The future of cryptocurrency

M

mpbiz

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Apr 29, 2010
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Just as Bitcoin made it possible to send and receive money outside of the traditional banking system, Ethereum could make it possible to set up binding contracts outside of the legal system. In addition to a virtual currency called Ether, Ethereum includes a full-fledged programming language that makes it possible to encode binding agreements embedded in the same transaction record that tracks the flow of Ether.
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http://m.fastcolabs.com/3026271/could-this-20-year-old-kid-make-bitcoin-obsolete
 


Ethereum will support custom currencies or "colored coins",

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I'm not convinced this embedding contracts thing is going to be much of a game changer. I mean, how often do you guys use escrow or put in a chargeback nowadays? I maybe use escrow once a year, and put in a chargeback once every 5 years.

It'll come in handy if you flip websites for a living or something, but other than that, I don't think anyone is really going to care.
 
Kiopa_Matt said:
I'm not convinced this embedding contracts thing is going to be much of a game changer. I mean, how often do you guys use escrow or put in a chargeback nowadays? I maybe use escrow once a year, and put in a chargeback once every 5 years.

It'll come in handy if you flip websites for a living or something, but other than that, I don't think anyone is really going to care.
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Ethereum is cool.

The first innovative cryptocurrency was Bitcoin. It has a blockchain.

The second one was probably Ripple. The profit-oriented model sucks, but IOUs are pretty neat.

Third would probably be Mastercoin, built on top of Bitcoin with some random features I don't even remember.

Now, we have Ethereum, which basically lets you program transactions to execute code (lots of possibilities here). You can basically make the network run the code, and pay for it with your coins.

How is that not a game changer?
 
J. D. said:
How is that not a game changer?
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Because payment APIs aren't exactly new, and you can already do this with bitcoin anyway. In your bitcoin.conf file, just put:

walletnotify=/some/script.sh %s

Then shove whatever code you want into script.sh, and it'll get fired off every time a payment comes in. Sorry, but this isn't anything ground breaking. It's good if you have a large need for escrow payments (ie. flip web sites), but that's about it.
 
Kiopa_Matt said:
Because payment APIs aren't exactly new, and you can already do this with bitcoin anyway. In your bitcoin.conf file, just put:

walletnotify=/some/script.sh %s

Then shove whatever code you want into script.sh, and it'll get fired off every time a payment comes in. Sorry, but this isn't anything ground breaking. It's good if you have a large need for escrow payments (ie. flip web sites), but that's about it.
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It's all about "trustless" distributed code running. You send a transaction to a contract, based on its rules (code) it will decide what to do. If I remember correctly, it can also take data from "the wider world" and use that as part of its decision making. Lots of things are possible when you're turing complete.
 
mattseh said:
It's all about "trustless" distributed code running. You send a transaction to a contract, based on its rules (code) it will decide what to do.
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I understand the concept, but again, how often do you send money to someone with the level of distrust required for a protocol like this?

I think there's a huge market for Etherum, and it's a great tool. Just think Fiverr, Freelancer, flipping sites, etc... not a game changer though.
 
Ethereum has a ton of hype. If it can live up to it and deliver on what it says, it will be great.

Updates on its status has been kinda quiet lately.
 
Kiopa_Matt said:
I understand the concept, but again, how often do you send money to someone with the level of distrust required for a protocol like this?

I think there's a huge market for Etherum, and it's a great tool. Just think Fiverr, Freelancer, flipping sites, etc... not a game changer though.
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It's not only for escrows. You can do all sorts of neat shit like scheduled transactions, time-based locks, currency trading, data storage, and decentralized companies. It lets you teach your money to do things on its own.

Vitalik is a fucking genius. Look up his age and resume.
 
If I understood crypto currencies even slightly I could probably get rich like Gordon Gekko ...unfortunately I don't. I still pay for my grocery shopping and other essentials by check or cheque.
 
Ethereum is a very ambitious project. I met with the team in Switzerland and was together with them for 4 days, met Charles, Mihai and the bunch and had very nice discussions with them.

Lots of crazy stuff went on when I was there, like big companies calling them to give them money etc. But you should always look at this in a more skeptic view: This project can be "too" ambitious and some of the lead developers have had past projects which they did not finish (i.e. Dark Wallet), the founder's share which is insanely high can be treated as a "greedy" move to get rich fast and use that money to build apps on top of Ethereum to profit off of them and just make the 6 founders insanely rich, so I have yet to see what they can really pull off, until then, I'll stay skeptic but I do really hope that they can make this happen.

In the fundraiser, only invest as much as you can lose.
 
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