Ethereum

Discussion in 'Digital Currencies' started by Load of Bullion, Jan 12, 2014.

  1. Load of Bullion

    Load of Bullion Well-Known Member

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    A friendly heads-up!

    Ethereum coin is due to be released in about two weeks (end of Jan).
    Vitalik Buterin is very highly respected within crypto-currency circles.
    Prominent crypto-currency speaker Andreas Antonopolous is already mentioning this upcoming coin.

    [​IMG]
    See more at he website.
    Source: http://fusion.net/modern_life/story/ethereum-bitcoin-currency-created-19-year-372034

    Here is another portion:
    [​IMG]

    Read more here:
    http://ethereum.org/ethereum.html
    and here
    http://about.me/vitalik_buterin

    Here is the founder Vitalik Buterin in more of general discussion.
    [youtube]http://www.youtube.com/watch?v=i5VVmTI9F9s[/youtube]

    I'm not one to jump onto new alt coins, but this time it is different. I will be trying to buy this coin earlywish me luck.
     
  2. trew

    trew Active Member Silver Stacker

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    hmmmm... pretty good deal for the founders....

    So they will sell half of the initial ethers for bitcoins (I assume the founders will get those bitcoins),
    allocate another 25% ethers to themselves,
    and miners will be allowed to mine another 25% each year, forever.


    Think I'll buy stock in a RAM maker.
     
  3. southerncross

    southerncross Well-Known Member Silver Stacker

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    So can we get a wallet for this yet ?
    From what I can gather this crypto is intended to be more amenable to the business side of things which would open it up to a whole other layer of fiat, there would have to be some serious savings to be made on transaction fee's for small to medium business' that could trade with a crypto like this huh ?
     
  4. Load of Bullion

    Load of Bullion Well-Known Member

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    Thanks trew, I read some of the info quickly skimmed right over the issuance section. I'm not sure about wallets.
    I need to have another look at the info.
    Jumping in on new coins has not been my thing. My interest in this coin has mainly been sparked due to the developer
    and other prominent people taking an interest.
    I'm interested to know what people think. - LoB
     
  5. bring-the-silver

    bring-the-silver Member

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    In layman's terms, that's a new type of digital currency, similar to Bitcoin but expanded to allow new functionality. Buterin is opening up Ethereum to allow other things such as integration with stocks and bonds and algorithmic trading to be built on top of it.

    This functionality already exists with the Bitcoin network (well actually its in development by the exact guy making this new crypto) I don't see what advantage this holds over BTC, people seem to forget Bitcoin is highly adaptive and we don't need 200 different currencies to do 200 different tasks, Bitcoin can do them all

    I might invest just for the start up boom, though I missed out on mastercoin which turned out to be successful I see this going the same route
     
  6. Load of Bullion

    Load of Bullion Well-Known Member

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    Yes, your post reflects my outlook at this point. I'm not convinced this coin has anything new to offer, that BTC could not accommodate.
    Mastercoin yup. I'm suspecting a similar thing could occur. This would be the coin I'd guess.
    I do think the crypto-currency ecosystem needs to have it's own competition for health. Only a few players are really going to be strong I suspect, as others do. (6-7 strong coins say).
    BTC is being developed in all sorts of ways.
    I certainly realise this. The core protocol can't be messed with but modifications can be made and expansion can be made such as 'transactions per second' limits.
    I need to have a further look at Ethereum.
    cheers LoB
     
  7. trew

    trew Active Member Silver Stacker

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    The developers probably realised they would get nothing for developing new protocols as everything becomes open source

    I've seen this raised as a flaw of bit coin - miners get rewarded but developers don't

    The advantage of launching a new currency is that it lets the developers get rich
     
  8. Jimmy1986

    Jimmy1986 Active Member Silver Stacker

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    Any idea of where/when one could trade some Btc for Ether? Singed up to there mailing list but no extra info as yet, does anyone know how It worked with the mastercoin pre launch?

    Cheers Jimmy
     
  9. aleks

    aleks Well-Known Member Silver Stacker

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    Im genuinely not having ago here, but feels abit too scam ish to me as trew mentioned with the issuing of it
     
  10. trew

    trew Active Member Silver Stacker

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    I'm not saying its a scam but I think the founders are being very smart with the way it's being set up.
    They not only start off with one third of the initial currency but also sell off the other two thirds for bitcoins.
    At the end of one year of mining they will still hold one quarter of the total ethers plus the initial bitcoins.

    They're covered if the whole thing falls in a heap - they've got the bitcoins from the initial sale.
    Guess you have to trust they won't just retire after the launch and abandon the whole thing

    I suppose having a large stake will motivate them to develop and support the currency and continue to innovate it.
    I'm getting the impression that the strength of a currency is not just dependant on the mining network but also the developers behind the code and how proactive they are in fixing problems when they arise and adding new innovations
     
  11. aleks

    aleks Well-Known Member Silver Stacker

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    Sorry, didn't mean to put words in your mouth...
     
  12. southerncross

    southerncross Well-Known Member Silver Stacker

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    From the white paper http://vitalik.ca/ethereum.html

     
  13. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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    Technically, this is quite interesting but it won't get huge take up unless developers make it easy for people to use.

    I happen to understand Merkle trees and uniform resource identifiers but my grandmother is going to want to know why all the currency denominations have such silly names and why her wallet doesn't tell her how many of each she has.

    Dumb oversights like that is why really awesome technology stays on the fringe.
     
  14. long88

    long88 Member

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    What is the difference with the central bank system ? We now have have a coder that is gaining the most from this crypto.

    The coder control linear quantity but how does the value of 1 eth set to 0.0001 btc ? I would have thought the market should decide it ?
     
  15. southerncross

    southerncross Well-Known Member Silver Stacker

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    Apparently the initial lot going to the founders is locked for the first year


    https://bitcointalk.org/index.php?topic=412878.0

    http://www.ursium.com/ethereum_so_far_live_updates/
     
  16. southerncross

    southerncross Well-Known Member Silver Stacker

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  17. goldpelican

    goldpelican Administrator Staff Member

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  18. southerncross

    southerncross Well-Known Member Silver Stacker

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    The price Moon coin was going for earlier I'm sure some people did have a new beginning.
     
  19. Load of Bullion

    Load of Bullion Well-Known Member

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    Promo vid.

    [youtube]http://www.youtube.com/watch?v=PO4oJuESy1k[/youtube]
     
  20. mr-dead

    mr-dead Member

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