Topic: Sooo...which one of you is selling BTC to buy ETH? (Read 3212 times)

cool web, bookmarked
omg. its longer than it took me to download whole bitcoin chain

No haste? this was supposed to be a move to protect from BTC shitstorm, I need it to be quicker.

What about parity? i've read it syncs faster:


www.parity.io

I downloaded InstallParity.exe, but I don't know where I can verify the checksum of this file to guarantee I downloaded the real file.. am I taking crazy pills? why is it so hard to get things done right?

EDit: anyway I figured it out. Downloaded it from here:

https://github.com/paritytech/parity/releases/tag/v1.6.4

The MD5 from the parity.io website is not the same, so I would be worried if I downloaded it from that site but whatever.

Synchronisation of my client took three and a half days. Closing the client and reopen it made the synchronisation progress report sometimes kidding for a while. Let the synchronisation run, run, run. Relax and no haste. If needed, store your computer outside your sleeping room...

Exactly. The time to buy ETH was a couple months ago when the price was down.  
If you want to make money right now, sell ETH, buy Bitcoin and wait until ETH dips again to buy back in.  
Rinse and repeat.

I've spent the night sleeping on an uncomfortable sofa because I didn't want to sleep next my computer fan, and all for nothing because this thing was at 7% only. I closed it and opened it again, back to 0%. My chainstate folder is 6GB. Fuck this thing. I wanted the Bitcoin Core equivalent for Ethereum and I've only experienced frustration thus far.

Is there any safe way to store ETH any other way? by the time I get a functional Ethereum wallet going Vitalik will have gained weight.

Not everyone is supposed to make profit so it's normal.

Why did you sell ethereum? I consider this currency rather like a long-term investment since it really has its own advantages upon even bitcoin! I keep my eth but check the price every day. I think it is okay to withdraw only if it drops to $15 or so. Otherwise, if you people see the currency growing, why do they want to sell it? If you chack the price regularly you aren't likely to lose a lot anyway...
MLN is too young and unstable, I think, to be even compared with eth in terms of investment.

Good marketing pitch for ehtereum, but it is always better to do one thing and do it best. let Ethereum enjoy its time in sunshine, those people moving their money to Ethereum were once in Dash, Monero, Bitcoin so the cycle continues. 

Not very technical but it might have something to do with the fact that bitcoin and other cryptos aim to be more simple ? ETH has contracts/dapps deployed aswell, not just tokens moved back and forth.

So get this: i was at 4%, about 1,630,000 blocks left. I close the program, open it again, and im at 0% 550,000 blocks left. This is nonsense. Wtf is going on?

Edit: So it went from 520,000 blocks left 4% or something like that back to where I left about 1,630,000 blocks left 0%, now at 1588,800 blocks left 4%... seems like the way the GUI shows remaining blocks is a bit of a mess. Anyway im not going to close it again, according to the folder im making progress, its getting filled with 2mb files. By the time im done it's going to be hundred thousands if not 1+million 2mb files in the chainstate folder... I wonder how good this is for disk fragmentation.
The bitcoin core blockchain in the chainstate folder it also has similar files of same size but my synced node has about 1000 files, this is 4% downloaded and has 2600+ files...

It should continue downloading, just wait a few seconds/minutes for it to start again downloading, depending on your pc. It generally eats all the cpu so everything else will be slower.
Don't forget alphabay is introducing eth in may. Raiden should be available by then.

Ok I downloaded this one:

https://github.com/ethereum/mist/releases/download/v0.8.9/Ethereum-Wallet-win64-0-8-9.zip

I fired it and went out for a walk, when I came back a couple hour later it was near 50, I closed it to do something cause the thing was taking 2+GB of RAM, now I opened it again and im back to 0%. What the fuck?

I closed it pressing the "x" in the corner of the window.. wtf

Also how many peers should I be getting? it fluctuates around 3 to 8 ish all the time..



Edit: this is going to take forever, im still at 0%. Im waiting to reach 1% so I close it again by pressing "ethereum wallet -> "quit ethereum wallet" and see if i reopen it im still at 0% again.


