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Vitalik Unveils Ethereum 2.0 Roadmap

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Re: Vitalik Unveils Ethereum 2.0 Roadmap

#11

Post by Merthurian »

nope96 wrote: post #5

Any time I read about Ether I think about this - "12 Million ETH were created to the development fund, most of it going to early contributors and developers..." At today's rate that's $5,860,200,000 USD. Who were these early contributors, how much did each get, and why do they get to have 12.5% of the entire economy on day 1? How is that a fair currency? I've read there were only 60 some "early contributors". Where's…

You're right about the infinite supply being dodgy. But I'm so sick of hearing how it's not fair that the early crypto adopters are doing well for themselves. Wah wah wah.

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#12

Post by celticninja »

nope96 wrote: post #5

Any time I read about Ether I think about this - "12 Million ETH were created to the development fund, most of it going to early contributors and developers..." At today's rate that's $5,860,200,000 USD. Who were these early contributors, how much did each get, and why do they get to have 12.5% of the entire economy on day 1? How is that a fair currency? I've read there were only 60 some "early contributors". Where's…

In cryptocurrencies this coin was essentially a pre-mine which is done specifically to enrich the creators without any expense to themselves. Say what you want about bitcoin, but Satoshi Nakamoto earned his coins fairly (even though he may never access them) and created a fair and level playing field for everyone who started mining alongside him.

Further the vague wording about the supply size means it is unlikely that it would hit bitcoins level of value because there is no scarcity.

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#13

Post by lnsp »

nope96 wrote: post #5

Any time I read about Ether I think about this - "12 Million ETH were created to the development fund, most of it going to early contributors and developers..." At today's rate that's $5,860,200,000 USD. Who were these early contributors, how much did each get, and why do they get to have 12.5% of the entire economy on day 1? How is that a fair currency? I've read there were only 60 some "early contributors". Where's…

Because Ether is actually usable (even without smart contracts) as a form of money since the transaction fees are really low compared to Bitcoin. When you pay somebody using Bitcoin, you currently pay $5 to $8 as transaction fee and it needs about 1 1/2 hours for the money to arrive. When you use Ether, you only pay $0.25 (or even lower) as a fee and the system needs less than 20 seconds to confirm your transaction.

The Bitcoin model is simply unsustainable if the exchange price continues to explode.

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#14

Post by DalasNoin »

nope96 wrote: post #5

Any time I read about Ether I think about this - "12 Million ETH were created to the development fund, most of it going to early contributors and developers..." At today's rate that's $5,860,200,000 USD. Who were these early contributors, how much did each get, and why do they get to have 12.5% of the entire economy on day 1? How is that a fair currency? I've read there were only 60 some "early contributors". Where's…

The FAQ is probably outdated. The roadmap in the article includes the switch too proof of stake. Proof of stake generally does not include block rewards, so it will stop completely.

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#15

Post by nope96 »

DalasNoin wrote: post #14
nope96 wrote: post #5

Any time I read about Ether I think about this - "12 Million ETH were created to the development fund, most of it going to early contributors and developers..." At today's rate that's $5,860,200,000 USD. Who were these early contributors, how much did each get, and why do they get to have 12.5% of the entire economy on day 1? How is that a fair currency? I've read there were only 60 some "early contributors". Where's…

The FAQ is probably outdated. The roadmap in the article includes the switch too proof of stake. Proof of stake generally does not include block rewards, so it will stop completely.

So the 60 early contributors now get 12.5% of all network fees, forever? (if they "stake")?

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#16

Post by nope96 »

marcell wrote: post #8
nope96 wrote: post #5

Any time I read about Ether I think about this - "12 Million ETH were created to the development fund, most of it going to early contributors and developers..." At today's rate that's $5,860,200,000 USD. Who were these early contributors, how much did each get, and why do they get to have 12.5% of the entire economy on day 1? How is that a fair currency? I've read there were only 60 some "early contributors". Where's…

> Who were these early contributors, how much did each get, and why do they get to have 12.5% of the entire economy on day 1? Why does Larry Page or Google Engineer #1 own billions of dollars of Google stock? Because he was there on day 1 and you weren't :)

I know the US Government oversaw the Google IPO and the stocks weren't printed out of thin air.

