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Vitalik Unveils Ethereum 2.0 Roadmap

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Re: Vitalik Unveils Ethereum 2.0 Roadmap

#31

Post by FreeRadical »

albertgoeswoof wrote: post #23
nope96 wrote: post #16

Earlier quoted context omitted.

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 t…

But couldn't exactly that have happened during Google's seed rounds? And even the Google IPO? There's no way to prove that didn't happen either?

They are audited

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#32

Post by aquadrop »

lnsp wrote: post #13
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.…

Bitcoin also worked ok before the number of transactions went high, is ether protected from that kind of thing? If for example amount of ether transactions go up 3 orders of magnitude?

And it would be nice to have even smaller fees on Ether and transaction time less than a second, so it could be better than VISA/Mastercard.

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#33

Post by aquadrop »

once_inc wrote: post #30
lnsp wrote: post #13

Earlier quoted context omitted.

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.…

bitcoin's mempool is being cleared off 5-10 and even some 0-5 sat/byte transactions. If you set a correct fee, you can have $0.5 transactions that confirm within 10min.

If you set fee at $100 for $0.5 transaction? Not really sustainable...

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#34

Post by golergka »

lnsp wrote: post #13
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.…

> Because Ether is actually usable (even without smart contracts) as a form of money

I'm curious, how many drug dealers do you know that accept Ether?

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#35

Post by charlesdm »

golergka wrote: post #10
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…

> $5,860,200,000 USD This value is influenced by free decisions of people, like you, who decide to invest in it. If those people (just like you) would decide that the developers are getting an unfair share and therefore, the currency is not valuable for them, Etherium wouldn't have such valuation. But for some strange reason, people don't care about how much do developers get and how "fair" their compensation is, as…

Life isn't fair. Do I think its fair some people get born with billions of dollars to their name? Probably not. Do I care? I honestly don't. Find and create your own path.

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#36

Post by charlesdm »

aquadrop wrote: post #32
lnsp wrote: post #13

Earlier quoted context omitted.

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.…

Bitcoin also worked ok before the number of transactions went high, is ether protected from that kind of thing? If for example amount of ether transactions go up 3 orders of magnitude? And it would be nice to have even smaller fees on Ether and transaction time less than a second, so it could be better than VISA/Mastercard.

Afaik Ethereum is already processing double the transactions of Bitcoin, very cheaply, and near instantaneous (e.g. little to no transaction backlog).

The issue of Bitcoin is not the technical part; it's that no consensus can be reached between people on what is the right course of action, leading to multiple forks of the network.

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#38

Post by charlesdm »

golergka wrote: post #34
lnsp wrote: post #13

Earlier quoted context omitted.

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.…

> Because Ether is actually usable (even without smart contracts) as a form of money I'm curious, how many drug dealers do you know that accept Ether?

I'm curious, why does this matter? How many drug dealers do you know accept cash?

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#39

Post by Erlich_Bachman »

Nokinside wrote: post #27

Protocols like IPFS, BitTorrent produce tangible value for the users. In all fairness it would be nice to see them getting at least something in order of $10 million for their nice effort. These new ICO's are manufactured to give the company that develops them hundreds of millions or even speculative billions in paper. How long until people realize again that these products have near-zero marginal cost? Artificial sc…

Ethereum produces tangible value for it's users: transferring money and ability to create ICOs (just to name two). People value transferring money. It's a challenging technological task, which the humanity has been trying to solve for many years. It's a task that many people find useful. You don't mind paying 3% to your credit card company, do you? Even if you do, evidently many people around the world don't. Why is Ethereum (or another cryptocurrency) not considered "tangible value"?

It wasn't clear if you were talking about actual Ethereum itself or any of the ICOs that are based on it. If you were talking about ICOs, the answer is even simpler: they are just like stocks. It's like you asking "why are people giving all this money to that company?". It's because some of those companies have a business, or a business idea and people want to support it. (There are scams too, of course, but sometimes it's not easy to know which one is real and which is a scam, and so people take chances.)

> Artificial scarcity can be circumvented by just copying Ethereum and creating cheaper alternative.

You're welcome to try, if you think it is so simple. Ethereum Classic-people have tried, and they even had an actual legitimate reason (the DAO hack), not just a vague "we want to create a cheaper alternative" motive. Look at the price charts and see how well it went for them.

Re: Vitalik Unveils Ethereum 2.0 Roadmap

#40

Post by nope96 »

stupidcar wrote: post #29

It strikes me as an (non-invested) outsider that Ethereum seems to benefit from having a figure like Vitalik who can act as a Torvalds-esque figurehead, setting the project's technical direction. And that, in contrast, the non-participation of Satoshi Nakamoto has left a power vacuum at the heart of Bitcoin, which results in the kind of bloody and attritional battles required to move it forward. Because everybody and…

> Ethereum seems to benefit from having a figure like Vitalik who can act as a Torvalds-esque figurehead

If Vitalik got hit by a bus tomorrow Ether price would drop 95%. A currency does not need a leader who directs it. Also it should be very difficult to make changes to a 150 Billion $ currency.

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