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

[mihserf]

I am not gettting this... As far as I understand that the total shares pre-launch (100M investors, 25M founders, 25M devs and 50M ethers) will be premined and spread before launch and all of them make a total of 200M.
So how after 1 year the total supply will be still 200M? That sounds like no ethers will be ever mined during the first year?  

In this example during the first year 50M ethers maximum will be mined.

[Forobitcoins]

Where do I see the details of the IPO?

[Ursium]

I think 10,000 BTC is a lot and won't be invested. So why there is need in 1.2T Ethers? Don't understand..

The idea is that the money supply increase (albeit very slow - look at the date on that 1.2T ether) allows latecomers to 'own' parts of the supply through mining and reduces capital centralization (simulating dilution).

[hyunsookmom]

Is the initial price really 0.0001?

If so then if compare it with the current price of NXT 0.00006 it's straight away more expensive than NXT which has risen a lot since it's start. struggling to see the benefit of buying into the IPO, unless someone can tell me my maths are wrong.

[molecular]

It's rather interesting to see that >80% of the posts here discuss IPO and mining and very few posts discuss the interesting aspects like the scripting language or transaction logic, privacy, etc...

Greed!

Guys, this coin is not especially useful for getting rich quick and I predict you will have all the time in the world to buy/mine it if you want in the years after launch because of the linear inflation. There will be no halving of the reward, inflation in relative terms only goes down due to the increasing supply. This means miners in year 1 will get the same amount of coin as miners in year 20.

This coin is innovative technically and founders have chosen not to make early adopters extremely rich in the long run. Since this (early adopter unfairness) is often cited as a drawback of Bitcoin (envy) by newcomers and some economists, I think this could turn out to be a good decision... Interest in the coin seems to be high enough to get it going without exorbitant promise to early investors.

Well, let there be competition

[jelin1984]

i am in for project

[romerun]

It's rather interesting to see that >80% of the posts here discuss IPO and mining and very few posts discuss the interesting aspects like the scripting language or transaction logic, privacy, etc...

Greed!

Guys, this coin is not especially useful for getting rich quick and I predict you will have all the time in the world to buy/mine it if you want in the years after launch because of the linear inflation. There will be no halving of the reward, inflation in relative terms only goes down due to the increasing supply. This means miners in year 1 will get the same amount of coin as miners in year 20.

This coin is innovative technically and founders have chosen not to make early adopters extremely rich in the long run. Since this (early adopter unfairness) is often cited as a drawback of Bitcoin (envy) by newcomers and some economists, I think this could turn out to be a good decision... Interest in the coin seems to be high enough to get it going without exorbitant promise to early investors.

Well, let there be competition

so being an investor is not so good for this coin but being a founder is. I'll invest anyway regardless of how rigged, also interested to invest as a founder if possible.

[Come-from-Beyond]

It's rather interesting to see that >80% of the posts here discuss IPO and mining and very few posts discuss the interesting aspects like the scripting language or transaction logic, privacy, etc...

Agree. Let's discuss fee, for example:

Ethereum will have seven primary fees, of which one applies to transaction senders and six apply to contracts. The fees are:

TXFEE (100x) - fee for sending a transaction
NEWCONTRACTFEE (100x) - fee for creating a new contract, not including the memory fee for each item in script code
STEPFEE (1x) - fee for every computational step after than first sixteen in contract execution
STORAGEFEE (5x) - per-byte fee for adding to contract storage. The storage fee is the only fee that is not paid to a miner, and is refunded when storage used by a contract is reduced or removed.
DATAFEE (20x) - fee for accessing or setting a contract's memory from inside that contract
EXTROFEE (40x) - fee for accessing memory from another contract inside a contract
CRYPTOFEE (20x) - fee for using any of the cryptographic operations

Why these magic numbers? I prefer numbers that r power of 2. Why not numbers set by the market? U can't win in a battle against market, if ur guess on numbers is incorrect the market will just adopt Cryptoneum or any other copycat.

[extee]

looks like it's back to the drawing board for ethereum and I think they'll have to delay their launch
they'can't go full PoW like they planned cos 100% PoW dagger is flawed
http://bitslog.wordpress.com/2014/01/17/ethereum-dagger-pow-is-flawed/
vitalik aknowledged this and is now looking for solutions...and funny enough the solution is more than likely to be PoS
http://www.reddit.com/r/ethereum/comments/1vh94e/dagger_updates/
and to sort it out he's trying to get the n.1 expert on PoS = Sunny King.

[klee]

So another NXT copycat lol
Half joking...

EDIT: Especially regarding Vitalik's weird stance against NXT - no comment on it's PoS algo neither to his magazine, nor here nor in the protocol (as a reference for possible solution). He acts as if it does not exist, go figure...

[Come-from-Beyond]

So another NXT copycat lol
Half joking...

Well, actually it will be Peercoin copycat...

[klee]

So another NXT copycat lol
Half joking...

Well, actually it will be Peercoin copycat...

NXT is better, he should ask BCNext's advice and not SunnyKing's...

[extee]

actually not peercoin. looks like he wants to go the slasher PoS route (which i guess it's what emunie will be using although not sure).
http://blog.ethereum.org/?p=39/slasher-a-punitive-proof-of-stake-algorithm

[superresistant]

The devs are asking advices from SunnyKing to create a coin similar to PeerCoin ?

It doesn't sound like a good news.

[Come-from-Beyond]

The devs are asking advices from SunnyKing to create a coin similar to PeerCoin ?

It doesn't sound like a good news.

It does. This shows that they r open-minded persons, not fanatics.

[bananahunter67]

So diffculty will never increase and mining at the same begining will be at same profitability as mining after 20 years? 

Also what does CPU mining means? A strong usual PC will be enough for mining?

[PurpleTentacle]

So diffculty will never increase and mining at the same begining will be at same profitability as mining after 20 years? 

Also what does CPU mining means? A strong usual PC will be enough for mining?

As I understand it, the same amount of ETH will be mined every year forever. For this to happen difficulty has to adjust according to the network hashrate. Profitability is dependent on ETH price.

[bananahunter67]

So diffculty will never increase and mining at the same begining will be at same profitability as mining after 20 years? 

Also what does CPU mining means? A strong usual PC will be enough for mining?

As I understand it, the same amount of ETH will be mined every year forever. For this to happen difficulty has to adjust according to the network hashrate. Profitability is dependent on ETH price.

OK, so 50M will be mined each year forever? But as network hashrate grows (more miners mine), difficulty will increase?
So still early miners which start when the network is smaller will have advantage, right?

[PurpleTentacle]

So diffculty will never increase and mining at the same begining will be at same profitability as mining after 20 years? 

Also what does CPU mining means? A strong usual PC will be enough for mining?

As I understand it, the same amount of ETH will be mined every year forever. For this to happen difficulty has to adjust according to the network hashrate. Profitability is dependent on ETH price.

OK, so 50M will be mined each year forever? But as network hashrate grows (more miners mine), difficulty will increase?
So still early miners which start when the network is smaller will have advantage, right?

If Ethereum is successful and more people mine it, then that should be right.

The 50M figure is not fixed; it depends on the amount of BTC raised in the IPO. So if 1,000 BTC get raised, then that equals 10,000,000 ETH and miners will get 50% of that in the first year.

[hyunsookmom]

Mentioning no names but the people that tend to criticize others for greed have already made ALOT of money on other coins like NXT (at the cost of other later buyers ultimately) If you don't like greed I've posted my NXT address to prove how much you don't like it.....otherwise give others a chance that they had and took.



NXT:   14058662050366623641