Topic: [ANN] Ethereum: Welcome to the Beginning - page 1306. (Read 2006003 times)

looks intresting, gonna keep an eye on it!

issue 1 is the same  I raised for mastercoin and no one has given an answer from there has given an answer that I am aware of.

say everything about etherium is true, what is the advantages of owning 1 or 100 if what I am getting is access to a bundle of programable switches.

A clone will just come out with all the switches available for any fraction of a coin, or is near free. For example I don't pay much for the bundle of switches that is javascript to make my gmail function.


issue 2,

How will ethereum not bloat itself out of existance?

My layman's definition of 'price stability' infers that street prices of consumer goods and wages remain mostly the same. The value comparison you make here is only with the USD which impacts some % of all Canadian imported goods, but albeit a small overall % (we import most of our widgets from Asia). Sure ~70% of our exports are to the USA and thus the export companies and their employee's wages may be impacted, but again, they are a small % of our total economy.

The $5.00 Starbucks coffee you bought last year, likely still costs $5.00 today ? Likely, your wage is probably still the same or +~2% (CPI)?  Stable prices and wages = price stability.   When  year ago you paid 2000% more for anything priced in BTC than you do today... that's not price stability. Even when compared to 10% devaluation of the CAD vs USD, BTC's volatility is still 200 times in magnitude greater over the same period of time.

You are right in saying that crypto currencies are not mature and this is a catch 22 problem. Until they are widely accepted and massive liquidity exists in the system, they cannot be considered currencies because lack of liquidity = high volatility.... and you can't get them widely accepted quickly because... well, people don't like high volatility currencies ;-)

However, to purposely design a highly deflationary currency (i.e. bitcoin), puts the potential of it being accepted as a currency decades into the future - as you said, after all mining is done. More than likely if bitcoin were allowed to proceed unperturbed by governments, it will cause a global deflationary black hole for all fiat currencies. In other words, everyone will dump all paper money and trade it for bitcoins and the global economy as we know it will collapse. More than likely, governments will shut down bitcoin well before this, whether through legislative means (i.e. bitcoin is now illegal for all businesses to use (aka. China)), or by technical means : TCP port 8333 is firewalled at Tier 1 ISPs - and don't think they can't. At most BTC would only continue to function for black markets.

In regards to Ethereum, I think there's recognition that bitcoin's deflationary model is somehow flawed, although the devs don't offer a thesis for this... but suffice it to say they are taking a significantly different approach closer to our existing Keynesian system. My previous commentary was to suggest that they need more expert brains at work on the economic model to offer justification for what they came up with... else, somebody else will eventually do it better, and Ethereum will eventually be replaced.


And now back to the Ethereum discussion...

Hi Vitalik,
I would like to echo this sentiment. I understand accomplishing something like this would be difficult, and since you probably have some wealthy investor backing they may frown upon this kind of setup. But the little guys are looking for any and all help leveling the playing field.

The video published on the project's main page mentions Dropbox as one of the examples that could be recreated as a distributed system with this project, but I couldn't find any info on the more interesting question: how?

Which of its facilities would be useful for that? Who would store the data? Would it be a separate system which just happens to use ethereum for user authentication, or would it actually has anything to do with data storage? How would the insanse amount of data stored distributedly in a way that it doesn't choke the individual nodes, but would be readily available any time?

Dropbox really stands out of the other example applications and without at least some basic techincal description it sounds like just a marketing stunt... so can we have some more info?

Sad.

I'm not so sure about that.  Have you seen CAD / USD lately?

http://www.xe.com/currencycharts/?from=CAD&to=USD&view=1Y

Considering we've got $61+ Billion in circulation here in Canada, I would consider our dollar to be anything but stable. -10% over a year is volatile imho.

Besides, no cryptos are mature yet.  Once a crypto is completely mined out (in terms of new blocks of coin), then my best guess is that it would be no more or less stable than the CAD or USD.

 

The people behind this seem to have established, through their prior work, the appropriate connections in order to place this where it has the highest chance of succeeding . ....while doing so legally.

Is that why newbie restrictions were lifted and this thread is immune to normal categorization rules?

Wonder where these <10 activity Bitcoin Professionals come from?

So I watched the youtube video a few times and read through the website and wow, all I can say is wow. I plan on investing quite a bit into this. This is truly a piece of work.

The clusterfk called Mastercoin raised a small fortune, is guaranteed to fail in the long term, but still turned out to be a fantastic investment all the same. If you are investing to make money the changes that speculation will drive you into insane profits is pretty high already.

This seems a bit sketchy.


They are giving you near nothing of ETH, for X thousands of dollars in btc. And it's an unproven concept.


I'm ready to invest, but, i'll wait and see

So you like corrupted politicians etc too?

I already figured that out.

Ok, 30,000,000-60mil for IPO.



That is not the totaly supply of eth, that's just the initial.

An initial investment will just degrade over a period of time, as its mined to death, instead of grow. We'll see, could be potentially huge or fail entirely.

Vitalik,

If this is Turning complete, what is to stop someone either writing a malicious script or accidentally writing an invalid script, both of which could run an infinite loop for example. As far as I was aware, Bitcoin was deliberately written not to be Turning complete on purpose.

Based on this quote from OP "There will be a hard cap of 30,000 bitcoins that if reached will immediately end the fundraiser"
They said they were selling 1 ETH for 0.001 btc.

Math

30,000 x 1000 = 30,000,000 Million ETH for the IPO.

Does that sound right?

Where? nothing mentioned in the initial post. I reflected my post to match what will be generated for the ipo

all already answered