I disagree. Bitcoin would still exist because it is the leading coin in the dark web. How else people are going to buy drugs? Let's not forget that.
You may aim to other coins but they are still too niche, bitcoin network effect is too strong. Anyone wanting to get paid ransomware, drugs etc, will ask for btc.

You have to consider, FractalUniverse, that the market is absolutely greedy for a coin, which can be controlled. The ETF decision brought to light, that BTC will be not that one. Now look at the potential of ETH. Look at the companies, which have their hands over the ethereum project. And now think about, where the money is from, which made BTC that big in the last few month... To jump from 600 to 1400 was everything, but nothing normal.

At this moment it looks like a very hard correction of the BTC market price. And it looks like a big search for alternatives. CC will be an important thing in the future. And which coin has compatibility, which currency has the best setup for a smooth assimilation by the worldwide economic sytem?

ETH is the number one candidate by now.
And this is the reason, why its price is rising.
While BTC is deprived of its mystique.

Just to make it clear; it is my opinion. Bitcoin can die because if it forks and splits into 2, bitcoin unlimited and bitcoin core, it's difficulty cannot be adjusted fast to match the hashrate ( unlike ethereum ) and that would slow time block creation time several times. It already has full blocks because it has the worst scaling in crypto so far, and that would make it even worse.

Well, eth, constantly had/has positive news for the past 1.5 years. And i'm talking about real news, not the kind of "positive news" people were used with before ethereum. Like being mentioned on a crypto site or having a wallet. Which were actually pump&dump reasons LOL. ETH had real usage news, real projects. It started to gain attention with important news, not vaporware type of news. For the first 6-10months, 1/3 of it's volume was in fiat, and about 2/3 in bitcoin. So 2/3 of it's volume came from speculators who also speculated into bitcoin.
But, at this very moment, only about half of ethereum's volume is in bitcoin, which suggest people from outside the crypto market came and invested usd/euro/cny/krw explicitly into ethereum. If you also take into consideration that many bitcoiners are now fleeing from bitcoin into ethereum because of the internal btc civil war,  then eth/btc would probably be even lower. Which suggests soon bitcoin and ethereum will have different kind of investors.
Proof: https://www.cryptocompare.com/coins/eth/analysis/BTC

50% volume is fiat..which suggest 50% of the money funneled into it didn't had btc to invest. Also investing btc doesn't mean you're extremely rich, there are probably thousands of people owning between 1 and 100btc.


Ethereum now is used mainly for real work, real usage, and ofcourse speculation. Thing about ethereum is, it's value is backed by everything ethereum currently means: ethereum foundation, hundreds of devs working on projects, institutions, corporations, network effect, etc. When you are backed up like this, you don't have to rely on people's faith and hope they will not dump. Because ethereum has usage outside speculation and even if all speculators would give up on it, it's value would probably still stay around 5$. Bitcoin without speculation wouldnt exist, nor any other public crypto project.


Here you are right, bitcoin is a big brand. But big brands die fast if they don't innovate and they don't have real value backing them. Nokia's  brand alone couldn't save it. Same for sony ericsson. And there are hundreds of examples.


Do you own bitcoin ? If so, these are these options:
1. You hold. You risk losing everything, and the upside is like ~1500$ this year if everything will be ok from now on.
2. You sell:
  2.1 Move into fiat, your risk will be 0, maybe just the inflation
  2.2 You can take a small risk and move into ETH. I'd say there's 25% chances for it to go to 20-25$ range with negative news and bitcoin recovery. 50% chance to go to 100$ in the next 3 months because of raiden in few weeks and  then metropolis. If you don't know what raiden is: mass scaling, no project done this so far. and 25% chances for flippening to happen, assuming everyone moves from bitcoin to ethereum.
3. Move into other cryptos, but their potential is really low since they are either bitcoin clones, or dapp platforms aiming to be ethereum.

