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Why I’m so “against” Ethereum

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Re: Why I’m so “against” Ethereum

#211

Post by gamma-male »

toufiqbarhamov wrote: post #4
simonebrunozzi wrote: post #2

TL;DR: A long, insightful, and at least partially correct critique of the "state" of Ethereum as of today. My humble 0.02 is that what's current is immature and unstable, but there's a decent chance that Ethereum, or Bitcoin, or both, will at some point in the future provide some interesting technical solutions/services. The fact that Ethereum is not there yet is not a good enough argument for me.

Other than making some people really rich, what problems would it solve that aren’t better solved by existing solutions which don’t burn energy to create secure entropy?

DNS

Re: Why I’m so “against” Ethereum

#212

Post by gamma-male »

mothsonasloth wrote: post #190
xmly wrote: post #111

As a developer, I checked Ethereum's code base. To be honest, it is not that complex in the tech itself. I know it is not fair to just count code lines to compare the complexity. But the Ethereum python code base has only 30K-40K lines code including test while Linux kernel has 15M lines.

Ethereum is predominantly written in C++. The python codebase you are talking about is the Ethereum client / virtual machine of which there are several implementations written in Java, Go etc.

Non of you are right. Go ethereum (geth), the official client is written in Golang

Re: Why I’m so “against” Ethereum

#213

Post by gcb0 »

drcode wrote: post #208
brighton36 wrote: post #206

Earlier quoted context omitted.

What is successful about ethereum? The price?

What metric interests you? Number of stories in mainstream publications? Number of projects based on the tech in corporations? Amount of developer interest? Market cap? I agree that it is still in need of mainstream use cases, if that is your metric then you can justifiably argue no cryptocurrency is "successful".

the single promise of the project maybe? to enable transactions or way to fund distributed projects from direct sales to things as IPFS.

it's at most a hacker toy platform.

Re: Why I’m so “against” Ethereum

#214

Post by XorNot »

sparkie wrote: post #207
XorNot wrote: post #195

Earlier quoted context omitted.

> Small amounts of inflation are manageable. The same is true for deflation. Only in the presence of a Reserve Bank, which Bitcoin doesn't have. There's no ability for any authority to increase the number of Bitcoins possible, which means it's permanently deflationary. Inflationary currencies pay interest via Reserve Bank policies in order to be managed. Bitcoin has no such mechanisms, nor can any be implemented. > T…

> Only in the presence of a Reserve Bank, which Bitcoin doesn't have. There's no ability for any authority to increase the number of Bitcoins possible, which means it's permanently deflationary. Thank god there is no reserve bank. Markets do a far better job than individual people nearly every time. Eventually, deflation in bitcoin will be very low and will be only down to people losing their private keys. In practic…

> Eventually, deflation in bitcoin will be very low and will be only down to people losing their private keys.

This is not how deflation works. There's plenty of online material on this subject, you would do well to get familiar with it: https://en.wikipedia.org/wiki/Deflation

Re: Why I’m so “against” Ethereum

#216

Post by [deleted] »

wslh wrote: post #181
danaos wrote: post #173

Earlier quoted context omitted.

> The entire article is of similar quality. You cherry-picked some points and rebuffed them, then proceeded to generalize and dismiss all of them. The reality is that any SQL database would be superior to every blockchain unless your motives are criminal nature. Disclosure: I sold all of my cryptos in Q1 2018, after buying my first bitcoin in the summer of 2013 and loosing a (luckily) small chunk of it in the infamou…

> The reality is that any SQL database would be superior to every blockchain unless your motives are criminal nature. People in Venezuela and other political or economically opressed people around the world don't agree [1]. It seems you are wrongly extrapolating the context where you live. [1] https://coin.dance/volume/localbitcoins

[deleted]

Re: Why I’m so “against” Ethereum

#217

Post by arcticbull »

frustratedmngr wrote: post #215

I find it extremely disturbing that cryptocurrency discussions sound so much like political debate

More like religious debates honestly: “the cryptocurrency I ‘invest’* in is the one true future and all the others are shitcoin scams” — like calm down, IMO they’re all scams ;)

* It's not an investment as it does not convey ownership interest.

Re: Why I’m so “against” Ethereum

#218

Post by dlegal »

gcb0 wrote: post #213
drcode wrote: post #208

Earlier quoted context omitted.

What metric interests you? Number of stories in mainstream publications? Number of projects based on the tech in corporations? Amount of developer interest? Market cap? I agree that it is still in need of mainstream use cases, if that is your metric then you can justifiably argue no cryptocurrency is "successful".

the single promise of the project maybe? to enable transactions or way to fund distributed projects from direct sales to things as IPFS. it's at most a hacker toy platform.

MakerDAO is platform agnostic but currently exists on the Ethereum blockchain.

MakerDAO is awesome, and would encourage you all to take a look.

https://cdp.makerdao.com/

intro https://www.youtube.com/watch?v=U3YL_D66TjA&feature=youtu.be

Re: Why I’m so “against” Ethereum

#219

Post by tim333 »

gcb0 wrote: post #213
drcode wrote: post #208

Earlier quoted context omitted.

What metric interests you? Number of stories in mainstream publications? Number of projects based on the tech in corporations? Amount of developer interest? Market cap? I agree that it is still in need of mainstream use cases, if that is your metric then you can justifiably argue no cryptocurrency is "successful".

the single promise of the project maybe? to enable transactions or way to fund distributed projects from direct sales to things as IPFS. it's at most a hacker toy platform.

It's enabled a lot of transactions, several by myself. Indeed yesterday I did a couple of ERC20 token transfers which took less than a minute and cost two cents each.

Re: Why I’m so “against” Ethereum

#220

Post by repomies6999 »

naniwaduni wrote: post #186
wslh wrote: post #181

Earlier quoted context omitted.

> The reality is that any SQL database would be superior to every blockchain unless your motives are criminal nature. People in Venezuela and other political or economically opressed people around the world don't agree [1]. It seems you are wrongly extrapolating the context where you live. [1] https://coin.dance/volume/localbitcoins

This is, I suppose, very similar to criminal motive, except that we find them sympathetic. A reminder that not all that is (locally, de facto) illegal is wrong. One man's terrorist &c.

Using bitcoins in Venezuela isn't illegal.
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