Results 1 to 13 of 13
  1. #1
    Pokerface's Avatar
    Pokerface is offline Public Member
    Join Date
    August 2016
    Posts
    2,621
    Blog Entries
    1
    Thanks
    433
    Thanked 866 Times in 625 Posts

    Default Ethereum - Digital Currency

    For some time now there have been a lot of comments made about Bitcoin, the future of the currency and the potential opportunities, or not, of Bitcoin. Being new to Bitcoin and now part of the cryptocurrency market I am hearing a lot about Ethereum, another digital currency.

    Has anyone had any experience with Ethereum? Any comments on this currency? As these digital currencies continue to develop and potential survive is there a chance that so many other digital currencies will not be able to survive if they are market based?

    Will be interesting to hear some comments.
    statsdrone.com

    GPWA members get a 2-month free trial - DM me!

  2. #2
    Juan Roman's Avatar
    Juan Roman is offline Private Member
    Join Date
    January 2013
    Posts
    530
    Thanks
    167
    Thanked 244 Times in 170 Posts

    Default

    Check your signature links, I am getting Page not found for each of those.
    • Teamwork - iGaming content & localisation services. Shortlisted for Best Digital Agency at 2024 iGB Affiliate Awards.
    • Pokie Machines
    • Hiring native writers with iGaming experience.

  3. #3
    Sherlock's Avatar
    Sherlock is offline Public Member
    Join Date
    December 2013
    Location
    WC
    Posts
    4,655
    Thanks
    1,356
    Thanked 3,611 Times in 2,035 Posts

    Default

    I was expecting this post here, because buzzword of last weeks is the flippening.

    Ethereum is a very bad money. It is better currency than bitcoin, but as money it completely sucks. There is a difference as money and currency. Money always has to be a currency (more or less), but not each (crypto)currency can be money.

    Why?

    1. Ethereum is much more "ideologically centralised" arount the leader Vitalik. It has a different purpose than Bitcoin, it is much more variable and can be used to more things tan bitcoin. The hashate is 200,000x smaller than by bitcoin. Owning an ETH is more like owning a stock of "ETH ltd."

    2. The ideological centralisation caused a precedent 10months ago, called "DAO hack". DAO hack showed why ethereum can not be a storage of money. DAO was a try to implement somehing new (not important now what it was). But because of poor coding someone haced the project and stole 8 figures worth of ETH. ETH leader decided to go with a fork and return the ethers to original owners. It may sound fair,but it was a blatant **** off to immutability and ETH lost credibility. (The old branch of the fork is still alive as ETC, because minority of people did not agree with the fork). https://www.coingecko.com/buzz/dao-d...reum?locale=en

    With Bitcoin this fork would be now much less possible, because Bitcoin purpose simply is only money. No one forked after big hacks like MtGox or Bitfinex. Such a fork would be rejected by miners, because they know their business is to keep bitcoin alive as money and not as a token.

    The problem with ETH as money is therefore immutability.


    3. Ethereum is soon planning change to proof-of-stake. It is hard to imagine the impact. The POS network is not run on miners, but on wallets. It is the walets that "mine" - it is called they stake. They stake proportionally to how much ETH is in the wallet. The network then will be much "lighter", but there will be no hashpower behind it. There is always a tradeoff between security and usability - for each cryptocurrency.

    Bitcoin is very much on the extreme side of security, but the security comes with a cost. We see that the transactions are not that fast (confirmations each 10 mins min, higher fees or even higher confirmation times).

    Ethereum is much more on the "usability side" and with POS change it will go that way much more.

    +++++++++++++++++

    To make it short. We think that money and currency are synonyms. Which is not always the case. No one cryptocurrency (it is really better to use a word blockchain) can be yet called money, even bitcoin is not money. Cryptocurrencies can be used in many other ways than money (e.g. smart contracts) and ETH is trying to do exactly that what money is not. Very few cryptocurrencies will be able to survive or rather evolve as money, most probably it will be just one and most probably it will be Bitcoin or something Bitcoin powered, because Bicoin has an enormous advantage. But probably more non-money aspiring blockchains will be able to survive. Especially in the POS mode, which does not consume incredible amounts of electricity and arms races like POW (=mining).

    You can also read this: https://medium.com/@WhalePanda/the-b...y-2b11093869d4
    Last edited by Sherlock; 22 April 2017 at 6:31 am.
    If you talk to God, you are praying; If God talks to you, you have schizophrenia.

  4. The Following 5 Users Say Thank You to Sherlock For This Useful Post:

    Leo (2 May 2017), ocreditor (15 May 2017), Pokerface (22 April 2017), vd752 (22 April 2017), WagerX (27 April 2017)

  5. #4
    Pokerface's Avatar
    Pokerface is offline Public Member
    Join Date
    August 2016
    Posts
    2,621
    Blog Entries
    1
    Thanks
    433
    Thanked 866 Times in 625 Posts

    Default

    Thanks Juan for informing me. I have been trying to update them however unable to resolve the problem. Coding seems fine but there obvioulsy something wrong. I have reached out to GPWA for some help. Thanks again!
    statsdrone.com

    GPWA members get a 2-month free trial - DM me!

  6. #5
    Pokerface's Avatar
    Pokerface is offline Public Member
    Join Date
    August 2016
    Posts
    2,621
    Blog Entries
    1
    Thanks
    433
    Thanked 866 Times in 625 Posts

    Default

    Thanks Sherlock for your comments on this subject. The whole area of cryptocurrencies is new not just to me but to everyone and you always provide good insight on the subject. I have recently ventured into Bitcoin and I now need to consider options around Ethereum. The research continues .....
    statsdrone.com

    GPWA members get a 2-month free trial - DM me!

