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Author Topic: Why did Ethereum choose to create an altcoin?  (Read 1107 times)
cbeast
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September 19, 2015, 08:48:36 AM
 #1

There are many ways to secure a non-negotiable contract:

1. Trusted keys from a central source like Verisign
2. Captcha
3. Puzzle solving
4. Hashing a challenge message (aka Hashcash)
5. 2fa

Or any combination of the above. What makes Ethereum as a (non-currency) contract creator more fair by using a currency that is mined by centralized corporate miners? Eth seems superfluous.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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September 19, 2015, 09:19:15 AM
 #2

Assuming crypto is a valid store of value and you wanted to do something like time release money for a will or other purpose, those other choices don't sound like very good options.  Of course you can also do the same thing with Bitshares and probably a few more platforms, so what it really all comes down to is who has the best consensus mechanism designed to make the service not die.  The only problem with Ethereum is they released a coin without making a consensus mechanism and are trying to make one on the fly...

I know many people will read this and say, "hey idiots, just use a service backed by the legal system".  That's a decent option if you're living in the good times of a stable country, but there's plenty of unstable countries out there.

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cbeast
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Let's talk governance, lipstick, and pigs.


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September 19, 2015, 10:08:06 AM
 #3

Assuming crypto is a valid store of value and you wanted to do something like time release money for a will or other purpose, those other choices don't sound like very good options.  Of course you can also do the same thing with Bitshares and probably a few more platforms, so what it really all comes down to is who has the best consensus mechanism designed to make the service not die.  The only problem with Ethereum is they released a coin without making a consensus mechanism and are trying to make one on the fly...

I know many people will read this and say, "hey idiots, just use a service backed by the legal system".  That's a decent option if you're living in the good times of a stable country, but there's plenty of unstable countries out there.
My point is that you can use Ethereum to make an app that can "time release money for a will or other purpose" using litecoins or bitcoins or any cryptocurrency with the capabilities needed, and it doesn't need a coin to do that. But I suppose people think that Ethereum has every contingency and will never fork because it is Turing Complete and therefor perfect.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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September 20, 2015, 02:27:00 AM
 #4

I guess you could say that centralization on Ethereum mining is a problem, but that will be overcome when the network switches to PoS. They are still nailing the details for this transition.
There are very talented people behind the project.
cbeast
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October 07, 2015, 04:04:03 PM
 #5

I guess you could say that centralization on Ethereum mining is a problem, but that will be overcome when the network switches to PoS. They are still nailing the details for this transition.
There are very talented people behind the project.
I heard they ran out of money.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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October 07, 2015, 04:20:14 PM
 #6

The only problem with Ethereum is they released a coin without making a consensus mechanism and are trying to make one on the fly...

You could easily argue the complete opposite. They started with a proven consensus mechanism and are trying to fix all the problems with POS on the fly (which they never will).

In any case, their real problem is not what consensus mechanism they're using now, but the fact that they're changing it.
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October 08, 2015, 12:24:34 AM
 #7

I guess you could say that centralization on Ethereum mining is a problem, but that will be overcome when the network switches to PoS. They are still nailing the details for this transition.
There are very talented people behind the project.
I heard they ran out of money.

And I heard they can't continue development without its subsidiaries and the 'community'.

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stellargratis
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October 08, 2015, 04:16:46 AM
 #8

I guess you could say that centralization on Ethereum mining is a problem, but that will be overcome when the network switches to PoS. They are still nailing the details for this transition.
There are very talented people behind the project.
I heard they ran out of money.

And I heard they can't continue development without its subsidiaries and the 'community'.

that if the pump coins are not ready management and investor disappointment ends  Cheesy Cheesy Cheesy
shanem
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October 08, 2015, 01:40:38 PM
 #9

Ethereum created an altcoin so that it can be used to sell to people and pump and dump the coin price so that the insiders can profit from their knowledge.

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benthach
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October 08, 2015, 05:44:24 PM
 #10

There are many ways to secure a non-negotiable contract:

1. Trusted keys from a central source like Verisign
2. Captcha
3. Puzzle solving
4. Hashing a challenge message (aka Hashcash)
5. 2fa

Or any combination of the above. What makes Ethereum as a (non-currency) contract creator more fair by using a currency that is mined by centralized corporate miners? Eth seems superfluous.

6. get rich quick without working hard. instant millionaire.

ethereum platform references ---- nick szabo - the father of smart contracts - https://en.wikipedia.org/wiki/Nick_Szabo
gav wood - the father and creator/coder of piece of shzit etherieum platform - http://gavwood.com
butterin vitalic - the little freak scammer left to take care of broken shzit platform which he is forking nonstop - he don't even believe in crypto so is gav wood before he made millions. https://bitcointalk.org/index.php?topic=1979233.80
Spoetnik
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November 08, 2015, 07:49:33 PM
 #11

There are many ways to secure a non-negotiable contract:

1. Trusted keys from a central source like Verisign
2. Captcha
3. Puzzle solving
4. Hashing a challenge message (aka Hashcash)
5. 2fa

Or any combination of the above. What makes Ethereum as a (non-currency) contract creator more fair by using a currency that is mined by centralized corporate miners? Eth seems superfluous.

6. get rich quick without working hard. instant millionaire.

Say it ain't so !  Shocked


FUD first & ask questions later™
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