Ethereum Has Issues • Hacker News Board

Re: Ethereum Has Issues

#21

Post by carlosdp » Thu, Apr 14, 2022, 6:35 PM UTC

Barrera wrote: post #5

This article goes off the rails for me with this statement: > Their starting point was the observation that Ethereum "smart contract" execution is order-dependent within a block, unlike transaction execution in Bitcoin and similar systems: ... First, Bitcoin runs smart contracts [1]. The lie to the contrary has seeped into almost every discussion of Bitcoin vs. Ethereum, and this author appears to have taken the bait…

Yea but let's be real, when most people think "smart contracts" what they really mean is "turing complete smart contracts."

Re: Ethereum Has Issues

#22

Post by capableweb » Thu, Apr 14, 2022, 6:38 PM UTC

carlosdp wrote: post #21

Barrera wrote: post #5

This article goes off the rails for me with this statement: > Their starting point was the observation that Ethereum "smart contract" execution is order-dependent within a block, unlike transaction execution in Bitcoin and similar systems: ... First, Bitcoin runs smart contracts [1]. The lie to the contrary has seeped into almost every discussion of Bitcoin vs. Ethereum, and this author appears to have taken the bait…

Yea but let's be real, when most people think "smart contracts" what they really mean is "turing complete smart contracts."

Not sure how many people share that "common definition". Most people I speak with day-to-day (who understands blockchain in the first place), would consider "programs stored on blockchain to run when conditions are met" as the most defining feature, and doesn't have to be turing complete for doing so.

Re: Ethereum Has Issues

#23

Post by Animats » Thu, Apr 14, 2022, 6:39 PM UTC

The system is functioning as designed. The suckers are being fleeced.

It is in the nature of markets to move money from the many to the few.

Re: Ethereum Has Issues

#24

Post by MichaelRazum » Thu, Apr 14, 2022, 6:42 PM UTC

Have to agree. Just curios what happens to the whole thing if Ethereum switches to POS.

Re: Ethereum Has Issues

#25

Post by jrsj » Thu, Apr 14, 2022, 6:43 PM UTC

There’s really no need to post yet another “crypto is a scam” comment on every single one of these posts. I mostly agree but it adds nothing to discussion and we’ve all heard it a million times already.

Re: Ethereum Has Issues

#26

Post by mateuszf » Thu, Apr 14, 2022, 6:45 PM UTC

Stevvo wrote: post #15

Arnavion wrote: post #8

Earlier quoted context omitted.

Bitcoin had script opcodes before any forks, so it doesn't matter which fork they cite.

Citing a scam from the most famous con artist in the industry is never a good form.

Seems like an unintentional mistake though.

Re: Ethereum Has Issues

#27

Post by Animats » Thu, Apr 14, 2022, 6:46 PM UTC

capableweb wrote: post #22

carlosdp wrote: post #21

Earlier quoted context omitted.

Yea but let's be real, when most people think "smart contracts" what they really mean is "turing complete smart contracts."

Not sure how many people share that "common definition". Most people I speak with day-to-day (who understands blockchain in the first place), would consider "programs stored on blockchain to run when conditions are met" as the most defining feature, and doesn't have to be turing complete for doing so.

Yes. I would have designed contracts as decision tables.[1] Those are not Turing-complete. They look more like spreadsheets. They have a finite number of cases and can be exhaustively tested.

[1] https://en.wikipedia.org/wiki/Decision_table

Re: Ethereum Has Issues

#28

Post by bulbosaur123 » Thu, Apr 14, 2022, 6:47 PM UTC

What useful has Ethereum created apart from providing an ever-bloating platform for generation of infinite digital-only tokens? As of 2022 the oracle problem still hasn't been solved, so actual decentralized, objective real life object-to-blockchain interaction is impossible. Monero added fully anonymous crypto that is used by most of the dark web. USDT, USDC provided stablecoins that can circumvent what fiat can't. Bitcoin is first mover, largest liquidity, organic distribution, most decentralised and most tested (least chance of bugs compared to other projects).

What legitimate use apart from creation of infinite, meaningless tokens has Ethereum provided?

Re: Ethereum Has Issues

#29

Post by [deleted] » Thu, Apr 14, 2022, 6:48 PM UTC

Barrera wrote: post #5

This article goes off the rails for me with this statement: > Their starting point was the observation that Ethereum "smart contract" execution is order-dependent within a block, unlike transaction execution in Bitcoin and similar systems: ... First, Bitcoin runs smart contracts [1]. The lie to the contrary has seeped into almost every discussion of Bitcoin vs. Ethereum, and this author appears to have taken the bait…

[deleted]

Re: Ethereum Has Issues

#30

Post by jqpabc123 » Thu, Apr 14, 2022, 6:50 PM UTC

Without regulation, the marketplace --- any marketplace --- becomes a platform for scams and extortion.

Show me a marketplace without regulation and I will show you a marketplace best avoided if possible.