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Ethereum, revisited
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Date: October 22nd, 2016 4:10 PM Author: Narrow-minded Church Background Story In response to the question will Ethereum challenge Bitcoin http://xoxohth.com/thread.php?thread_id=3392776&mc=13&forum_id=2
I think of Bitcoin as essentially a novel medium of exchange. Bitcoin excels for this purpose.
Ethereum is more than a medium of exchange. When others describe Ethereum they often mention "smart contracts", "decentralized applications", or a "world computer".
The concept behind Ethereum is abstruse and abstract. You know how "the internet" is a decentralized communication platform? DARPA -- or whoever -- created the internet in such a way that if significant portions of the network were destroyed communication between two edges of the network could still persist. This sounds incredibly dry and banal. I mean, who really gives a fuck about reliably sending morse code signals between London and Tokyo -- but this fundamental technology resulted in miraculous developments. I think of Ethereum much the same way.
And much like the internet, the initial applications of the technology are easiest to explain through the vehicles of gambling and pornography. Imagine an online casino written in code that could be scrutinized by the public (i.e., verifiably fair). Furthermore, this code would not be run by any single computer but rather by the network itself. So a terrorist would not be able to blow up the casino. The code for the casino exists across the entire network and automatically pays out when certain conditions are met. Or imagine live streaming pornography where the viewers automatically pay 1/100ths of a penny every second.
Currently there are no practical uses for Ethereum -- the technology itself is still being developed. One of the more interesting projects in development is Augur ( https://www.augur.net ), a decentralized prediction market.
Ethereum is still in its infancy. What’s remarkable is that Ethereum has a billion-dollar market cap. The technology is both difficult to understand and discover. Where does all the money come from?
See also:
How the Blockchain Could Change Corporate Structure http://www.wsj.com/articles/how-the-blockchain-could-change-corporate-structure-1476887998
Andreessen Horowitz http://a16z.com/2016/08/28/ethereum/
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Date: October 22nd, 2016 4:28 PM Author: navy arousing stead this is some William Gibson cyberpunk shit (http://www.autoadmit.com/thread.php?thread_id=3395675&forum_id=2#31704447) |
Date: October 22nd, 2016 4:19 PM Author: 180 kitty national the question is whether their platform will ever be secure enough to be used widely within a particular industry. (http://www.autoadmit.com/thread.php?thread_id=3395675&forum_id=2#31704369) |
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Date: October 22nd, 2016 4:23 PM Author: Narrow-minded Church Background Story You mean, if the network will be stable enough?
I suspect the technology itself will gain maturity over the next year and we will begin to see practical applications gain traction in around two years. I'm invested in the technology as a speculative play. Either Ethereum will lose all its value in two years or it will appreciate by a multiple.
I'm interested in the technology as an investor. |
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Date: October 22nd, 2016 4:28 PM Author: Chest-beating location tattoo So we should all beg for ETH instead of BTC? (http://www.autoadmit.com/thread.php?thread_id=3395675&forum_id=2#31704445) |
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Date: October 22nd, 2016 4:31 PM Author: Narrow-minded Church Background Story Well, no. Because 1 BTC is over $600, whereas 1 ETH is a little over $10. (http://www.autoadmit.com/thread.php?thread_id=3395675&forum_id=2#31704461) |
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Date: October 22nd, 2016 4:34 PM Author: Chest-beating location tattoo So we should beg for 60 ETH (http://www.autoadmit.com/thread.php?thread_id=3395675&forum_id=2#31704480) |
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Date: October 22nd, 2016 4:39 PM Author: Narrow-minded Church Background Story That's more like it, but really beg for BTC then use shapeshift.io to convert it into ETH. Hold for at least one year. (http://www.autoadmit.com/thread.php?thread_id=3395675&forum_id=2#31704496) |
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Date: October 22nd, 2016 4:40 PM Author: Chest-beating location tattoo Bro my point is, do you think ETH will grow a lot Like in a year what will $500 each of BTC and ETH be worth What about Monero, AMP, ripple |
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Date: October 22nd, 2016 4:47 PM Author: Narrow-minded Church Background Story I don't see Monero usurping Bitcoin, so I don't see the point.
I don't know much about Synereo AMP.
