Ethereum: 2nd gen cryptocurrency with contract programming, "dagger" hashing

[BittBurger]

Hi Charles -

1)  Will "ethers" (is that what they're going to be called?) be purchasable at the Miami conference?   Fortunately I live in Miami and will be attending.  
2)  I read on your site that the price will be 0.0001 BTC.   That works out to $0.08 USD (coinbase conversion).  Still true?
3)  Could you clarify what is the total # of coins there will be?   I read earlier in this thread 1,000,000,000,000,000,000,000,000 (at this point im just typing zeros).  This is an important question when determining how many coins should be purchased.  Whereas one may have a large ROI owning fewer coins on a cap of 21 million (BTC), one may have little to no ROI owning the same number of coins on a coin that has a cap of 10000000000000000000000000000000000000. 

Thanks

Kevin

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[td services]

From Whitepaper, https://docs.google.com/document/d/1Mq4OLoDmMgfXpxhcuAPiV5KyNJr6_BO1FVptCXn5rr8/edit?pli=1 :

Ether will have a theoretical hard cap of 2¹²⁸ units (compare 250.9 in BTC), although not more than 2¹⁰⁰ units will be released in the foreseeable future. For convenience and to avoid future argument (see the current mBTC/uBTC/satoshi debate), the denominations will be pre-labelled:
1: wei
10^6: szabo
10^12: finney
10^18: ether
10^24: koblitz
10^30: turing

I calculate

2¹⁰⁰ = 1.26765x10²⁹ wei = 1.26765x10^29-18 ether = 1.26765x10¹¹ ether (126.765 billion ether)

edited to correct math error

[sniksen]

I am learning a lot by reading all your comments guys, thanks a lot.

[kelpy]

Watching...

[miramare]

From Whitepaper, https://docs.google.com/document/d/1Mq4OLoDmMgfXpxhcuAPiV5KyNJr6_BO1FVptCXn5rr8/edit?pli=1 :

Ether will have a theoretical hard cap of 2¹²⁸ units (compare 250.9 in BTC), although not more than 2¹⁰⁰ units will be released in the foreseeable future. For convenience and to avoid future argument (see the current mBTC/uBTC/satoshi debate), the denominations will be pre-labelled:
1: wei
10^6: szabo
10^12: finney
10^18: ether
10^24: koblitz
10^30: turing

I calculate

2¹⁰⁰ = 1.26765x10³⁰ wei = 1.26765x10^30-18 ether = 1.26765x10¹² ether (1.26765 trillion ether)

As the ether price at IPO is ~ 0.08 USD/ether, 1.2trillion ether means the market cap is ~ 100 billion dolars when launched! (10 times larger than bitcoin's)

Am I wrong?

Oh~ it will make founders as rich as Bill Gates in one night.

[lightcoin]

As the ether price at IPO is ~ 0.08 USD/ether, 1.2trillion ether means the market cap is ~ 100 billion dolars when launched! (10 times larger than bitcoin's)

Am I wrong?

Oh~ it will make founders as rich as Bill Gates in one night.

That would be like saying Bitcoin's market cap is 21,000,000 x [current market price], and is inaccurate as only 12,260,800 BTC have been mined and thus are potentially available to the market at the time of this writing. Similarly, all 1.2 trillion ether will not be available to the market on day 1, so it's market cap will not be ~ $100BB upon release.

[bitme]

The question is how many will be issued through IPO and how long it takes to generate more ethers after IPO. That trillion may be achieved in 1000 years

[lightcoin]

The question is how many will be issued through IPO and how long it takes to generate more ethers after IPO. That trillion may be achieved in 1000 years

From the "Currency and Issuance" section of the whitepaper linked in the OP:

The issuance model will be as follows:

Ether will be released in a fundraiser at the price of 1 ether for 0.0001 BTC. Suppose that X ether gets released in this way.

0.25X ether will be allocated to the founders in a time-lock contract that prevents the founders from spending it for one year.
0.25X ether will be allocated to the Ethereum organization as a reserve pool to pay expenses in ether such as ether salaries or bounties for those developers who want part or all of their compensation to be in this form
0.5X ether will be mined per year forever after that point

[MsCollec]

Is there any live feed from the conference holding in Miami?

