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

[Rassah]

And yes Ethereum is indeed mind-bogglingly awesome, FellowTraveller (author of Open Transactions) had this to say on Reddit: "The most innovative blockchain-based cryptocurrency since Bitcoin itself, and the only one that I would bother acquiring units of."

I really don't like altcoins, and think all of them so far, including Litecoin, are useless, but I agree with FT, this is the only one, besides Bitcoin, I would acquire and support. I've known about this for a while, and have read the whitepaper, but didn't realize the secret was out already...

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[td services]

And just why should cloud mining be excluded and is that even possible as long as you make the coin possible to mine with CPU?

Cloud mining runs on centralized facilities, so it creates vulnerable areas for attack. It also concentrates distribution, wastes electricity, and results in instamined coin. This happened with Protoshares, which was supposed to be highly decentralized CPU mining on individual PCs, with mining slowly ramping up.

As to if its possible - good question. Maybe if there is a way to detect and penalize clustered CPUs and verify diverse geographic location.

Another option is if mining is tied to useful activity like providing bandwidth, general purpose processing power, memory, and storage to the network, using the coin to optimize resource allocation with market driven supply and demand. In this case, the more mining power, the better, regardless of source, since everybody benefits from lower cost, higher capacity, and ubiquity.

[msin]

And yes Ethereum is indeed mind-bogglingly awesome, FellowTraveller (author of Open Transactions) had this to say on Reddit: "The most innovative blockchain-based cryptocurrency since Bitcoin itself, and the only one that I would bother acquiring units of."

I really don't like altcoins, and think all of them so far, including Litecoin, are useless, but I agree with FT, this is the only one, besides Bitcoin, I would acquire and support. I've known about this for a while, and have read the whitepaper, but didn't realize the secret was out already...

The secret is out friend and the IPO will be heavily diluted. 

[pastet89]

Alright guys since you're speculating about Ethereum, I figured I'd drop by and say hi. I'm one of the core developers. Go ahead and post your questions here

Can we mine with litecoin rigs (GPU) ? Which is optimal?

It will be favorable to CPUs, GPUs might come in later if people develop for it but will only be a small percentage faster as Dagger is intended to be sequential memory hard. They also just announced they might organize a contest to determine the best ASIC-proof mining algorithm should Dagger not perform as intended. They could even go hybrid with PoS through Slasher.

Thank you.

By CPU what shall I understand, ususal laptop/PC will be enough for maximum speed, or bitcoin miners will perform faster?

[swartzfeger]

Ok, thanks to ursium I'm now mining.

I've not created a 'wallet' yet... how do I link to anything I happen to mine? Pardon the pun, but does my work simply disappear into the ether?

[Ursium]

Ok, thanks to ursium I'm now mining.

I've not created a 'wallet' yet... how do I link to anything I happen to mine? Pardon the pun, but does my work simply disappear into the ether?

what you're mining is local - from what I can see in the network code it's not acquiring peers. So think of it as your very own local testnet that indeed will disappear into the Ether.

They plan to release mining in 3 stages: centralized testnet will be first. Should be there in 1/2 months. Main net is 'months' away.

[luckygenough56]

Cpu mining ? please do it right cause i'm kind of worried. Last cpu coins have been major failure launch with the difficulty over the roof in minutes leaving everybody in the dust. Botnet fest. So be careful. Gpu mining with a limited 5mh/s per person would be great and the coin would be more popular than any other coin as the more fair coin released recently. But i'm dreamin' i guess.

[Piesel]

Very interesting gona mine this one.

[flower1024]

btw whats the problem with botnets mining? i dont have one and i dont think about getting one, but the purpose of block reward is securing transactions. as long as botnets do that i think its ok that they get their reward (this reminds me of an btc botnet which produced blocks but did not process transaction - this is a problem: but its not botnet specific).

botnets wont go away just because their is no coin to mine, you know?

[techguy]

btw whats the problem with botnets mining? i dont have one and i dont think about getting one, but the purpose of block reward is securing transactions. as long as botnets do that i think its ok that they get their reward (this reminds me of an btc botnet which produced blocks but did not process transaction - this is a problem: but its not botnet specific).

botnets wont go away just because their is no coin to mine, you know?

