Where's the money?

credsXXCcredsXXC Member Posts: 7
I have noticed that 10 000 BTC has been spent, out of the 31 000 BTC raised initially (12 nov 2014) BlockChain.info Link.

I don't want to micro-manage, but this represent about $4M in 3 months of work - which is like 160 person*year for 3 months at $100k/yr each... Does Ethereum project employs so many people?

Comments

  • avsaavsa Member Posts: 68 ✭✭
    Money moving doesn't mean it's being "spent". A lot of entities where created to deal with the development, among them development hubs in berlin, amsterdam and the bay area who were contracted to deliver different pieces, and a communications and PR hub in london. Some of these coins might have moved into other multi signature addresses simply for better security or for distributing them among those hubs, they are not yet "spent".

    I imagine more will be published on the official channels about finances.
  • ConradJohnsonConradJohnson Member Posts: 130 ✭✭
    Plus, ask anyone who has setup a shop (much less many shops), there's upfront costs to doing this... office space, machines, power, internet, etc...
  • GeorgeHallamGeorgeHallam Member, Administrator, Moderator Posts: 229 admin
    The development of Ethereum has accelerated incredibly quickly, I think Vitalik has forecast an average burn rate of around $450000 a month. As @avsa has said, there is a great deal of cost associated with the initial setting up shop around the world.
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