[klee]

Have not read the whitepaper yet but I would like to ask if it will support the above:

1) Totally anonymous minting for all coins (every client compulsory connected through Tor/I2P, like anoncoin)
2) Compulsory zerocoin/coinjoin like mixing in the blockchain
3) Client connecting only through Tor/I2P
(1,2,3 will prevent taint analysis -> possible fungibility loss)
4) Distributed ethereum/fiat exchange without trusted third party (holy grail) - OT I think needs a 3rd party.

Thank you in advance!

Good luck, we need as much diversity as possible.  

[delulo]

Regarding the "ether business model". What exactly do you mean by "fee regulated and thus require Ether to function" (see your post above)? How exactly does that work?

[organizer]

Regarding the "ether business model". What exactly do you mean by "fee regulated and thus require Ether to function" (see your post above)? How exactly does that work?

Again, this shit is waaaay over my head, but what i read that to mean is maybe like the transaction fees we already pay to send coins from our wallets?

[Ursium]

Thank you Charles and sorry I messed up your name in my post! 

[tgerring]

Regarding the "ether business model". What exactly do you mean by "fee regulated and thus require Ether to function" (see your post above)? How exactly does that work?

Again, this shit is waaaay over my head, but what i read that to mean is maybe like the transaction fees we already pay to send coins from our wallets?

That's my understanding.

Fee regulated = the network requires fees to operate and maintain (i.e. transaction fees, contract fees, etc). As I understand it, this is primarily an anti-spam measure, as otherwise looping contracts could be created which overwhelm the network.

Require Ether to function = I believe this is simply a nod to the point that Ethereum has an internal currency despite being able to build currencies atop. The paper states the currency (Ether) is to serve as both a mining reward and a mechanism for paying transaction fees.

[currencydebt]

This sure sounds like it could be the next big thing, looking forward to learning more. How did you arrive at the IPO price of 1 ether = .0001 BTC?

[k99]

The buy in will be in the millions and the expected market cap is in the billions.

Charles could you answer the following question?
Who will receive the Bitcoins the fundraisers spent to buy Ether? The founders? The organisation? Will they be locked/destroyed? I assume the founders and/or organisation, but I guess it would be good to clearify that part, just to be transparent. Another option could be to spend it to a group of NGOs (Wikileaks, EEF, ...).

[tgerring]

The buy in will be in the millions and the expected market cap is in the billions.

Charles could you answer the following question?
Who will receive the Bitcoins the fundraisers spent to buy Ether? The founders? The organisation? Will they be locked/destroyed? I assume the founders and/or organisation, but I guess it would be good to clearify that part, just to be transparent. Another option could be to spend it to a group of NGOs (Wikileaks, EEF, ...).

Already answered: https://bitcointalk.org/index.php?topic=412878.msg4502149#msg4502149

[BittBurger]

If there will ultimately be 1.2 Trillion Ether .... then :

1)  Someone would have to be holding 60x as many ether coins as they do Bitcoins, to be holding the same percent of the pie.

2)  In my short experience with cryptos, the more there are, the less valuable they will be, per coin, in the long run.  

Meaning you'd probably need orders of magnitude more than #1 above to see any real ROI.

This coming from a guy who failed most math classes he took (me), so feel free to correct my logic.

-B-

PS:  TacoTime - can i ask why you felt it was appropriate to put up an announcement thread for someone elses company, and project?  As per several comments by Charles in this thread, this has contributed to numerous headaches for them, as they were not quite ready to make this public.  I think it would have been more professional to request permission to put them "on blast" like this ahead of schedule.  Then again you did say you are a competitor ...

[asnghost]

Interesting, cant wait for further announcement 

[k99]

The buy in will be in the millions and the expected market cap is in the billions.

Charles could you answer the following question?
Who will receive the Bitcoins the fundraisers spent to buy Ether? The founders? The organisation? Will they be locked/destroyed? I assume the founders and/or organisation, but I guess it would be good to clearify that part, just to be transparent. Another option could be to spend it to a group of NGOs (Wikileaks, EEF, ...).

Already answered: https://bitcointalk.org/index.php?topic=412878.msg4502149#msg4502149

Sorry did not find any clear answer there. Did you referred to that statemnet from Charles?
"We took this a step further and came up with some innovations in the trust model we think that the community will like. I won't spoil it yet"

Just to be clear. I did not ask for the issuance model, that is clear to me. I was just wondering who exactly will receive the BTC I will spend to buy fundraising Ether.