Maybe you are all right with ETH having big potential, but I am still wary of its quick ascend. As you say, it took very long time and many setbacks for bitcoin to reach $4.5 bio market cap. How can we know how much volume of those ETH buying transactions are real people running away/diversifying from BTC, and what part is just some whales' bots having algorithms synchronized with bitcoin movements pushing price up when BTC drops? there may be hundreds of millions dollars investments behind the price, but how much of it is coming from small investors?
1 coin value is actually not that important, when it comes to using them for real payments transactions. What matters is how many people can use it, and thats where ETH will lag behind probably for very long time. +There is another one small thing to consider and its the name itself. Bitcoin is like top brand in crypto world, and in some languages ethereum might not sound as cool and easy to pronounce as bitcoin.

I just cant close my eyes and buy into this, when 50+% correction or dump can be around the corner. Or it can go to 100-200 as some people say and surpass market cap of bitcoin. Well, but i have to admit, that I had also missed huge opportunity years ago, and didnt invest big into bitcoin when it was around $10. so...

About ETH civil wars, i don't really think they are possible. There may be minor civil wars, but that's it. Because in bitcoin land, miners hold all the power. Miners in ethereum hold alot of power too, for now.
But ethereum's value is backed by EF's development , dapps, it's massive infrastructure of devs (there are hundreds of devs working on ethereum not affiliated to ethereum foundation), projects in work or live. Also endorsed by important institutions, academics, corporations. Think about it, having academics and even United Nations succesfully testing a pilot program on ethereum is endorsement enough.

So, let's assume some miners revolt because of POS and they continue mining. Miners are not really needed in POS, and the delayed ice age will start to kick in and most of them will be already forced out because of the lower profitability and the hybrid pos/mining system.

ETC split was caused by the manipulation not because some people really wanted it. I was there when it happened, all the hashrate upgraded to the new chain and left the dao hacker behind. But then barry and chandler gao pulled the scam and some miners followed the profit because etc had no miners therefore it was profitable. It didn't work because they had nothing but 2 scamers and some miners who followed the profit. Because, as i said above, ETH's value isn't backed but faith but several specific things i mentioned above.

P.S: You do know that etc is not aiming to further develop itself as a dapp/smart contract platform right ? The cap will be 200-230mil tokens, and will work somewhat similar to BTC. Some people who genuinely thought they buy the cheaper eth got scammed. They will never have competent devs to further develop it because whoever is competent enough, has no reason to work for them unless they're paid ALOT.

Edit: Bitcoin doesn't fork not because devs/miners/users don't want to, but because bitcoin's value is backed by faith. If it forks to further improve the protocol, and one small thing goes bad, it all blows. Because, as i said, nothing backs it's value, just faith.

Official ETH wallet, 27.4GB chain size: https://github.com/ethereum/mist/releases
There are several ethereum clients/implementations. Remember the attacks on ETH network ? The fact that it has more implementation is what kept it alive. Geth was almost down but parity held well.
And you create your wallet/key inside the actual wallet. And the file will be saved in C>users>name>appdata>roaming>ethereum>keystore. Make sure you save it in many different locations.


Based on the steps they said they will take, it looks safe. There will be raiden next for massive scalability in early april, then metropolis which will implement some things for POS (i'm not very technical so you'd have to look up on reddit for that). Then eventually there will be hybrid mining+ POS, just in case something goes wrong. Full POS will be implemented in 15months tops ( 12 months after metropolis) in the worst case scenario, but hybrid mining will be up and running by then most likely.


DAO type disaster was only possible because of several reasons:
1. It was an investment fund, and all the money were held in a smart contract that people could interact with.
2. Fat guy from dao was warned about several bugs few days before, he ignored them.
3. Not enough testing.

Now, why do i think it's very unlikely for it to happen again ? Well, reasons:

1. First, they were advised to cap their projects. So that's why there are many projects that sell out in a matter of 15min to few hours. If their devs are incompetent and the projects aren't succesful, they just fail like every other cryptocurrency.
2. DAO was different because of it's nature, investment fund. Very few projects actually need to hold the money in a smart contract where any investor interact with it. I don't think there was, or is, a similar project.
3. Probably all projects make icos to collect money for development, not to put it all together in a common bag like dao did. So they can't be robbed. I mean, i don't say it's impossible, because exchanged can be hacked too, but it's very, very unlikely.

