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Ethereum price goes up nearly 50 percent in under a week

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Re: Ethereum price goes up nearly 50 percent in under a week

#81

Post by dogecoinbase »

splintercell wrote: post #28
dogecoinbase wrote: post #24

Earlier quoted context omitted.

No, the hard fork for TheDAO did not sacrifice our principles. Yes, the website says "unstoppable uncensorable contracts" and we stopped one. You literally sacrificed your principles. Now you're here trying to justify your own actions to yourself . This pointless noise you're making? You're trying to convince yourself, because you clearly know you're in the wrong. It's just as obvious from over here.

> Yes, the website says "unstoppable uncensorable contracts" and we stopped one. Let's say that Hard fork never happened, lets say if tomorrow due to a certain smart contract, 90% of the Ether holders sell off, and go join Lisk or some other Smart contract platform, would you say because 90% of the Ethereum supporters sold off their currency, therefore the smart contract has been 'stopped' and that they should remove…

But, of course, that's not what happened, and there's no hypothetical in play. Ethereum sacrificed its principles to stop/censor a contract, and still keeps "unstoppable uncensorable contracts" on the website. It's the height of pathetic hypocrisy.

Re: Ethereum price goes up nearly 50 percent in under a week

#82

Post by hudon »

Everhusk wrote: post #64
TD-Linux wrote: post #53

Earlier quoted context omitted.

You don't even have to invent a new cryptocurrency. Bitcoin has had a non-turing-complete script from day 1. And if you want to run something more complicated, you can use zk-SNARKs combined with a tiny HTLC script on-chain.

Yes and you could also send an email by buying raw materials, manufacturing a computer, writing an OS and an email client... doesn't mean you should.

Actually there are ways to run "smart contracts" without running every single computation on every single node like Ethereum does. Blockstack [1] (not affiliated, I just think it's cool) for instance runs most of the decentralized application off of the blockchain, but uses the blockchain for storage, identity, key management, etc.

That means you can have a decentralized application and also have the security of the bitcoin network, for example.

[1] https://blockstack.org/

Re: Ethereum price goes up nearly 50 percent in under a week

#83

Post by pmorici »

A lot of things have happened in the crypto currency world over the past three months. A lot of people attribute ETH's breakout to the EEA announcement or the ETF rejection. Those things while I'm sure they had some effect are unlikely the underlying driver of the recent price move.

The current ETH price trend started in February. The other thing that happened in Feb. is that ETH's transaction volume started to rise after being essentially flat for the year prior. [0] The rise in ETH transactions roughly coincided with Bitcoin's blocks being consistently full and large backlogs in the Bitcoin transaction mem pool. [1] You can also look at Bitcoin's transaction volume graph and see that it's transaction volume has been growing throughout the year long bull market it is currently in. [2] ETH's price on the other hand was flat until February when it started to benefit from congestion in Bitcoin. Make of that what you will.

[0] https://etherscan.io/chart/tx

[1] https://blockchain.info/charts/mempool-size?timespan=1year

[2] https://blockchain.info/charts/n-transactions?timespan=all

[3] https://etherscan.io/chart/etherprice

Re: Ethereum price goes up nearly 50 percent in under a week

#84

Post by Jabanga »

SomeStupidPoint wrote: post #37
natosaichek wrote: post #32

Earlier quoted context omitted.

One of the cool things about Ethereum is that you can build your non-turing-complete contract software on Eth, and use Eth to check your NTC-Eth contracts. I can't think of anything stopping you from doing this right now. Maybe you or other people can weigh in on why it's not feasible?

The ETH language semantics aren't what I'd want for verification proofs, even restricted to a subset. It's possible there are conflicts between the execution model and what would be required for verified, secure contracts. Similarly, Id want a proof-checked VM for the currency, which ETH is pretty far from supporting. So verified-ETH would be a larger, more bug-prone project than starting from first principles, devel…

Yoichi Hirai has built a formal definition of the EVM in Coq which makes it possible to produce formal proofs of an Ethereum smart contract's correctness:

https://medium.com/@pirapira/ethereum-virtual-machine-for-co...

Re: Ethereum price goes up nearly 50 percent in under a week

#86

Post by SomeStupidPoint »

Jabanga wrote: post #84
SomeStupidPoint wrote: post #37

Earlier quoted context omitted.

The ETH language semantics aren't what I'd want for verification proofs, even restricted to a subset. It's possible there are conflicts between the execution model and what would be required for verified, secure contracts. Similarly, Id want a proof-checked VM for the currency, which ETH is pretty far from supporting. So verified-ETH would be a larger, more bug-prone project than starting from first principles, devel…

Yoichi Hirai has built a formal definition of the EVM in Coq which makes it possible to produce formal proofs of an Ethereum smart contract's correctness: https://medium.com/@pirapira/ethereum-virtual-machine-for-co...

