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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

#91

Post by Jabanga »

AroundTheBlock_ wrote: post #10
koolba wrote: post #8

Earlier quoted context omitted.

> No, the hard fork for TheDAO did not sacrifice our principles. > No it wasn't a centralized bailout. > Yes, there were SOME shady things that went down, but all very minor. It was a very confusing time for all. > Yes, the website says "unstoppable uncensorable contracts" and we stopped one. Congratulations. Let me direct you to Ethereum Classic. You can't complain about a hard fork when you have a community that up…

"What's to prevent a similar situation in the future and why should anyone believe that to hold?" Ask yourself if this was a centralized hard fork ordered by up high, or as users we chose to opt in to this change. Clearly we opted in, because Ethereum Classic exists for those who so wish. Therefore, the Ethereum Foundation did not "force" me to do anything that I didn't agree to. Yes in my example Musk might have got…

I'm part of the Ethereum community and I think immutability is vital for its success (immutability is the core value proposition of public blockchains). I also think the DAO was early enough in Ethereum's life that it could be hard forked without seriously discrediting Ethereum's promise of immutability.

There's a huge difference between a blockchain that just started out, effectively in its beta release and learning the ropes, doing a hard fork under extraordinary circumstances, and a mature blockchain doing a hard fork to reverse any old major Dapp hack.

If Ethereum does hard forks to reverse hacks of third party applications at a mature phase of its life, I think its chances of succeeding and becoming the main platform for global asset management will diminish significantly. On the contrary, if Ethereum stays true to its principles, and becomes reliably immutable, even in the face of major hacks, I believe there is very little that can stop it from becoming the defacto protocol for global commerce. So I think being overly pragmatic is actually dangerous. Idealism is what sets principles, and principles are what give a platform credibility.

Remember, a hack of a third party application, no matter how major, cannot seriously harm Ethereum. A contentious hard fork and a discrediting of its principles can.

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

#92

Post by aedron »

wakkaflokka wrote: post #56

I put a fair bit of money into ETH immediately when I saw the NYT article on the announcement of the EEA. If I were to sell now, I will have made a very good bit of money from it. I'm at a crossroads where, given the EEA and their recent white paper about linking private blockchains the banks will potentially be using, with the public blockchain, makes me think I should stay in it. On the other hand, the skepticism i…

You could sell bottled air in the current economic environment. I am not surprised that something like ETH is also going up. What matters is if it has any fundamental value that will sustain it when all the slush capital disappears.

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

#93

Post by antocv »

schmichael wrote: post #45
antocv wrote: post #38

Turing complete smart contracts are a problem, we will make mistakes, The DAO showed. Programmers can not make perfect software, formal logic is too hard and too expensive. Instead, you can use a cryptocurrency which supports declarative smart contracts, which a lay-person could read, write and understand. Declarative smart contracts, over at https://byteball.org/

Using bytes as the unit of currency is awful. That's like releasing a car whose dashboard displays speed in liters.

It is like calling British currency pound sterling because it was once based on the wight of sterling silver.

What you pay in transaction fees is the amount of bytes used to represent your data.

Byteball can then also store immutable data of various lengths, if you are willing to pay for it in the price of bytes for the storage of bytes you like to store.

Makes sense.

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

#94

Post by antocv »

DennisP wrote: post #70
antocv wrote: post #38

Turing complete smart contracts are a problem, we will make mistakes, The DAO showed. Programmers can not make perfect software, formal logic is too hard and too expensive. Instead, you can use a cryptocurrency which supports declarative smart contracts, which a lay-person could read, write and understand. Declarative smart contracts, over at https://byteball.org/

Byteball and IOTA appear to be the same thing. How are they related?

They arent related, at all.

Byteball is live right now, Iota is still in closed/private beta testing with less features.

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

#95

Post by DennisP »

jcfrei wrote: post #71
DennisP wrote: post #63

Earlier quoted context omitted.

Commenters here were deeply skeptical of Ethereum during its crowdsale too. People who bought in and held anyway made a 100x gain, so far. Personally I develop smart contracts on Ethereum for a living, and business is good. The ecosystem is developing fast.

I didn't know you could already do this for a living. Care to share what kinds of smart contracts?

I do partly new development, partly security audits for clients' code. Projects so far include an Ethereum-backed debit card, a gambling system, a currency backed by hours of labor, and ICOs ("initial coin offerings").

