Seems to me the fans of ETH want it both ways, when challenged on the unlimited supply they reference that ETH is not a currency but a fuel and then go on about how its going to be worth $50 in a year. blah blah.
So economics 101, if the supply increases and even if it didn't if ETH is not an actual currency that has potential demand due to increased hoped for future use then what exactly are people basing the value of this 'fuel' on?
So it seems no one has asked what the demand even is for this 'fuel' Maybe Ethereum can be massive but still the demand is relatively low, know one knows as no one is even talking about it? Or more importantly quantified it.....
So economics 101, if the supply increases and even if it didn't if ETH is not an actual currency that has potential demand due to increased hoped for future use then what exactly are people basing the value of this 'fuel' on?
So it seems no one has asked what the demand even is for this 'fuel' Maybe Ethereum can be massive but still the demand is relatively low, know one knows as no one is even talking about it? Or more importantly quantified it.....
Here is a snippet from Stephan....
Don't run out of gas!
Before we go further, there is an important concept you need to understand that will help you master ethereum contracts: gas.
Let's peek under the covers: in order to power the decentralized web, Ethereum cannot possibly rely on any centralized authority (because that authority could manipulate the database). Instead, every node that participates on the network hold a copy of a decentralized database, which they audit.
The network nodes process the code that is being executed in the database and come into agreement as to what the correct state of the database is through a vote. Majority always win the vote, and nodes are incentivized to do this verification work. Voting takes place at regular particular intervals, on average every 12.7 seconds.
The contract we have written earlier will be stored in this database. Contracts are triggered and executed when they are called by users or other contracts.
If you're thinking that this necessary approach presents limits in terms of processing speed, you'd be correct. The total processing power of the Ethereum network, regardless of the number of nodes that forms it, is equal to a single smartphone from 1999. This means that you're not going to want to store megabytes of data on the Ethereum network, or render 3d graphics. There are of course workarounds to this, including our storage solution called Swarm and our secure messaging protocol, Whisper, both companion technologies to Ethereum.
It also means that because computing power is limited, it has to be measured carefully so that no single actor can commit evil deeds such as running infinite loops on all the world's Ethereum nodes. This unit of measure is called 'gas'.
Gas comes into play when you try to make a contract do something. You 'call' a function of the contract, which then executes that function. It could be validating an escrow, or 'like' a friend on a decentralized social app, or transfer an amount of contract-specific token to another user, etc. Anything.
In order to execute this function, the contract will need gas, just like your car does. So, as part of the function call, you specify how much 'gas' you want to send to the contract, and how much you're willing to pay for that gas (priced in ether, Ethereum's fuel and unit of account).
The different operations a contract can support are priced differently. One execution cycle cost one gas for example. Others, like writing to storage, cost considerably more (because storage is a very scarce resource).
If you send too much gas to the contract, and it doesn't use all of it, it is refunded to you. If you send too little, the contract stops and rolls back (just like your car when it's 'out of gas').
How gas is priced depends on the global consensus of the community. It's therefore likely operations that have the best priced gas will be executed first on the network, and the rest a bit later.
Here are some links...
https://www.reddit.com/r/ethereum/comments/3gdwzv/buying_gas_with_different_currencies_clarification/
https://www.reddit.com/r/ethereum/comments/3gak20/ethereums_scaling/ctwk3sd
Just curious. When your car breaks down, do you ask a squirrel what's wrong with it? Of course not, you ask someone who has the answers.
So the question is... why would you ask your question to a bunch of squirrels, when the guys who built it are readily available?
"So it seems no one has asked what the demand even is for?" Really? You think in over two years, nobody has asked this question?
This place is becoming more, and more irrelevant.
I see AnonyMint is poking around your Vanillacoin specs. Karma is a bitch!