Thanks for showing me this!

I either missed it or it didn't exist last time I looked in to ETH. (About a year ago, pre-DAO.)

Either way, this is a major component of what I'd like to see in smart contracts! (The other two major pieces being a verified VM that supports that spec, and a developer library of "standard" contract pieces -- I don't recall being impressed by directly coding for the EVM, and easy-to-use contracts require a library of "standard legalese".)

Glad to see ETH is putting in the effort.

Re: Ethereum price goes up nearly 50 percent in under a week

#87

Post by Jabanga »

SomeStupidPoint wrote: post #86
Jabanga wrote: post #84

Earlier quoted context omitted.

Yoichi Hirai has built a formal definition of the EVM in Coq which makes it possible to produce formal proofs of an Ethereum smart contract's correctness: https://medium.com/@pirapira/ethereum-virtual-machine-for-co...

Thanks for showing me this! I either missed it or it didn't exist last time I looked in to ETH. (About a year ago, pre-DAO.) Either way, this is a major component of what I'd like to see in smart contracts! (The other two major pieces being a verified VM that supports that spec, and a developer library of "standard" contract pieces -- I don't recall being impressed by directly coding for the EVM, and easy-to-use cont…

Most welcome! It was just released so you wouldn't have seen it last year. There was a major push toward more secure smart contacts, in particular using formal verification, after the DAO hack, and the efforts continue to this day.

Re: Ethereum price goes up nearly 50 percent in under a week

#88

Post by chm »

computerwizard wrote: post #29
merlincorey wrote: post #22

Earlier quoted context omitted.

I think this is a great response, especially because I agree with the first part, and the second part gave me more to think about. > I'm personally waiting on an ETH successor with non-Turing-complete, verifiable code. Absolutely! My premise is that with turing completeness comes more chances for shooting in the foot. > Im not as upset about the hardfork as many people, though. Social constructs should be changable b…

Checkout Byteball. I think it has a strong future and the technology is novel. https://Byteball.org

They advertise a "fair" distribution. Note that

    98% of all bytes and blackbytes will be distributed to
    current Bitcoin holders who bother to prove their
    Bitcoin balances during at least one of distribution
    rounds.
and that

    Then the number of bytes and blackbytes you receive in
    each round will be proportional to the balance of your
    Bitcoin address in the snapshot block of that round.
So the rich get richer, again. This is not "fair" in the sense that I thought they meant ;)

Re: Ethereum price goes up nearly 50 percent in under a week

#89

Post by rebuilder »

splintercell wrote: post #12
merlincorey wrote: post #5

Earlier quoted context omitted.

> The underlying technology here is far superior to that of bitcoin Opinion > ethereum is a blockchain with a turing-complete programming language built on top of it and enables decentralized code execution Fact -- but double edged sword (my opinion, of course). I have personally been skeptical of ETH for years as their team have been promising the moon for a variety of use cases. For me, the biggest blow to ETH is t…

> For me, the biggest blow to ETH is the revelation that "the code is NOT law". Considering Ethereum Classic has all the features of ETH and it follows whatever your distorted definition of 'code is law' means, the fact that ETC is at it's all time low (compared to its price in ETH)). The question remains if ETH violated 'Code is Law', then how come market doesn't care. Clearly the biggest blow to ETH is NOT the DAO…

ETC doesn't follow the code is law edict, they just haven't broken it yet. (AFAIK).

The point is, the code is not law, and no solution seems to exist that would make it possible to say it is. This stands for all cryptocurrencies.

Re: Ethereum price goes up nearly 50 percent in under a week

#90

Post by reddytowns »

kbody wrote: post #65
iMuzz wrote: post #4

The recent price movement could be attributed to the formation of Enterprise Ethereum Alliance[0]. Here's a description from the website for what the EEA aims to do. > "The Enterprise Ethereum Alliance connects Fortune 500 enterprises, startups, academics, and technology vendors with Ethereum subject matter experts. Together, we will learn from and build upon the only smart contract supporting blockchain currently ru…

Unless the formation of Enterprise Ethereum Alliance supports about 10 or so other cryptocurrencies[1], then the formation is not really the reason. Imo the Bitcoin ETF rejection produced a knee-jerk reaction and caused a lot of potential (in-case-of-approved-ETF) Bitcoin investors to diversify for now with other cryptos as well, then or at the same time cryptotraders started pumping more. A lot of altcoins are in a…

> As for Ethereum, no one in their right mind would base something so crucial on such risky and proven-damaging language/platform. Print all the press releases you want to present yourself innovative etc., but it's a rotten foundation if you care about security and reliability. At least I hope we will see some evolution on that side instead of dirty-patching security issues.

This is a bold statement to proclaim while providing no evidence. It's the second largest cryptocurrency in the world, for Christsakes!

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