Ethereum - Blockchain App Platform - Business, Finances and Investing Forum

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.

These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counterparty risk.

The project was bootstraped via an ether pre-sale during August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss nonprofit, with contributions from great minds across the globe.

Beginner's Read This
https://www.reddit.com/r/ethereum/co...t_page_of_the/

Other Resources:
https://ethereum.org/
https://www.reddit.com/r/ethereum/
https://www.reddit.com/r/ethtrader/
http://www.weekinethereum.com/
https://theetherian.wordpress.com/
https://github.com/Scanate/Ethlist
https://dappdaily.com/

edit: from Kazuya - https://docs.google.com/document/d/1...rKHhFCFuI/edit

Spoiler:

Last edited by housenuts; 05-19-2017 at 07:05 PM.

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05-19-2017 , 06:55 PM

outfit

old hand

Join Date: Feb 2015 Posts: 1,396

Nice

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05-19-2017 , 07:00 PM

Everest17

veteran

Join Date: Jul 2013 Posts: 3,233

well done, much needed

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05-19-2017 , 07:03 PM

Kazuya

grinder

Join Date: Feb 2006 Posts: 582

Thanks for making. I was about to just make one too!

Here is another great link for those who are new to Ethereum to read. Click 'Here' for a Google doc giving a basic overview of the mechanics of Ethereum and what it's all about

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05-19-2017 , 07:05 PM

housenuts

1st Quartiled the 500

Join Date: Jul 2004 Posts: 49,681

Quote:

Originally Posted by Kazuya

Here is another great link for those who are new to Ethereum to read. Click 'Here' for a Google doc giving a basic overview of the mechanics of Ethereum and what it's all about

cool, put it in OP while I can still edit.

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05-19-2017 , 07:18 PM

case3

adept

Join Date: Jul 2007 Posts: 774

Any critique of this?

Quote:

However, let us not forget what ethereum, long ago, claimed, and was its raison-d-existence: "smart contracts".

They said all over that the usual way of making human contracts, where there's the letter of the contract, and then, the whole environment, that will judge over exactly what that letter of the contract means, in the frame of the law, habits, and a general feeling of what is just, IS NOW OUTDATED, because we have "smart contracts".

In smart contracts, they said, "the code is the law, and nothing but the law". This was the innovative thing of ethereum: the code is the law and there is NO ROOM FOR HUMAN INTERPRETATION. No dispute possible: you run the code of the contract, and it says what should happen, and makes it happen. If you do not agree, then that's your problem, you had to read the code, which is the contract, the full contract and nothing else is the contract. And NOTHING WILL EVER STOP a contract from doing what it was written to do. It were *unstoppable contracts*.

Well, as you can imagine, with a new, Turing complete language, people didn't really *understand* exactly what the code actually meant. So a lot of "smart people" signed up to the DAO, a super-duper smart contract that was going to play venture capitalist. It said all over "the code is the law". All these people "invested" in that contract, signing up to it, and to the claim that the code was going to be the law.

Essentially, the DAO was a big fund, that could release part of these funds to undertakings the holders voted over, with a lot of complicated gouvernance rules.

And then, a guy really looked at the code, and understood that the code allowed him to get most of the funds out of the contract using these governance rules. And he did exactly that: he used the code, which was the sole law, remember, to give him part of the funds in the DAO. He didn't "hack" anything. He used the contract as it was written down, and on who everybody had agreed that it was the law.

But the "law" was different than what people, who didn't really understand the code, thought it was.

So they panicked. They said that this was not "meant to be that way". That the code is the law, unless one doesn't agree with it. So then people started calling that person, who got the funds according to the "laws of the contract", a thief. A criminal. A hacker. While the only thing that he did, was to apply fully the adagio of ethereum: the code is the law.

He didn't modify the code, he didn't break into any computer, he simply USED the contract as it was written down. And that contract said that he could have the funds. Even though this is not what people thought that the contract said. Maybe (not sure) not even its authors.

So then, totally panicked, the only thing that the ethereum foundation did, was to "turn back the block chain" with a hard fork. The actions of the contract were stopped, and reversed by the hard fork.

Some people, a minority, thought that this killed the essential notion of ethereum, which was based upon the notion of smart contract, and the two fundamental axioms:

- the code is the law, and the sole law: if the code does it, that's what should be done
- a contract is unstoppable.

Stopping a contract, reversing it, and calling someone who played by the rules, a criminal, was the worst thing that could happen to ethereum for some. So they continued with the old ethereum code: ETC was born.

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05-19-2017 , 07:29 PM

Kazuya

grinder

Join Date: Feb 2006 Posts: 582

Yeah. Read this and this by Vitalik regarding the DAO. May as well get that out of the way as it's usually the first thing people very pro-bitcoin cite. The basic consensus is the DAO situation sucked, but we learned lots from it and it was almost better to happen then than down the road if it were to happen..

Also,

June 2016 ETH was ~$13

May 2017 ETH is ~$128
May 2017 ETC (the split) is ~$8

The market/stakeholders (investors/developers/miners) have spoken

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05-19-2017 , 07:33 PM

ToothSayer

Carpal \'Tunnel

Join Date: Jul 2015 Posts: 13,237

So what happens the next time?

Complex contract has billions of dollars in it
Someone finds a bug and helps himself to all the funds

Now what? Do you turn back time again?
What if the courts get involved and order the transaction reversed?

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05-19-2017 , 07:33 PM

case3

adept

Join Date: Jul 2007 Posts: 774

Quote:

Originally Posted by Kazuya

I think this response will very much set the tone of this thread. Just for anyone reading its important to think why.