Ripple may be worth looking into more, but it doesn't strike me as that interesting. I've heard rumors about inflation. And I would expect Ethereum to grow at a much more rapid rate. |
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Date: October 22nd, 2016 4:49 PM Author: Chest-beating location tattoo So I should buy some ETH (http://www.autoadmit.com/thread.php?thread_id=3395675&forum_id=2#31704540) |
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Date: October 22nd, 2016 4:54 PM Author: Narrow-minded Church Background Story I have invested in it. Do your own research before investing. In the short term I expect the growth to be more moderate than the fanboys think. Over the next three to six months, I don't foresee any news that could cause a drastic price increase. The technology itself still sucks but it has a lot of potential.
And big names are either invested or paying attention to it. |
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Date: October 22nd, 2016 4:55 PM Author: Chest-beating location tattoo How does the technology suck (http://www.autoadmit.com/thread.php?thread_id=3395675&forum_id=2#31704565) |
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Date: October 22nd, 2016 5:04 PM Author: Narrow-minded Church Background Story Over the past month, the "wallets" have been broken. Even if they worked, the interface is shit pure shit. Nevermind that even if you have some Ether, what are you really going to do with it? You can use it to buy physical gold in Singapore through Digix Global shortly, or perhaps you could use it to bet on the presidential election through Ether Delta. But even the interface for Ether Delta is shit pure shit so you can't really bet on the election.
You can't do anything with it. You can barely even buy Ether. A sophisticated attacker has launched multiple denial of service attacks against the platform. This has resulted in two "hard forks", or fundamental changes in the platform. One of the hard forks is yet to come. Not only is this attacker brilliant at spotting flaws in the system, but they're funding the attack at a rate of $240+/hr.
So maybe, 6 months from now the system will work better. And then maybe a year from now you can actually do something with Ether.
Basically, it's a long bet on the 22 year old Russian genius behind the project. |
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Date: October 22nd, 2016 5:11 PM Author: Chest-beating location tattoo Why would coinbase get behind it (http://www.autoadmit.com/thread.php?thread_id=3395675&forum_id=2#31704660) |
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Date: October 22nd, 2016 5:19 PM Author: Narrow-minded Church Background Story Well, big names are optimistic about the project. And the project is beginning to gain momentum and press. It is a remarkable endeavor.
The team behind the project seems capable and has successfully dealt with the challenges thus far. The only person of importance is Vitalik Buterin. If he were only motivated by money he could've cashed out by now. It's important that he seems to have a grander ideological vision. And he's probably too aspie to care about sex or material wealth.
Vitalik is a genius afterall -- or everyone prays. Who else really understands this stuff? |
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Date: October 22nd, 2016 5:09 PM Author: navy arousing stead there are some big banks and funds that are interested in it right? any speculation on who or what the attacker is? (http://www.autoadmit.com/thread.php?thread_id=3395675&forum_id=2#31704652) |
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Date: October 22nd, 2016 8:23 PM Author: pale hominid associate (http://www.autoadmit.com/thread.php?thread_id=3395675&forum_id=2#31705810) |
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Date: March 17th, 2017 12:18 AM Author: navy arousing stead oh look at that, here i am in fucking October saying ETH looks good because of the interest of wall st. fuck. my. ass. (http://www.autoadmit.com/thread.php?thread_id=3395675&forum_id=2#32849281) |
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Date: October 22nd, 2016 8:19 PM Author: pale hominid associate I'm hard and will put a few k in it. Even if it doesn't have any real value, all it takes its a senate hearing or a crazy tech fggt CEO to plug it and BOOOM the price explodes (http://www.autoadmit.com/thread.php?thread_id=3395675&forum_id=2#31705793) |
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Date: October 24th, 2016 3:14 PM Author: Narrow-minded Church Background Story Bump for job havers (http://www.autoadmit.com/thread.php?thread_id=3395675&forum_id=2#31716383) |
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Date: October 24th, 2016 3:20 PM Author: pale hominid associate Lol why for job havens? You have no jerb ? (http://www.autoadmit.com/thread.php?thread_id=3395675&forum_id=2#31716432) |
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Date: October 24th, 2016 3:23 PM Author: Narrow-minded Church Background Story I have a job, just trying to spread the gospel (http://www.autoadmit.com/thread.php?thread_id=3395675&forum_id=2#31716447) |
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Date: January 4th, 2018 2:22 PM Author: charcoal glittery cruise ship patrolman O GOD O
Oct 22, 2016 12.18 12.19 11.95 12.07 7,583,820 1,037,850,000
https://coinmarketcap.com/currencies/ethereum/historical-data/?start=20130428&end=20180104 |