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What does $100 Ether mean?

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Re: What does $100 Ether mean?

#11

Post by jaibot »

RichardHeart wrote: post #2

I think it means a lot of people are going to lose a lot more money than $1 Ether would have meant. 1. The halting problem states you can't predict what a turing complete program will do, until you run it. This means to some degree, that you can't predict what your "smart" contract will do, until it does it. Thus turing completeness causes security to be far, far harder than non turing completeness. This is how you l…

I routinely pay for things with ethereum - and if the target only accepts btc, then I can just shapeshift.

The "Halting Problem" is a red herring here - eth transactions are technically not Turing complete since they automatically halt when they run out of the finite supply of ether attached to the transaction. Saying that ethereum isn't feasible because of the halting problem is like saying cars aren't feasible because an object in motion stays in motion - there are countless practical ways to manage it, and if nothing else stops you, in the end you'll definitely run out of gas.

Re: What does $100 Ether mean?

#12

Post by cjslep »

They forgot the feature where if a smart contract doesn't go the way they want it, they create a default-opt-in hard fork of the currency.

Sorry if I don't trust the "small group of legends" more than the government.

Re: What does $100 Ether mean?

#13

Post by djh_ »

The author talks about making Ethereum more humane and user-friendly, but jargon like "The Internet of Agreements" and "Humanizing the Singularity" makes me think he's mostly interested in becoming a thought-leader through Branding™. Those terms and his bombastic language in general will not help bring Ethereum to the masses like he claims to want to do.

Also, the idea that Ethereum at $100 implies this amazing decentralized future is simply wrong, because that also implies that Ethereum at $1 didn't mean anything. Instead his argument should center around the many different businesses, products and experiments being built on the platform.

Re: What does $100 Ether mean?

#14

Post by joeblau »

> On the head end of the blockchain there is a sort of roulette wheel.

This is interesting. Where Bitcoin seems to reward miners based on solving NP hard problems, Etherium is just handed out randomly?

Re: What does $100 Ether mean?

#15

Post by RichardHeart »

djh_ wrote: post #13

The author talks about making Ethereum more humane and user-friendly, but jargon like "The Internet of Agreements" and "Humanizing the Singularity" makes me think he's mostly interested in becoming a thought-leader through Branding™. Those terms and his bombastic language in general will not help bring Ethereum to the masses like he claims to want to do. Also, the idea that Ethereum at $100 implies this amazing decen…

I think Vinay has great insights into gun control, the hexayurt, and some other topics, however, on ETH, I think he's totally in error. I'd be happy to livestream chat him about it.

Re: What does $100 Ether mean?

#16

Post by plainOldText »

djh_ wrote: post #13

The author talks about making Ethereum more humane and user-friendly, but jargon like "The Internet of Agreements" and "Humanizing the Singularity" makes me think he's mostly interested in becoming a thought-leader through Branding™. Those terms and his bombastic language in general will not help bring Ethereum to the masses like he claims to want to do. Also, the idea that Ethereum at $100 implies this amazing decen…

I think the post was good, but I was definitely surprised when I clicked the link to his venture capital firm only to see the ™ symbol next to "The Internet of Agreements".

Re: What does $100 Ether mean?

#17

Post by wmf »

joeblau wrote: post #14

> On the head end of the blockchain there is a sort of roulette wheel. This is interesting. Where Bitcoin seems to reward miners based on solving NP hard problems, Etherium is just handed out randomly?

No, Ethereum and Bitcoin both use proof of work (for now).

Re: What does $100 Ether mean?

#18

Post by joeblau »

wmf wrote: post #17
joeblau wrote: post #14

> On the head end of the blockchain there is a sort of roulette wheel. This is interesting. Where Bitcoin seems to reward miners based on solving NP hard problems, Etherium is just handed out randomly?

No, Ethereum and Bitcoin both use proof of work (for now).

But does BTC randomly reward the miners like ETH does as being described in this post?

Re: What does $100 Ether mean?

#19

Post by sf_rob »

cjslep wrote: post #12

They forgot the feature where if a smart contract doesn't go the way they want it, they create a default-opt-in hard fork of the currency. Sorry if I don't trust the "small group of legends" more than the government.

And in the same breath criticize Bitcoin for consolidation of mining power (which is a valid criticism).

Re: What does $100 Ether mean?

#20

Post by MarkPNeyer »

benchaney wrote: post #8
RichardHeart wrote: post #2

I think it means a lot of people are going to lose a lot more money than $1 Ether would have meant. 1. The halting problem states you can't predict what a turing complete program will do, until you run it. This means to some degree, that you can't predict what your "smart" contract will do, until it does it. Thus turing completeness causes security to be far, far harder than non turing completeness. This is how you l…

> The halting problem states you can't predict what a turing complete program will do, until you run it. This means to some degree, that you can't predict what your "smart" contract will do, until it does it. Thus turing completeness causes security to be far, far harder than non turing completeness. This is how you lose the millions of dollars as the DAO did after it passed audits. The Halting Problem states that yo…

To elaborate:

You can look at some programs with your mind, and tell quite clearly what they'll do.

You can't write a _program_ that will look at other programs, and always give a correct answer.

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