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05-19-2017 , 07:41 PM

#10

housenuts

1st Quartiled the 500

Join Date: Jul 2004 Posts: 49,681

Quote:

Originally Posted by ToothSayer

US courts, or any court for that matter, going to have a hard time ordering Chinese, Iceland and Argentinian miners to reverse a transaction.

I am also of the viewpoint the DAO was ultimately a positive for the eco-system. There are more checks and balances in place now when developing and releasing 'smart' contracts. Does that make it impossible to happen again? No. In fact, it probably will. I think the system is unlikely to undergo a similarly contested hard fork again, but I could be wrong.

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05-19-2017 , 07:52 PM

#11

rakes

Pooh-Bah

Join Date: Jan 2007 Posts: 3,694

kazuya, i bought some eth after reading your posts from the other thread. so thanks! and subbed for thread

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05-19-2017 , 07:53 PM

#12

aggo

Carpal \'Tunnel

Join Date: Feb 2008 Posts: 10,422

Last edited by aggo; 05-19-2017 at 07:59 PM.

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05-19-2017 , 07:54 PM

#13

Kazuya

grinder

Join Date: Feb 2006 Posts: 582

Quote:

Originally Posted by case3

I think this response will very much set the tone of this thread. Just for anyone reading its important to think why.

Lol, what? I genuinely took your question not as a 'gotcha' but as someone who wants to learn and answered accordingly. His words are better than mine and quite concise. He does address a lot of the (extremely valid) concerns others (Toothsayer/others) brought up in the second half of the link if you re-read closely.

Just for anyone reading, its important to think why this poster is coming across as extremely cryptic instead of just being more transparent in their intentions.

I'm gone over the weekend. Hopefully this thread has good discussion/activity with the coming EEA2 announcements soon

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05-19-2017 , 08:01 PM

#14

Go Get It

Carpal \'Tunnel

Join Date: Feb 2010 Posts: 12,506

I read there is some big conference coming up this next weekend and ETH stands to be the big winner. Wish I had the article on my pc, but something about basically every major bank is going to be there and are expected to get serious about ETH.

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05-19-2017 , 08:15 PM

#15

sofocused978

Carpal \'Tunnel

Join Date: Oct 2008 Posts: 6,765

Thanks for making the thread housenuts

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05-19-2017 , 08:30 PM

#16

housenuts

1st Quartiled the 500

Join Date: Jul 2004 Posts: 49,681

Quote:

Originally Posted by Go Get It

There's Ethereal Summit going on right now, Consensus next week and DevCon 3 in November.

Bitcoin market cap is currently 32 billion, Ethereum 12 billion. The total crypto market cap is 68 billion right now. At about 8:25 mark here's a top VC saying Ethereum market cap will take over Bitcoin market cap in 2017.

There are quotes from him here in 2001 about the dot com bubble. For what it's worth, the dot com stock were valued at about 3 trillion before the crash. That's roughly 4.25 trillion in today's dollars after inflation.

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05-19-2017 , 08:43 PM

#17

Stellamoose

grinder

Join Date: Oct 2013 Posts: 522

Subbed, interested in learning, and thanks for all the info shared so far!

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05-19-2017 , 09:02 PM

#18

housenuts

1st Quartiled the 500

Join Date: Jul 2004 Posts: 49,681

Also http://tokensummit.com on May 25

https://www.reddit.com/r/ethtrader/c...er_big_company

Wonder which company...

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05-19-2017 , 11:37 PM

#19

suchsickaments

banned

Join Date: Oct 2009 Posts: 5,437

Sup guys

Ethtrader subreddit is a great resource, daily discussion thread is entertaining but it can get quite toxic from time to time...would definitely take each comment with a grain of salt

Glad to have some more poker bros to chat eth with

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05-20-2017 , 12:42 AM

#20

iloveny161

old hand

Join Date: Feb 2007 Posts: 1,967

Can someone explain why the Köppelmann Constant is an effective measure of blockchain security?

https://rolandkofler.github.io/flipper/

It seems ******ed imo to measure blockchain security in terms of incentives given to miners.

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05-20-2017 , 02:09 AM

#21

ItsOnlyChips

veteran

Join Date: Nov 2003 Posts: 2,230

nice thread, subbed to learn more

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05-20-2017 , 02:43 AM

#22

heltok

old hand

Join Date: May 2012 Posts: 1,695

Quote

05-20-2017 , 03:15 AM

#23

stinkypete

Carpal \'Tunnel

Join Date: Jul 2004 Posts: 15,783

Quote:

Originally Posted by Kazuya

June 2016 ETH was ~$13

May 2017 ETH is ~$128
May 2017 ETC (the split) is ~$8

The market/stakeholders (investors/developers/miners) have spoken

Yes and no. They've spoken in the sense that they're supporting the coin/platform called Ethereum over Ethereum Classic. It says little to nothing about their preferences with respect to the fork itself.

If they'd been renamed New Ethereum and Ethereum Classic it might have been a fair fight. Maybe both would have lost.

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05-20-2017 , 04:09 AM

#24

IveGotUrOuts

old hand

Join Date: May 2012 Posts: 1,407

https://www.quora.com/What-are-some-...-price-by-2018

What do you guys think about this first prediction?

@heltok haha gold

Last edited by IveGotUrOuts; 05-20-2017 at 04:15 AM.

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05-20-2017 , 04:38 AM

#25

Pinkmann

old hand

Join Date: Nov 2014 Posts: 1,485

Nice vid, but I'd kill for a full on srslysrious style eth music video.

When and if ETH clearly flips vs btc, do exchanges then start offering more trading pairs vs eth and thus slowly eliminating btc demand?

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