ETH price soaring. Are you going to move some BTC into ETH? - page 82.

spike420211

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Quote from: CCV.IO on March 11, 2016, 05:16:25 PM

For those who've missed the train, console yourself with an Ethereum faucet that's works:

http://www.etherfaucet.net/?r=0x0b39bb5985710ae56f793979ee8e052e0233f2db

If you don't have an Ethereum wallet yet, visit https://jaxx.io

Enjoy Wink

neato

fricircled

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Quote from: avikz on March 11, 2016, 11:19:52 AM

Yes I think ETH is a good bet as of now. Thought I am not moving my BTC to ETH, but I have started moving my Litecoin and other altcoins funds like, doge, BLK and REDD to ETH.

Still I am trying to buy ETH at $8 - $9.5 level and selling it for DASH as it is also looks promising.

I am a miner, so I will mine the Ethereum and keep most of the Ethereum. I will sell some Ethereum to change into bitcoin.

CCV.IO

newbie

Activity: 54

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For those who've missed the train, console yourself with an Ethereum faucet that's works:

http://www.etherfaucet.net/?r=0x0b39bb5985710ae56f793979ee8e052e0233f2db

If you don't have an Ethereum wallet yet, visit https://jaxx.io

Enjoy Wink

avikz

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Activity: 3080

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Yes I think ETH is a good bet as of now. Thought I am not moving my BTC to ETH, but I have started moving my Litecoin and other altcoins funds like, doge, BLK and REDD to ETH.

Still I am trying to buy ETH at $8 - $9.5 level and selling it for DASH as it is also looks promising.

sanadas

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Quote from: Tacalt on March 10, 2016, 12:54:21 PM

Quote from: thms on March 10, 2016, 12:50:55 PM

Quote from: Hafitdart on March 10, 2016, 12:23:34 PM

If the Ethereum rises a lot in value to say $100 each, can we use less Ethereum to fuel the transaction, or the gas required in Ethereum is fixed?

Yes, transaction cost is the product of [gas amount * gasPrice], with gasPrice being measured in ETH. Miners can accept lower gasPrice, so in the end, it doesn't matter what is the price of ETH.

Vitalik explains here:
https://www.reddit.com/r/ethereum/comments/499a7w/gas_prices_are_already_kinda_down_to_20_shannon/

That is quite good. So the Ethereum price does not affect the transaction cost at all if there is market for the smart contracts.

But it will take some time for the miners to adjust the gas price they will accept. So there could still be some risk the trade will not go through.

rocketron

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Quote from: CCV.IO on March 10, 2016, 08:30:57 PM

Quote from: rocketron on March 10, 2016, 06:29:48 AM

i have to laugh at all these posts from people who see themselfs as experts on Ethereum but still do not actually understand the Ethereum core...

Laugh mate Grin

laugh...

rocketron

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As someone above already posted. All the info is in this link.

https://www.reddit.com/r/ethereum/comments/499a7w/gas_prices_are_already_kinda_down_to_20_shannon/

Quote from: Washika on March 11, 2016, 06:09:54 AM

Quote from: Sark on March 10, 2016, 09:56:29 PM

Miners set the gas price that they will pay. So they can set it to whatever they like. It will adjust to reflect to the real world costs of running the mining equipment (so if ETH goes up, the gas price will decrease).

If I am a miner, where do I set the gas price in the geth software? If I mine a block, can I reject the contract with low gas?

Washika

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Quote from: Sark on March 10, 2016, 09:56:29 PM

Miners set the gas price that they will pay. So they can set it to whatever they like. It will adjust to reflect to the real world costs of running the mining equipment (so if ETH goes up, the gas price will decrease).

If I am a miner, where do I set the gas price in the geth software? If I mine a block, can I reject the contract with low gas?

Sark

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Miners set the gas price that they will pay. So they can set it to whatever they like. It will adjust to reflect to the real world costs of running the mining equipment (so if ETH goes up, the gas price will decrease).

CCV.IO

newbie

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Quote from: rocketron on March 10, 2016, 06:29:48 AM

i have to laugh at all these posts from people who see themselfs as experts on Ethereum but still do not actually understand the Ethereum core...

Laugh mate Grin

laugh...

marcus_of_augustus

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Eadem mutata resurgo

bankster pump altcoin ... much surprise.

Tacalt

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Quote from: thms on March 10, 2016, 12:50:55 PM

Quote from: Hafitdart on March 10, 2016, 12:23:34 PM

If the Ethereum rises a lot in value to say $100 each, can we use less Ethereum to fuel the transaction, or the gas required in Ethereum is fixed?

Yes, transaction cost is the product of [gas amount * gasPrice], with gasPrice being measured in ETH. Miners can accept lower gasPrice, so in the end, it doesn't matter what is the price of ETH.

Vitalik explains here:
https://www.reddit.com/r/ethereum/comments/499a7w/gas_prices_are_already_kinda_down_to_20_shannon/

That is quite good. So the Ethereum price does not affect the transaction cost at all if there is market for the smart contracts.

thms

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Quote from: Hafitdart on March 10, 2016, 12:23:34 PM

If the Ethereum rises a lot in value to say $100 each, can we use less Ethereum to fuel the transaction, or the gas required in Ethereum is fixed?

