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At Devcon IV, the annual Ethereum gathering, the suits of Wall Street that had plagued the event last year were noticeably absent with Ethereum at $200. Instead there was a makeshift shrine, with fake candles and pictures of Vitalik Buterin, toy Lamborghinis, and a place to kneel in front of a computer, which read “enter your confession my child. How are you avaricious?”
One of the event’s presenters took out a guitar and started singing “B-U-I-D-L (...) radical markets are coming to you, don’t ICO when there’s work to do.” Lyrics were projected on a screen and the rest of the conference room sang along. Fabian Vogelsteller, who formalized the ERC-20 standard used in most ICOs, said he felt the responsibility to “create something better,’’ and proposed a system that would allow investors to take their money back if they’re not happy with the project. In theory, this would incentivize startups to deliver.
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