In the Ether ICO, a big whale friend of Vitalik could have sent his Bitcoin in during the ICO sale, got Ether for it, then Vitalik sent him his Bitcoin back. Poof, Ether printed out of thin air - there is no way to prove this did not happen.

That is the problem with these ICOs vs. using Proof of Work to fairly distribute the currency.

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#17

Post by crypt1d »

celticninja wrote: post #12
nope96 wrote: post #5

Any time I read about Ether I think about this - "12 Million ETH were created to the development fund, most of it going to early contributors and developers..." At today's rate that's $5,860,200,000 USD. Who were these early contributors, how much did each get, and why do they get to have 12.5% of the entire economy on day 1? How is that a fair currency? I've read there were only 60 some "early contributors". Where's…

In cryptocurrencies this coin was essentially a pre-mine which is done specifically to enrich the creators without any expense to themselves. Say what you want about bitcoin, but Satoshi Nakamoto earned his coins fairly (even though he may never access them) and created a fair and level playing field for everyone who started mining alongside him. Further the vague wording about the supply size means it is unlikely th…

huh? btc was premined by Satoshi and early contributors too. while nobody can confirm which of the early wallets are his, the value of the premined btc coins is likely higher than the Ethereum premine.

this is the nature of all the PoW coins. The early contributors take the most risk and the most reward (if the coin succeeds).

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#18

Post by DalasNoin »

nope96 wrote: post #15
DalasNoin wrote: post #14

Earlier quoted context omitted.

The FAQ is probably outdated. The roadmap in the article includes the switch too proof of stake. Proof of stake generally does not include block rewards, so it will stop completely.

So the 60 early contributors now get 12.5% of all network fees, forever? (if they "stake")?

I assume they sold some of it by now. But I see your point, does pos make the rich richer? Rich people can stake almost all their ether. since you can't move your ether for a long period of time after you stake it, staking is impractical for many. The first version of Casper will also include a minimum of ether to stake, though there are pools and they want too lower it over time.

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#19

Post by Passthepeas »

marcell wrote: post #8
nope96 wrote: post #5

Any time I read about Ether I think about this - "12 Million ETH were created to the development fund, most of it going to early contributors and developers..." At today's rate that's $5,860,200,000 USD. Who were these early contributors, how much did each get, and why do they get to have 12.5% of the entire economy on day 1? How is that a fair currency? I've read there were only 60 some "early contributors". Where's…

> Who were these early contributors, how much did each get, and why do they get to have 12.5% of the entire economy on day 1? Why does Larry Page or Google Engineer #1 own billions of dollars of Google stock? Because he was there on day 1 and you weren't :)

stocks are securities, while crypto projects are trying to be currencies, two very different things.

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#20

Post by cryptodogemoon »

celticninja wrote: post #12
nope96 wrote: post #5

Any time I read about Ether I think about this - "12 Million ETH were created to the development fund, most of it going to early contributors and developers..." At today's rate that's $5,860,200,000 USD. Who were these early contributors, how much did each get, and why do they get to have 12.5% of the entire economy on day 1? How is that a fair currency? I've read there were only 60 some "early contributors". Where's…

In cryptocurrencies this coin was essentially a pre-mine which is done specifically to enrich the creators without any expense to themselves. Say what you want about bitcoin, but Satoshi Nakamoto earned his coins fairly (even though he may never access them) and created a fair and level playing field for everyone who started mining alongside him. Further the vague wording about the supply size means it is unlikely th…

Satoshi actually used a manipulative log curve for his minting algorhythm which effectively created a ponzi style distribution scheme. The majority of BTC was produced to the small userbase for minimal effort, whereas time passes the computational work and wattage required to produce coins for late adopters increases as presumably more users discover the system.

Satoshi easily could have chosen a linear algorithm anticipating additional work input with more users, instead he designed a system to exploit late adopters.

The aspect of Bitcoins having a limited supply is mostly ineffective, as all the features of Bitcoin are now available in other service networks which are including more advanced features and better ASIC resistant algos.

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