Topic: Ethereum questions. Can Bitcoin do these things too, with implemenation? - page 2. (Read 2056 times)

Because sidechains are where the magic will happen.   

Thanks for that read. It was interesting and good to read from Gavin Andresen.

To sum up what Gavin thinks about Ethereum, you can take the last few sentences: "Bitcoin already provides a global currency and distributed ledger-- there is no need to re-invent those wheels. Combining real-world information with Bitcoin is where things start to get really interesting."

So basically, he thinks Ethereum is unnecessary.

Pretty insane they raise over 3k bitcoin in a day or two.

Anyone who buy into this madness care to give the reasoning?

Actually I have asked these Qs to ethereum guys multiple times, but as of now they are mum. In this regard u might be interested in a Bitcoin based approach for solving Ethereum problems by Gavin => http://gavintech.blogspot.in/2014/06/bit-thereum.html

3582 BTC donated toward Ethereum right now. That's $2,220,792 USD (After only 13 hours of being open for public purchase, with 42 days left).  It is going up extremely fast.  Assuming the numbers are true.



I think it is possible this could be right.  If this is a pump and dump (we will only know after it has been dumped), then I suspect it will be one of the biggest ones yet.

On one hand, allowing 42 days to accumulate all that BTC is the perfect way to take a LOT of peoples money.

But I want to weigh the potential value of Ethereum for myself once the questions in my OP have some answers to them.  It's better to make informed decisions for oneself.

They already raise well over 850k (or 1900 BTC) worth of coin based on the price.

It is a hype and pump and dump like any other coin out there.

I just found out about Ethereum. I've watched a few videos from Vitalik Buterin and others on the subject and now I have a few questions if someone knowledgeable about Ethereum can help me out.

1. What mining algorithm does Ethereum use? I thought it was a Proof of Stake system? Does Ethereum use both Proof of Work and Proof of Stake?

2. How is Ethereum decentralized? It seems highly centralized because there is one organization and one website that is selling the Ether.

3. What incentive do individual nodes have for running and maintaining the Ethereum blockchain. In bitcoin this is a 25 BTC reward per block solved. In Ether... ?

4. Will any Ether be generated by Proof of Work or will it all be sold? If Ether will all be pre-mined, what sets it apart from the other pre-mined (scam) coins?

5. Is Bitcoin incapable of having the same functionality that Etherium is claiming it has? Like, Etherium is building this programming language into it. But could Bitcoin still accomplish these things with future software implementations and/or bitcoin core updates?

6. Is this still true:
A premine? 50% of the whole supply? Isn't the massive amount of BTC being gathered in the IPO enough? I wouldn't invest for this reason alone.


Note: I may have some of my questions or data incorrect. If this is the case it's because I don't understand. In this case, please help me understand what I don't.