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Priority Queue on Ethereum with a 15 ETH Bug Bounty

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Re: Priority Queue on Ethereum with a 15 ETH Bug Bounty

#21

Post by ProfBernardo »

ProfBernardo wrote: post #17
seibelj wrote: post #6

Cryptocurrencies, and especially Ethereum, are truly novel innovations in computer science that cross many academic disciplines. The linked example is a great write-up. It’s sad that there is a vocal group, especially on HN, that knee-jerk hates everything blockchain related and wishes with their entire being for it to fail. However, I think smart contracts are fascinating and wish more people would keep an open mind…

Agreed. I left HN after I realized how stupid the people here were and migrated to a troll account. It's amazing how abrasive the vocal group is. I ditched my real life identity (which I use everywhere else) just so I could feel a little freer in expressing my true opinion on this forum. +1 for downvotes. Oh wait, you can't. At least, not the average user... I think admins can, though, right?

Down voted. I love the double standard on Hacker News. Beautifully transparent, super-class of readers, who can downvote.

Re: Priority Queue on Ethereum with a 15 ETH Bug Bounty

#22

Post by pmiller2 »

LeoPanthera wrote: post #19
seibelj wrote: post #6

Cryptocurrencies, and especially Ethereum, are truly novel innovations in computer science that cross many academic disciplines. The linked example is a great write-up. It’s sad that there is a vocal group, especially on HN, that knee-jerk hates everything blockchain related and wishes with their entire being for it to fail. However, I think smart contracts are fascinating and wish more people would keep an open mind…

I don't want to be anti-blockchain, but I have yet to come across any problems that are solved better with a blockchain than with any other traditional technology - except for the original one, a distributed electronic currency.

USD is already a mostly electronic currency. I’ve done some reading, and I have yet to come across a compelling advantage for cryptocurrency cum currency for the purposes of legitimate transactions.

Re: Priority Queue on Ethereum with a 15 ETH Bug Bounty

#23

Post by nosuchthing »

seibelj wrote: post #6

Cryptocurrencies, and especially Ethereum, are truly novel innovations in computer science that cross many academic disciplines. The linked example is a great write-up. It’s sad that there is a vocal group, especially on HN, that knee-jerk hates everything blockchain related and wishes with their entire being for it to fail. However, I think smart contracts are fascinating and wish more people would keep an open mind…

The term “Smart contracts” (Ethereum/EOS/hyperledger) is often used with wild claims for supply chains and cross border business deals, but why would any real business want to use a public blockchain?

Smart contracts can’t even do anything interesting without a trusted source of data input. The threat model and legal questions of smart contracts are another huge deterrent for most businesses.

Latency, throughput, security threats, and cost are all fairly understood with normal databases, yet with blockchain software all of these are measurably worse.

Where are the completed successful smart contracts deployed?

Why would any person or business want/need to use an existing blockchain when some bug or mining operator might cause a catastrophe of that system, who would they sue for damages?

A single user who spent less than $5000 crashed the entire market for Ethereum last summer. Most of the supply of ETH, XMR, BTC and other crypto tokens are owned by a very small population of crypto-oligarchs.

It all seems like a marketing scheme to sell cyber beanie babies to people who are unfamiliar with the engineering flaws in distributing computing and the marketing lies from “investors” who need to pump the price on their magic beans.

Re: Priority Queue on Ethereum with a 15 ETH Bug Bounty

#24

Post by erikpukinskis »

LeoPanthera wrote: post #19
seibelj wrote: post #6

Cryptocurrencies, and especially Ethereum, are truly novel innovations in computer science that cross many academic disciplines. The linked example is a great write-up. It’s sad that there is a vocal group, especially on HN, that knee-jerk hates everything blockchain related and wishes with their entire being for it to fail. However, I think smart contracts are fascinating and wish more people would keep an open mind…

I don't want to be anti-blockchain, but I have yet to come across any problems that are solved better with a blockchain than with any other traditional technology - except for the original one, a distributed electronic currency.

I don’t understand why you would be anti- something so new at all. To me it’s preposterous that you would evaluate a new technology based on how many problems it and only it can solve. Don’t you get that new technology has an incubation period where its fundamental challenges must be overcome?

What problem could early steam powered cars solve that horses couldn’t solve better? I doubt the earliest ones performed better than the animal based solutions for ANY specific use.

Yet writing off automobiles at that stage would’ve been a mistake only obvious in retrospect.

Especially for something as truly bizarre as Ethereum, why write it off at this early stage?

Re: Priority Queue on Ethereum with a 15 ETH Bug Bounty

#25

Post by erikpukinskis »

pmiller2 wrote: post #22
LeoPanthera wrote: post #19

Earlier quoted context omitted.

I don't want to be anti-blockchain, but I have yet to come across any problems that are solved better with a blockchain than with any other traditional technology - except for the original one, a distributed electronic currency.