  7. #6
    Sherlock's Avatar
    Sherlock is offline Public Member
    Join Date
    December 2013
    Location
    WC
    Posts
    4,655
    Thanks
    1,356
    Thanked 3,611 Times in 2,035 Posts

    Default

    My insights are my beliefs. I am quite often wrong. I am really sure ETH might be a good token, but not the money. I have much more reasons to think that. It would be very long posts if I write here all the reasons. But yeah, my way of thinking might be bad.

    So there will be thank God a proof. Starting in May: Alphabay - probably the largest dark market - starts to accept ETH. Let we see how it goes. And let we see if ETH is accepted and used by customers there, what will US do with that. Because ETH, unlike BTC, has a very influential living person who represents it.
    If you talk to God, you are praying; If God talks to you, you have schizophrenia.

  8. The Following User Says Thank You to Sherlock For This Useful Post:

    dfiocch (26 April 2017)

  9. #7
    Sherlock's Avatar
    Sherlock is offline Public Member
    Join Date
    December 2013
    Location
    WC
    Posts
    4,655
    Thanks
    1,356
    Thanked 3,611 Times in 2,035 Posts

    Default

    If you talk to God, you are praying; If God talks to you, you have schizophrenia.

  10. The Following 2 Users Say Thank You to Sherlock For This Useful Post:

    dfiocch (26 April 2017), TheGooner (26 April 2017)

  11. #8
    dfiocch's Avatar
    dfiocch is offline Private Member
    Join Date
    September 2006
    Posts
    877
    Thanks
    789
    Thanked 567 Times in 350 Posts

    Default

    Agree with Sherlock. On all points.
    Just to say, I'm mining ETH and ZEC with some our old datacenters converted in rigs (6x gpus both rigs) and exchanging all mined coins in BTC when the rate is up (ZEC to BTC - ETH to BTC).

    Another way to recycle old hardware without dumping it

  12. The Following 2 Users Say Thank You to dfiocch For This Useful Post:

    Sherlock (26 April 2017), wonderpunter (26 April 2017)

  13. #9
    Sherlock's Avatar
    Sherlock is offline Public Member
    Join Date
    December 2013
    Location
    WC
    Posts
    4,655
    Thanks
    1,356
    Thanked 3,611 Times in 2,035 Posts

    Default

    Does it pay off in terms of electricity?

    In fact I have a tip for an altcoin I invest now very much into. But unlike Bitcoin, it is really an risky adventure, so I am not going out with that in public. It is in top 20 alts now and is in a way connected to Bitcoin (like Bitcoin extension that solves some btc problems on another blockchain). I am probably just throwing money away, but who knows. If someone is interested I can reply by PM, because I really do not want to hear once it falls down, that I am responsible for the loss. With Bitcoin here in 2014 I was confident, but this is like a long shot on Leicester.

    Again I would like very much all the people to watch the video above. It should be something like our basic approach to btc and blockchains wired to our DNA.
    If you talk to God, you are praying; If God talks to you, you have schizophrenia.

  14. The Following User Says Thank You to Sherlock For This Useful Post:

    dfiocch (26 April 2017)

  15. #10
    dfiocch's Avatar
    dfiocch is offline Private Member
    Join Date
    September 2006
    Posts
    877
    Thanks
    789
    Thanked 567 Times in 350 Posts

    Default

    Electricity?

    Solar power at home (4 kW/h). Right now, the consumption (4 Macs on, 2 rigs on TV and other stuffs on) is 2,5342 kW/h.
    During night I release accumulated energy on the day in the net (around 3,8 kW/h per day no consumption minus all stuffs on including rigs).

    Electricity seems not a problem for me

  16. The Following User Says Thank You to dfiocch For This Useful Post:

    Sherlock (26 April 2017)

  17. #11
    Sherlock's Avatar
    Sherlock is offline Public Member
    Join Date
    December 2013
    Location
    WC
    Posts
    4,655
    Thanks
    1,356
    Thanked 3,611 Times in 2,035 Posts

    Default

    another one from Andreas, maybe even clearer
    If you talk to God, you are praying; If God talks to you, you have schizophrenia.

  18. #12
    TheGooner's Avatar
    TheGooner is online now Private Member
    Join Date
    March 2007
    Location
    New Zealand
    Posts
    4,475
    Thanks
    2,061
    Thanked 4,454 Times in 2,124 Posts

    Default

    Coin mania is here - and the general public are ignoring BTC's claims for uniqueness - jumping onto anything crypto.
    Bitcoin is now less than 60% of the overall crypto-currency market capitalisation.

    First-mover advantage gives brand recognition - but it only last so long. (as Ericsson or Nokia know in the mobile phone market)
    Now other coins and projects are also getting recognition - and to the general public BTC is not the only crypto in town.

    As for Andreas - his anologies are pretty weak - he is not the showman he thinks he is.
    And his bias is obvious especially when he says "we" instead of Bitcoin.

    Andreas may not think it's an issue, a problem, or a challenge for BTC, due to obscure and arcane techno-issues ...
    But he's fooling himself when he dismisses alt-coins out of hand.

  19. The Following User Says Thank You to TheGooner For This Useful Post:

    universal4 (16 May 2017)

  20. #13
    Sherlock's Avatar
    Sherlock is offline Public Member
    Join Date
    December 2013
    Location
    WC
    Posts
    4,655
    Thanks
    1,356
    Thanked 3,611 Times in 2,035 Posts

    Default

    No. He is right.
    If you talk to God, you are praying; If God talks to you, you have schizophrenia.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •