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Author Topic: [ANN] Ethereum: Welcome to the Beginning  (Read 1193990 times)
jubalix
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January 24, 2014, 11:35:17 PM
 #121

Obviously since the Master Protocol has many of the same goals, I'm keeping an eye on this project.

Regardless of which technology stacks survive and/or thrive, I think we can all agree that the financial world is in for some major upheaval!

it looks like programable master coin

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Zangelbert Bingledack
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January 24, 2014, 11:41:03 PM
 #122

"It's not an altcoin, it's a platform for thousands of altcoins."

...except you need ETH to make anything in the system work. So it inevitably becomes the de facto currency of the world in an Ethereum success scenario. XRP all over again.

To be clear I am very excited by the project goals. I just wish people would get past ridiculous premines as a way of funding their projects. If you're a dev and want incentive to work, invest big in mining or purchasing from miners at the start. If Ethereum succeeds you'll have millions or billions without question.
jubalix
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January 24, 2014, 11:50:26 PM
 #123

just looked at some of the codebase

It looks like assembly....

scriptcode_map = {
    0x00: 'STOP',  
    0x01: 'ADD',
    0x02: 'SUB',
    0x03: 'MUL',
    0x04: 'DIV',
    0x05: 'SDIV',
    0x06: 'MOD',
    0x07: 'SMOD',
    0x08: 'EXP',
    0x09: 'NEG',
    0x0a: 'LT',
    0x0b: 'LE',
    0x0c: 'GT',
    0x0d: 'GE',
    0x0e: 'EQ',
    0x0f: 'NOT',
    0x10: 'MYADDRESS',
    0x11: 'TXSENDER',
    0x12: 'TXVALUE',
    0x13: 'TXFEE',
    0x14: 'TXDATAN',
    0x15: 'TXDATA',
    0x16: 'BLK_PREVHASH',
    0x17: 'BLK_COINBASE',
    0x18: 'BLK_TIMESTAMP',
    0x19: 'BLK_NUMBER',
    0x1a: 'BLK_DIFFICULTY',
    0x20: 'SHA256',
    0x21: 'RIPEMD160',
    0x22: 'ECMUL',
    0x23: 'ECADD',
    0x24: 'ECSIGN',
    0x25: 'ECRECOVER',
    0x26: 'ECVALID',
    0x30: 'PUSH',
    0x31: 'POP',
    0x32: 'DUP',
    0x33: 'DUPN',
    0x34: 'SWAP',
    0x35: 'SWAPN',
    0x36: 'LOAD',
    0x37: 'STORE',
    0x40: 'JMP',
    0x41: 'JMPI',
    0x42: 'IND',
    0x50: 'EXTRO',
    0x51: 'BALANCE',
    0x60: 'MKTX',
    0xff: 'SUICIDE'
}

so some one can come along and make a higher level language on to of this....

and looks like your going to be running a local server ala pywallet in a browser to use all of this?Huh

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dzarmush
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January 25, 2014, 12:14:43 AM
 #124

Say I invested 1 Btc and received 1000 Ether. I won't be able to sell them withing the first year after IPO is over. And each year after I won't be able to sell more than 333 Ether a year. Is that right?

particl.
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January 25, 2014, 12:15:46 AM
 #125

Ethereum is 100% open source. If the community gets angry at the way we handle the funds, they can release a fork and delete whatever portion of the issuance they don't like out of existence. We are thus very aware that we have to tread carefully here.

What stops copycats from doing the same ruining investments of the good guys?

Could you please anwser the question I quoted.

particl.
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January 25, 2014, 12:27:23 AM
 #126

pretty cool project def. will be watching this one !  Grin
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January 25, 2014, 12:32:58 AM
 #127

Ethereum is 100% open source. If the community gets angry at the way we handle the funds, they can release a fork and delete whatever portion of the issuance they don't like out of existence. We are thus very aware that we have to tread carefully here.

What stops copycats from doing the same ruining investments of the good guys?

Could you please anwser the question I quoted.

Did Bitcoin copycats and even coins with vast improvements ruin the investment of the "good guys"?
Ademan
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January 25, 2014, 12:55:37 AM
 #128

just looked at some of the codebase

It looks like assembly....

scriptcode_map = {
    0x00: 'STOP',  
    0x01: 'ADD',
    0x02: 'SUB',
    0x03: 'MUL',
    0x04: 'DIV',
    0x05: 'SDIV',
    0x06: 'MOD',
    0x07: 'SMOD',
    0x08: 'EXP',
    0x09: 'NEG',
    0x0a: 'LT',
    0x0b: 'LE',
    0x0c: 'GT',
    0x0d: 'GE',
    0x0e: 'EQ',
    0x0f: 'NOT',
    0x10: 'MYADDRESS',
    0x11: 'TXSENDER',
    0x12: 'TXVALUE',
    0x13: 'TXFEE',
    0x14: 'TXDATAN',
    0x15: 'TXDATA',
    0x16: 'BLK_PREVHASH',
    0x17: 'BLK_COINBASE',
    0x18: 'BLK_TIMESTAMP',
    0x19: 'BLK_NUMBER',
    0x1a: 'BLK_DIFFICULTY',
    0x20: 'SHA256',
    0x21: 'RIPEMD160',
    0x22: 'ECMUL',
    0x23: 'ECADD',
    0x24: 'ECSIGN',
    0x25: 'ECRECOVER',
    0x26: 'ECVALID',
    0x30: 'PUSH',
    0x31: 'POP',
    0x32: 'DUP',
    0x33: 'DUPN',
    0x34: 'SWAP',
    0x35: 'SWAPN',
    0x36: 'LOAD',
    0x37: 'STORE',
    0x40: 'JMP',
    0x41: 'JMPI',
    0x42: 'IND',
    0x50: 'EXTRO',
    0x51: 'BALANCE',
    0x60: 'MKTX',
    0xff: 'SUICIDE'
}

so some one can come along and make a higher level language on to of this....

and looks like your going to be running a local server ala pywallet in a browser to use all of this?Huh

From what I've read they plan to build a higher level language on top of it, but that for now they're going to implement a C-like language. I'm not satisfied they can implement first class functions in any reasonable capacity with their current bytecodes. It's just a bytecode scripting language, just like Bitcoin has, but with arbitrary jumps to support loops which per my other post, opens the door to a lot of problems, which I'm not satisfied they've solved... (yet?)
Bourbon44
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January 25, 2014, 02:03:30 AM
 #129

I'm in.  Good luck all.
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January 25, 2014, 02:13:23 AM
 #130

Hey guys, am I late to ask questions? I admit I didn't read much except first post. Smiley

1. What if you 30k funding goal is reached within a week? 2X ether for everyone?

2. What kind of inflation you're talking about? You evenly distribute 4% new ether to every investor every year? Or, you keep it?

3. Is total ether (X) ever going to be a problem? 30,000 BTC » X ether; X = 30 Million, or 30 Billion ether.

All the best.

LAHAINA
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January 25, 2014, 03:49:57 AM
 #131

Seems Quite Ambitious, But Interesting Enough That I'll Follow The Progress . . .
 Cool

Yes I CANN = Cbz19GvGqdYRM5CaA7WqxaGP8zmzuTQr1T

CAPT = CQju4V5qhVoQ8TKdMWD1DbmeYbFY74CMF6  ☼  BLOCK = BcEJPXyQQMcyK7QJGW7Fw6ECemyYBqJFPH
scarface
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January 25, 2014, 04:06:11 AM
 #132

IPO AND PREMINE?

digitalmagus
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January 25, 2014, 07:09:11 AM
 #133

It seems many people are confused by the bold titles being used in the opening post (see below)... I know I'm not 100% clear, so might as well ask.

Quote
* Early investors for taking a great risk due to the uncertainty of investment will be rewarded by a bonus of 2*initial investment for the first week and then this bonus decays by 2 percent per day for the remainder of the fundraiser until it reaches a floor of the base exchange rate of 0.001 BTC per 1 Ether
* After the fundraiser closes, the total sum of ether produced will be denoted as X and we will instantiate a premine of 0.50*X for the fiduciary members, early stakeholders, strategic partners, a pool for use between the conclusion of the fundraiser and the launch of mining and finally a long term endowment. Specific percentages will be discussed in the Prospectus to be released on the day of the fundraiser (Feb 1st)
* The fiduciary members will be vested over a 12 month period and cannot divest more than ⅓ of their position per year thereafter

... Since you used different terms; for example: "Early investors", "Early stakeholders" and "Fiduciary Members", are we to conclude that these are in fact completely different parties? Specifically, can you please clarify the differences between each and also which one of these are you characterizing as the ones that participate in the crowd funding that may (combined) contribute up to a total of 30,000 BTC? Typically a "fiduciary member" represents a legal entity, so I'm assuming this would exclude the individual crowdfunders, but I just want to triple check on all this.

TL;DR:  We need absolute clarity on whether the individuals participating in the crowd funding will have their Ether's tied up for 3 years (1/3 release per year) or whether they are able to trade their ether's for BTC or other cryptos immediately after the coin is launched.

Thanks!
number37
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January 25, 2014, 07:59:18 AM
 #134

hype hype hype  Grin

never it will get to Bitcoin's level, it's just yet another coin, and the one more like ripple.
Msile
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January 25, 2014, 08:00:47 AM
 #135

Can you guys proof you are those guys?
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January 25, 2014, 08:00:58 AM
 #136

intersting. looking forward to Feb 1st.
I suggent there should be some investment limit to ensure fair distribution.


     
     

     
     
extee
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January 25, 2014, 09:22:27 AM
 #137

If you're a dev and want incentive to work, invest big in mining or purchasing from miners at the start.

invest in mining and buying from miners Huh lollllll.... hm what about NO!
I prefer to support the developers directly than pay feckless miners sitting on their ass while their useless dirty machines (they don't serve any other purpose) waste our precious energy resources and pollute our planet and become an ever increasingly menacing centralized presence that could hold us at ransom (mining corporations could well be the evil banks/energy companies of the future, with increasing fees when rewards will run scarcer)
in 2014 miners are not even needed anymore as a crypto-network can be secured and transactions completed all through ProofofStake technology(proven in Nxt despite what the naysayers say, and its network has been under attack 24/7 and still going). and all running from end user devices (no need for your asic datacenters or gpu rigs).
miners are a totally useless and detrimental category of greedy vocal trolls which now come as an unneeded baggage from the bitcoin days,.
miners have become the main problem in bitcoin if you haven't noticed. with network energy consumption ever increasing and the mining becoming increasingly polarized.
http://www.bitcarbon.org/introduction.html (skip the global warming BS and read the footprint calculations....3x worlds total if it is to become the worlds currency)
and bitcoin's PoW wasn't even fair distribution cos early miners who got an early sniff (those from the cryptomailing list) got tons and ppl who farmed later only got crumbles, and is not evenly distributed 5 years later: with 50 ppl owning more than 30% of toatal bitcoins. . at the end of the day it will be the free market the main force responsible for distribution, as always.
NXT which was "unfair IPO bullshit omfg?" after only 2 months is already more evenly distributed than bitcoin is. just goes to show PoW failed all round.
miners now are just some sort of middle men which grabs the early coins and sells them on exchanges for an high price. nothing more.

be happy that there's any PoW at all in Ethereum ...it is basically just there to give you some free biscuits for doing nothing of real value. just something to keep miners happy.
vitalik thinks some mining makes the system more robust (i disagree) and is good for PR (as the mining community is huge and he might not want to get on the wrong side of them).
imo the PoW parts is just a waste (although the dagger mining should be more efficient and less prone to centralization than what we seen so far in PoW)
you mining community need to switch to investing (creating opportunities) as it is a more worthwhile job than mining (destructive by definition). mining WAS needed for crypto 5 year ago when the only crypto technology available (bitcoin) required it.....it is not needed now anymore. move on.
if you wanna keep mining and pump and dump coins with  PoW you got a huge selection of coins to choose from. you don't need ethereum...you got all those bitcoin/litecoin clones to last you a lifetime .the true scamcoins have become the miners-coins. just new names and logos with no technology innovations for pumps and dumps on exchanges.  this is the reality of current miners coins.





 
du5570
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January 25, 2014, 09:25:30 AM
 #138

I am a new one and I am lucky to see the begining
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January 25, 2014, 09:31:06 AM
 #139

I didn't even read anything. The pretentiousness is staggering. Have you heard of BTC? Welcome to the Seconding. Maybe.

But good luck, eh. Ethereum piqued my interest before this but I'm felling cheeky.


Buy original NSFW artwork with crypto: http://holdenmatarazzo.com/
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January 25, 2014, 10:12:46 AM
 #140

What am I missing here? All I'm seeing is a bunch of smart guys that have figured out a new technology to sell people on investing in their computer generated monopoly money printing technology.  As a trader of coins, I keep hearing every avid tech guy on chats and message boards tout their technology.  You know what?  Nobody gives a shit outside of the programming tech nerds.  We only care if it will make us money in the short term.  All these coins have a short life span outside of Bitcoin.  You know what is most important to people who will actually use these coins?  Anonymity and Liquidity, Liquidity, Liquidity.  You can take all the tech of the ten thousand different coins and none of them will be worth anything if you can't buy ten million and cash out ten million in a day.  But somehow this coin is worth 36 million in pre-sale along with salaries and 50% pre-mine?  Frack that, there are new coins that return 20x investments in a day with decent dev support, this one will be no different from the others.

And who are all these guys that are interested in this coin and the underlying technology?  I'm sure if I read through it thoroughly, I will be impressed with the tech, but c'mon this is just another specially designed coin to make the founders rich with no risk.  Will I trade the coin if it does well initially? Yes, but I will dump it as soon as it reaches its peak , just like every other coin not named bitcoin does eventually.  Trading this coin is probably smart, but fracking dumping 36 million plus 50% premine into their laps from day one is just dumb.  There are plenty of coins with great dev support that don't ask/beg people disguised as an IPO (LMAO) for their money for a new tech coin.  I don't care if Obama designed the coin, it's just idiotic to hand over 36 million and 50% pre-mine to a bunch of strangers just because they have a new tech coin.  Coins are worth something because they are liquid and can be transferred from one person to another.  This, my tech is better than your tech is a war being fought by tech nerds trying to make money off of people while crypto coins are hot.  In three years the coin fad may be over and all these altcoins with superior tech will all be gone.  

I can accept a few million IPO and a small percentage pre-mine but 36 million and 50% pre-mine?  They are just beating everybody with a stupid stick and trying to get rich without any risk.  How about a change of pace and they personally invest 36 million of their own money and then take 50% of the pre-mine at least they would have some skin in the game.  THey want to get rich before the coin even starts and trying to disguise the greed as an IPO.  Trade and invest in the coin, but frackin don't give your goddamn money away just because they say so.

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