And "Tezos is a new decentralized blockchain that governs itself by establishing a true digital commonwealth" doesn't count as an explanation).
As I understand it, the source code of tezos itself is stored on its own blockchain. Any modifications to the source are proposed by and voted on by owners of the tezos currency (weighted by how much they own). Also, unlike Ethereum, smart contracts are stored as source code on the blockchain, rather than as compiled bytecode.
I don't think it makes that much sense, after all, you could also create another language that compiles to Solidity, and that is verifiable.
I mean it is OK, just not as much of an improvement as they make it sound.
OTH, the market cap valuations these things are using is kind of ridiculous, since a 200 million sale of eth would crash it into oblivion.
Afaik Ethereum encouraged independent implementations of their PROTOCOL in different languages, also as a way to discover flaws in the protocol.
Ocaml as a selling point just sounds like an appeal to Noobs. Reading that was one of the reasons I decided to pass on the Tezos ICO.