Botnets can cause 51% attack. Isn't it ?

[Come-from-Beyond]

Botnets can cause 51% 99% attack. Isn't it ?

Fixed.

[flower1024]

with enough money everybody can do 30%+ attacks. just get yourself some cloud servers....and a botnets costs money also.

btw. you know that with any hashrate you can try to double-spend? this is not 50% specific. just your odds are better.

and if you can make money with a botnet: you can be sure there will be more than one botnet owner.

[techguy]

Botnets can cause 51% 99% attack. Isn't it ?

Fixed.

Thanks for fixing

[Gcr0n]

without the techtalk will 1 quadcore 3.40 ghz and 4gb ram be enough to get a decent mining and for how long?
will solo mining be profitable at this speed? i just tried a cpu coin and get about 93 khs but as i understand memory will be needed.
so do i need to expand? or will 4gb be enough?
what about the long run.. ?

[add1ct3dd]

Has anyone looked into porting this net algo into stratum yet?

[msin]

And just why should cloud mining be excluded and is that even possible as long as you make the coin possible to mine with CPU?

Cloud mining runs on centralized facilities, so it creates vulnerable areas for attack. It also concentrates distribution, wastes electricity, and results in instamined coin. This happened with Protoshares, which was supposed to be highly decentralized CPU mining on individual PCs, with mining slowly ramping up.

As to if its possible - good question. Maybe if there is a way to detect and penalize clustered CPUs and verify diverse geographic location.

Another option is if mining is tied to useful activity like providing bandwidth, general purpose processing power, memory, and storage to the network, using the coin to optimize resource allocation with market driven supply and demand. In this case, the more mining power, the better, regardless of source, since everybody benefits from lower cost, higher capacity, and ubiquity.

td services, are you going to buy during the pre-ipo or mine this with Botnets?  I'm just curious, you seem to have some kind of vested interest.

[td services]

And just why should cloud mining be excluded and is that even possible as long as you make the coin possible to mine with CPU?

Cloud mining runs on centralized facilities, so it creates vulnerable areas for attack. It also concentrates distribution, wastes electricity, and results in instamined coin. This happened with Protoshares, which was supposed to be highly decentralized CPU mining on individual PCs, with mining slowly ramping up.

As to if its possible - good question. Maybe if there is a way to detect and penalize clustered CPUs and verify diverse geographic location.

Another option is if mining is tied to useful activity like providing bandwidth, general purpose processing power, memory, and storage to the network, using the coin to optimize resource allocation with market driven supply and demand. In this case, the more mining power, the better, regardless of source, since everybody benefits from lower cost, higher capacity, and ubiquity.

td services, are you going to buy during the pre-ipo or mine this with Botnets?  I'm just curious, you seem to have some kind of vested interest.

But in during pre-sale, maybe mine with rig at home if the CPU implementation prevents cloudmining and botnets. Have no use for botnets, I detect and remove customer computers from them as part of my business.

Overall, I prefer PoS over PoW. The method used in NXT for PoS sounds good, from the way it is presented in https://docs.google.com/document/d/1E_ToOMG2l1XThx6YnyXEajXaf6H1k2yjq8XkAF0ScB4/mobilebasic?pli=1 . This document gives a good description of how it works.

[Brilliantrocket]

So would the most efficient way to mine be server blades?

[klee]

From http://wiki.ethereum.org/index.php/Dagger:

...In the context of mining, however, botnet-infected computers tend to be running older operating systems and have weaker specifications, meaning that they will have a much lower performance and impact on the network than their size might initially suggest.

...
...
...

...And even in such an equilibrium, mining with ordinary CPUs will likely continue to be practical.

So we have such a formula for mining power:

numberOfZombieComputers * X = numberOfLegitMiners



Question:

What is ur assessment of X value?

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.  

Is there anywhere on the Internet a reply of Ethereum devs on http://bitslog.wordpress.com/2014/01/17/ethereum-dagger-pow-is-flawed/ ?

Edit: I have just noticed the date of the blog post, never mind.

Thanks in advance.

[Minebeast]

Im kinda confused; The countdown.. is it for the actual launch of the coin, for the IPO, for more info, or what?