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

[Gcr0n]

i am very very curious about this project.

if i use a quadcore porcessor and cpu mine this will it be profitable?

i would really like to know what to invest in to get the best results in mining.

[1713985585]

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[1713985585]

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[romerun]

how bout if it's not roi within X years as promise, Y% of the invested coins shall be returned to the donators.

[mcjavar]

how bout if it's not roi within X years as promise, Y% of the invested coins shall be returned to the donators.

Well there is always big risk connected to big roi expectations.
But if the math above is right, it won´t be a big business to invest in etherium, more to use the features and/or invest in them if it will be possible.

[delulo]

What exactly is the business model of Ethereum? Is it to require DACs that build upon Ethereum to have ether transaction fees in addition to the DAC's own transaction fees? Charles answered it this way "Services launched on ethereum are fee regulated and thus require Ether to function" Not yet super clear to me... 

Charles said: "If someone codes a Proof of Stake sub-currency then people can use Ether to buy that sub-currency." <- BTC could be used to buy in with the POS currency as well. In which way is the POS currency in this example tight to Ethereum? How do the contracts come in play here?

Also: Will the acquired amount in of btc be announced before the IOU is over?

Vitalik, you addressed distribution but not the economic model relevant for ROI. Others have said it this way:

It appears investors get 0.25 of all ether which is halved after one year to 0.125 of all ether due to first year ether inflation.  If ether increases 8 times in value in bitcoin terms, we make 0% ROI. 

If adoption of ether takes more than 12 months for it to increase 8 fold in bitcoin terms then ROI is negative in year one.

Over five years, ether depreciates by 50% again to 0.625. So, hopefully over that five year period, ether gains in value by more than double in bitcoin terms or if calculated from inception, greater than 16 times in bitcoin terms.

In fiat terms, if bitcoin increases in value by say 20 times fiat in 2014, then ether will need to increase by 160 times! for ether to break even in year 1.

Please correct me if I'm mistaken.

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

.0001 is an absolutely insane starting price for a coin that will eventually have 1 trillion in circulation.

[arcke]

Charles said: "If someone codes a Proof of Stake sub-currency then people can use Ether to buy that sub-currency." <- BTC could be used to buy in with the POS currency as well. In which way is the POS currency in this example tight to Ethereum? How do the contracts come in play here?

This is because a new currency is instantiated through a contract on the ethereum blockchain if i am not mistaken. The details of some contract implementations are in the whitepaper.

[msin]

how bout if it's not roi within X years as promise, Y% of the invested coins shall be returned to the donators.

Well there is always big risk connected to big roi expectations.
But if the math above is right, it won´t be a big business to invest in etherium, more to use the features and/or invest in them if it will be possible.

Yeah, seems like a competitor to eMu, people are going to get killed on the IPO price, I see people selling at 10x lower in a few months.

[delulo]

Charles said: "If someone codes a Proof of Stake sub-currency then people can use Ether to buy that sub-currency." <- BTC could be used to buy in with the POS currency as well. In which way is the POS currency in this example tight to Ethereum? How do the contracts come in play here?

This is because a new currency is instantiated through a contract on the ethereum blockchain if i am not mistaken. The details of some contract implementations are in the whitepaper.

What exactly does "instantiated" mean? What advantages do you have from it as a POS developer? In which way can you use the Ethereum base layer here?

[lebing]

Who will invest then?

Sadly it seems that not many people will given the current structure. Its only a matter of time until a coin comes along which copies the features they like from ethereum but offers much better investor terms, which would cause ethereum to languish ensuing shortly after. I want this coin to succeed, but as it is its model is similar to Freicoin, with a much stronger disincentive and I expect that the result will be the same and or worse regardless of the feature set. Satoshi was not just an expert in coding, but also an expert in human nature. Absent of the right incentive systems, even the most brilliant currencies will never take hold.

[romerun]

even in MSC sounds less rigged, every one had to send in btc to secure the coins, although JR got to send it to himself,

[tgerring]

For those interested, I've written a quick how-to on how to install Ethereum and test mining! (on OSX)

http://www.ursium.com/install-ethereum-osx-mining/



Hope you like it!

Do one for Windows and I'll be your bitch for a week.

Windows user begging to be someone's bitch. Lulz

[Ursium]

For those interested, I've written a quick how-to on how to install Ethereum and test mining! (on OSX)

http://www.ursium.com/install-ethereum-osx-mining/



Hope you like it!

Do one for Windows and I'll be your bitch for a week.

Windows user begging to be someone's bitch. Lulz

I'll get to it tonight if I can resuscitate my windows box - been sitting in a wet shed for ages

[msin]

1.2 Trillion units at $.1  Who do I congratulate on the $120Bil valuation?  I'll contact CoinmarketCap.

[td services]

Thanks Vitalik for participating in the thread.

I've posted an Open Letter to the Foundation which I hope you'll have time to take a look at: http://www.ursium.com/open-letter-ethereum-foundation/

Really cool website! I like the layered moving text over the images. I'm looking forward to your insights on cryto assets.

[jimhsu]

Update on trying to compile this for windows:

1. Installed go, mingw-x64 (first installed the x32 version, then realized that that was wrong), gcc, make, etc
2. Installed MSYS
3. Installed, configured, and compiled gmp-5.1.3 (currently sitting in MSYS home directory)
4. Linked the compiled gmp-5.1.3 to the compiler w/ LIBRARY_PATH. Se GOPATH to c:\ethereum.
5. Tried to run, and comes up w/ this error:

C:\ethereum>go get -u -t github.com/ethereum/go-ethereum
# github.com/ethereum/go-ethereum
__gmpn_tdiv_qr(0): not defined
__gmpn_get_str(0): not defined
__gmpn_add_n(0): not defined
__gmpn_copyi(0): not defined
__gmpn_mul(0): not defined
__gmpn_gcdext(0): not defined
__gmpn_sub_n(0): not defined
__gmpn_rshift(0): not defined
__gmpn_set_str(0): not defined

[nakaone]

1.2 Trillion units at $.1  Who do I congratulate on the $120Bil valuation?  I'll contact CoinmarketCap.

 

either we do not understand the fundraising or they really need to overthink this

it is an interesting project but don't let end up like ripple

[LeoC]

(not wishing to spam, 'just informing I edited my post #139.
A long post about PoB, clarifying confusion about it. For those interested. Slightly off topic.)

Yawn, no one cares. I stopped reading when you said "take Next, instead of having an IPO, you start with PoB as only way to get NXT."
What will you burn? BTC? You proved my point about being dependent, even if it is for a little while. I think that you truly believe that you are smarter than you really are.

[Come-from-Beyond]

I think that you truly believe that you are smarter than you really are.

Personal insults is the best way to prove that u r much smarter than him...

[LeoC]

It's not an insult. More like an observation. This guy is constantly smacked with the facts. Even Vitalik himself told him why his system is flawed and cannot be used.
I'd be willing to bet that even if Satoshi came in here and explained to him the same thing that he would still be in denial, whether it be agenda based or psychological.
Two things, either deep down he knows we are right but denies it due to his investment in XCP. Or he truly believes that he is smarter than he really is. Simple really

[tacotime]

Keep trolling to a minimum, please.

I'm going to fire off an e-mail to Vitalik later today about the distribution -- I hadn't read about it before, but I think a target of 0.5-1.0% of the total ETH supply at year 30 as distributed by mining is the best option.

[molecular]

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.

+1.  Question not answered anywhere I can find.  Do the founders get 0.25X Ether plus the bitcoins?

So... is this question answered now? Can't find it.