All my work so far is on startup projects for the public chain, but there's also corporate work for the EEA's private chain efforts. They said there's a severe shortage of skilled people.

I've gotten two other full-time job offers and one for ongoing freelance, without really promoting myself at all. I'm just active in the community and blog a little.

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

#96

Post by DennisP »

antocv wrote: post #94
DennisP wrote: post #70

Earlier quoted context omitted.

Byteball and IOTA appear to be the same thing. How are they related?

They arent related, at all. Byteball is live right now, Iota is still in closed/private beta testing with less features.

With a little googling, that doesn't seem quite accurate. They both use the same underlying technology, which was originally proposed by IOTA, with some differences in design goals. Both have working production networks, but IOTA's was launched first.

http://www.tangleblog.com/2017/01/03/byteball-vs-iota-token/

http://www.the-blockchain.com/2016/12/11/happy-holidays-byte...

They both seem like interesting projects.

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

#97

Post by antocv »

DennisP wrote: post #96
antocv wrote: post #94

Earlier quoted context omitted.

They arent related, at all. Byteball is live right now, Iota is still in closed/private beta testing with less features.

With a little googling, that doesn't seem quite accurate. They both use the same underlying technology, which was originally proposed by IOTA, with some differences in design goals. Both have working production networks, but IOTA's was launched first. http://www.tangleblog.com/2017/01/03/byteball-vs-iota-token/ http://www.the-blockchain.com/2016/12/11/happy-holidays-byte... They both seem like interesting projects.

DAGcoin was proposed in bitcointalk thread in 2014, long before Iota was conceived and IoT fairly well known.

They dont even use the same underlying technology, unless you consider DAG to be a technology rather than a data-structure. Iota nodes are written in Java, Byteball is all in Node.js

As is usual in cryptocurrency world, if you want news and technical documentation on Byteball, you ask the Byteball people, do not ask Iota, and vice versa.

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

#98

Post by codingmyway »

I see two reasons for this:

1) Bitcoin transaction fees increasing and ETH being the main alternative available on Coinbase, even though ETH is not meant to be a currency, more like AWS credits, and its supply isn't fixed so isn't a good store of value.

2) Everyone was holding onto their BTC in case the ETF decision lead to a surge of new money into bitcon. Now that is off the table they are seeking bigger returns in alts.

Also new money is being pulling in by Dash hyping their version to those who missed out on the bitcoin bull and since Dash is nothing special now people have the idea that any other alt could be next.

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

#99

Post by DennisP »

antocv wrote: post #97
DennisP wrote: post #96

Earlier quoted context omitted.

With a little googling, that doesn't seem quite accurate. They both use the same underlying technology, which was originally proposed by IOTA, with some differences in design goals. Both have working production networks, but IOTA's was launched first. http://www.tangleblog.com/2017/01/03/byteball-vs-iota-token/ http://www.the-blockchain.com/2016/12/11/happy-holidays-byte... They both seem like interesting projects.

DAGcoin was proposed in bitcointalk thread in 2014, long before Iota was conceived and IoT fairly well known. They dont even use the same underlying technology, unless you consider DAG to be a technology rather than a data-structure. Iota nodes are written in Java, Byteball is all in Node.js As is usual in cryptocurrency world, if you want news and technical documentation on Byteball, you ask the Byteball people, do…

Yep I was referring to the data structure and consensus algorithm, not particular implementation code. The two projects clearly have more differences than I initially realized.

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

#100

Post by kbody »

reddytowns wrote: post #90
kbody wrote: post #65

Earlier quoted context omitted.

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…

Just from the DAO hack, you can learn a lot of things of how Ethereum works as a project and a company: - Ethereum's design (turing completeness etc.) doesn't enable formal verification of code/contracts - Months before the hack, Ethereum had paid for security audits, in the report the way the DAO hack was done was described, yet Ethereum failed to do anything about. - It's up to the decision of Ethereum's corporation (a.k.a Ethereum Foundation) to decide if they don't like one transaction or contract to make a hardfork, they broke one of their selling points of code is law.

On a sidenote, the 3rd largest cryptocurrency is a instant/premined scam[1] and the 5th largest is a super-centralized system that you can barely call cryptocurrency. So marketcap doesn't prove much.

[1]: http://daia.group/2017/03/13/review-dash-2/

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