USD is already a mostly electronic currency. I’ve done some reading, and I have yet to come across a compelling advantage for cryptocurrency cum currency for the purposes of legitimate transactions.

It’s mostly useful for people whose social networks aren’t fully enfranchised in the U.S. financial system. For people within that system your analysis is correct.

Re: Priority Queue on Ethereum with a 15 ETH Bug Bounty

#26

Post by erikpukinskis »

ProfBernardo wrote: post #21
ProfBernardo wrote: post #17

Earlier quoted context omitted.

Agreed. I left HN after I realized how stupid the people here were and migrated to a troll account. It's amazing how abrasive the vocal group is. I ditched my real life identity (which I use everywhere else) just so I could feel a little freer in expressing my true opinion on this forum. +1 for downvotes. Oh wait, you can't. At least, not the average user... I think admins can, though, right?

Down voted. I love the double standard on Hacker News. Beautifully transparent, super-class of readers, who can downvote.

I downvoted you mostly because I can. But also because this comment violates the rules.

Re: Priority Queue on Ethereum with a 15 ETH Bug Bounty

#27

Post by pmiller2 »

erikpukinskis wrote: post #25
pmiller2 wrote: post #22

Earlier quoted context omitted.

USD is already a mostly electronic currency. I’ve done some reading, and I have yet to come across a compelling advantage for cryptocurrency cum currency for the purposes of legitimate transactions.

It’s mostly useful for people whose social networks aren’t fully enfranchised in the U.S. financial system. For people within that system your analysis is correct.

Interesting. Can you expand on what you mean by "people whose social networks aren't full enfranchised in the U.S. financial system?" The phrase has me thinking of this: https://en.wikipedia.org/wiki/M-Pesa

Re: Priority Queue on Ethereum with a 15 ETH Bug Bounty

#28

Post by nosuchthing »

topmonk wrote: post #20
arcticbull wrote: post #5

Earlier quoted context omitted.

Or neither Bitcoin nor Blockchain. The thing is, inflation is actually what keeps the entire economy moving. Deflationary currencies actively dissuade investment and lending. What would a loan even look like denominated in a deflationary currency? Lenders are incentivized not to give you the one, as their cash reserves appreciate risk-free. Oh, and also, why trust this random ad-hoc group of self-appointed economists…

> If the core team wants to create more bitcoin they can. If you believe this, you lack a fundamental understanding of btc.

Actually it’s possible for any hacker to generate more Bitcoins if another bug like CVE-2018-17144 is discovered.

What Exactly Did the Bug Do?

The obvious worst part of this bug was the inflation exploit. An attack could create new bitcoins at will, exceeding the 21 million hard cap limit that is currently in place. This would absolutely destroy confidence in not only Bitcoin, but every cryptocurrency.

https://www.livebitcoinnews.com/cve-2018-17144-the-aftermath...

Re: Priority Queue on Ethereum with a 15 ETH Bug Bounty

#29

Post by bonestamp2 »

nosuchthing wrote: post #23
seibelj wrote: post #6

Cryptocurrencies, and especially Ethereum, are truly novel innovations in computer science that cross many academic disciplines. The linked example is a great write-up. It’s sad that there is a vocal group, especially on HN, that knee-jerk hates everything blockchain related and wishes with their entire being for it to fail. However, I think smart contracts are fascinating and wish more people would keep an open mind…

The term “Smart contracts” (Ethereum/EOS/hyperledger) is often used with wild claims for supply chains and cross border business deals, but why would any real business want to use a public blockchain? Smart contracts can’t even do anything interesting without a trusted source of data input. The threat model and legal questions of smart contracts are another huge deterrent for most businesses. Latency, throughput, sec…

> why would any real business want to use a public blockchain?

I think it is only important for a business when public trust is important. For example, a news agency could publish its articles in a public blockchain so the original article and any updates to that article would forever be auditable from that blockchain.

Re: Priority Queue on Ethereum with a 15 ETH Bug Bounty

#30

Post by chickenfries »

erikpukinskis wrote: post #24
LeoPanthera wrote: post #19

Earlier quoted context omitted.

I don't want to be anti-blockchain, but I have yet to come across any problems that are solved better with a blockchain than with any other traditional technology - except for the original one, a distributed electronic currency.

I don’t understand why you would be anti- something so new at all. To me it’s preposterous that you would evaluate a new technology based on how many problems it and only it can solve. Don’t you get that new technology has an incubation period where its fundamental challenges must be overcome? What problem could early steam powered cars solve that horses couldn’t solve better? I doubt the earliest ones performed bett…

There are so many advantages to early cars, are you kidding me? They don’t eat hay and shit for one.

Is there anything that your argument wouldn’t work for? Do you truly have to wait a decade before making any judgements about the hype around a technology? When will we be able to say if smart contracts have been overhyped?

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