The turing complete thing is mostly a danger for projects where devs are incompetent, but usually these projects get hundreds to few millions in funding so they aren't really a threat. They have their own tokens and if they fail, they dont affect ethereum. Tokens on ethereum: augur, golem, iconomi, digixdao, singulartv, etc. Can't remember them all.

Edit: make sure you select show hidden files and folders, Appdata is invisible.

Choosing an ethereum wallet is so confusing. I can see people having an headache with this if they move from BTC to ETH.

Is Mist the official Ethereum wallet with the full blockchain? how big is the blockchain? Why is there also "Ethereum Wallet"? Parity? Geth? wtf is this? cmon.

Whats the Electrum equivalent for Ethereum? and what is the Bitcoin Core equivalent for Ethereum?

Edit: Thanks @mining1 i just saw at the end of your message. "ethereum wallet. 0-8-9". What is the official link so I don't download crap?

Also how big is the blocksize? and the wallet.dat equivalent file would be that .json file?

Edit2: Anyway I guess the github would do:
https://github.com/ethereum/mist/releases

They should have it explained clearly, that Mist is the same as Ethereum Wallet without the browser features. Also there should be a nice page like bitcoin.org with everything nice and clear, github is too alienating for noobs.




Segwit is not bugged, they are discussing something that is intended to work like that and using it to FUD as usual on r/btc

About the BTC civil war, what makes you so safe about ETH long term tho? There could be more ETH civil wars, for example, a big DAO type disaster, then 50% of people saying "let's bailout" and other's going another route. It would be ETH/ETC nightmare all over again.

Also doesn't the turing complete thing make you a bit uncomfortable with possible unknown exploits?

There's one thing you don't understand. These corporations, institutions, they are all pragmatic. If a specific project will work the same on a private chain, then they will deploy it on a private chain. If it is better suited to work on public chain for any reason ( one example would be transparency ) then they will deploy it on the public chain.

All these corporations want to maintain compatibility with public ethereum chain. It's written in the vision paper. So, some projects will be deployed on private chains, some on public. Depends on their needs.
https://www.infoq.com/news/2017/03/Enterprise-Ethereum-Vision

No matter from what angle you're looking at it, the conclusion is this: ethereum is generally accepted as the default standard for a public chain development, that's why EEA was formed.

About bitcoin. Several months ago i thought about investing into BTC. You know, i wanted to hold it for a few years then dump after the halving. Sounded kinda ok-ish. But now, the risk/profit is so great there is no way i would do that. Ethereum now represents 25% of btc's cap. Ethereum has the market cap of btc in 2015.

r/btc's mod, singularity87 said that if BTC drops 2x and ETH goes up 2x, then ethereum will be worth more than bitcoin, and he is correct.
Proof: https://www.reddit.com/r/btc/comments/617vqk/btc_dominance_below_70_for_the_first_time_at_697/



You are right, fiat is always safer. But fiat doesn't have 200% increase potential in the next 3 months like ethereum does. Raiden will make it into the first scalable project, ever. And 400% increase potential if people dump BTC for ETh in the panic that will follow.

After the dust settles..bby, are you for real ? If ETH reach 50-70% of BTC value untill then it will be game over for BTC. It will lose it's magic, people won't see it as The Blockchain anymore because the reality already started to kick in. After this civil war started many already started to question their faith in bitcoin and looked for alternative. You are underestimating the huge number of BTC bagholders that have no ideea how bad bitcoin currently is, technical wise.

There's are shitloads of btc holders everywhere that think exactly like this: But i don't understand why ether is worth billions, it can't be used to buy anything. Bitcoin is a store of value. This is the reality, most people are the average joes that don't research. You don't have to be programmer to research and learn these things.

@thejaytiesto i use latest ethereum wallet. 0-8-9. It takes about 1h for full sync, assuming you delete the old blockchain. It depends on your computer and internet connection though, i have a SSD and i can dl with up to ~10mb/second. Ethereum light client will be released very soon, in june. There are -fast sync commands but you'd have to look for them on reddit, i never used them tho.


EDIT: Apparently segwitt is bugged aswell https://twitter.com/digitsu/status/845119600907866113