Yes, transaction cost is the product of [gas amount * gasPrice], with gasPrice being measured in ETH. Miners can accept lower gasPrice, so in the end, it doesn't matter what is the price of ETH.

Vitalik explains here:
https://www.reddit.com/r/ethereum/comments/499a7w/gas_prices_are_already_kinda_down_to_20_shannon/

mtnsaa

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Quote from: Hafitdart on March 10, 2016, 12:23:34 PM

Quote from: thms on March 10, 2016, 06:00:09 AM

Quote from: toknormal on March 10, 2016, 05:23:18 AM

Thirdly, what happens when the price of GAS gets too expensive and the network becomes uncompetitive ? One of 2 things:

a) other smart contract networks start appearing which are more competitively priced and featured (since they have the advantage of watching the mistakes in the first one)

b) the Ethereum network simply issues more GAS tokens to lower the transaction fee to a competitive level (that's my assumption but better confirm this as I'm not quite sure about how this mechanism works)

GAS is just a way to represent the cost of transaction independent of ETH price right? If ETH price increases too much, to let's say $1,000, it's possible to reduce gasPrice, so I don't see this scenario you describe of the Ethereum network becoming uncompetitive because of ETH price.

If the Ethereum rises a lot in value to say $100 each, can we use less Ethereum to fuel the transaction, or the gas required in Ethereum is fixed?

I don't know much but I think the price adjusts of course, it did with Homestead. The price is negotiated with the miners too. It's logical because having "only" 77 million (if you buy 77 ETH you will join the million club hehe) and being highly divisible kinda gives away that it was meant to have a "high" price. How high we don't know, but $10-15 is extremely cheap if this gets adopted by companies, banks, institutions worldwide...that's why there's so many speculation around it.

Hafitdart

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Quote from: thms on March 10, 2016, 06:00:09 AM

Quote from: toknormal on March 10, 2016, 05:23:18 AM

Thirdly, what happens when the price of GAS gets too expensive and the network becomes uncompetitive ? One of 2 things:

a) other smart contract networks start appearing which are more competitively priced and featured (since they have the advantage of watching the mistakes in the first one)

b) the Ethereum network simply issues more GAS tokens to lower the transaction fee to a competitive level (that's my assumption but better confirm this as I'm not quite sure about how this mechanism works)

GAS is just a way to represent the cost of transaction independent of ETH price right? If ETH price increases too much, to let's say $1,000, it's possible to reduce gasPrice, so I don't see this scenario you describe of the Ethereum network becoming uncompetitive because of ETH price.

If the Ethereum rises a lot in value to say $100 each, can we use less Ethereum to fuel the transaction, or the gas required in Ethereum is fixed?

parmatiya

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Quote from: rocketron on March 10, 2016, 07:39:28 AM

I get where your coming from. But it would have to be astounding to be able to top the ethereum dev team. They have over 70 active devs and the brain behind this sort of tech aka Vitalik. I honestly do not see Ethereum being brushed under the carpet.

Eth lab is also supported by a Chinese company. It will spend $500,000 on projects related to Ethereum. So the financial backing is good.

rocketron

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I get where your coming from. But it would have to be astounding to be able to top the ethereum dev team. They have over 70 active devs and the brain behind this sort of tech aka Vitalik. I honestly do not see Ethereum being brushed under the carpet.

toknormal

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Quote from: rocketron on March 10, 2016, 07:26:18 AM

Bitcoin was reproduced many times but none of the forks ever surpassed bitcoin.

Its the same with Ethereum. There will be copies no doubt, but Ethereum is the godfather of its own Tech.

Well it isn't the same with Ethereum IMO actually.

The Ethereum token is not a bearer token like Bitcoin. There isn't the same advantage in being first adopted because it isn't a monetary asset, it's a technological one. This is a very profound difference that I don't think most people appreciate. If companies build Daaps and want to move them to another blockchain they can - and the value will travel with them. It's a whole lot different from the type of network effect that an inherent monetary medium gains from early adoption.

rocketron

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Bitcoin was reproduced many times but none of the forks ever surpassed bitcoin.

Its the same with Ethereum. There will be copies no doubt, but Ethereum is the godfather of its own Tech.

toknormal

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Quote from: rocketron on March 10, 2016, 06:29:48 AM

Fomo happens all coins, but the underlying technology in Ethereum is amazing

I don't disagree, but it's also amazingly reproducible, just wait and see. There's always network effect and hashpower but that's much easier to reproduce (and less important) with a technological asset than with a monetary one. That was all I was pointing out.

Of all the "alt-coins" that have appeared since bitcoin, none of them accrued value based on technology. They were mostly way more advanced technologically than bitcoin as well in all kinds of ways. All I'm saying is that this aspect of the valuation is way under-discussed and under appreciated. I think most people investing just think it's another crypto thats doing a monetary job like bitcoin when in fact it isn't and the value will come from a different source.

The question is, what is that source and how do you value it objectively ?

Topic: ETH price soaring. Are you going to move some BTC into ETH? - page 82. (Read 198796 times)