Ethereum, Bitcoin & Coinbase

[kashivre]

So, as some people know Ethereum will be released in the next few months...and this causes me to contemplate its effect on Bitcoin as a whole.

One thing for sure is crypto will become a lot more secure, with protection against fraud rising to an all time high. This will presumably have an effect on Bitcoin, the community and the way its viewed from 'outside'.

If a Crypto Exchange was to run on top of Ethereum, meaning the exchange is decentralized, the risk of fraud would be terminated, there would never be another Mt.Gox or 'money disappearing panic omgwtfbbq'ing' going on. If an exchange is safe, people would be more willing to part with their fiat and therefore we could see an influx of bitcoin investments (and in general crypto investments), once the potential of this new technology is realised.

This makes me wonder what stance Coinbase takes on this. If they don't evolve fast enough to become decentralized, another exchange will most likely take over and become the most adopted exchange.

If Coinbase were to work with Ethereum, I could see the whole crypto community benefiting. Coinbase would become safer, meaning more investments, momentum with Ethereum would build, and Bitcoin's price would rise substantially.

Thoughts...?

[readysalted89]

The thing I don't understand about decentralized exchanges is how you get fiat into them. If you use a token like bitUSD then you have to ultimately go through a centralized exchange to get it. Is it possible to get real money into a decentralized exchange?

[kashivre]

I think introducing fiat will be a challenge, but the whole point of decentralization would be to allow trade while controlling your own money in the most efficient way. Saying that however, there will be a way to solve this, its just early days. I'm sure someone's already come up with a solution.

[thehighfiveghost]

There already is a decentralised exchange on Ethereum!

EtherEx - http://www.etherex.org/

Have a look at the GitHub too - https://github.com/etherex

[BillyBobZorton]

The thing I don't understand about decentralized exchanges is how you get fiat into them. If you use a token like bitUSD then you have to ultimately go through a centralized exchange to get it. Is it possible to get real money into a decentralized exchange?

I think it would work like bitcoin.de or similar.. its a p2p exchange where only you and the trader know the information of each other.

[pedrog]

Hold your horses, until it's released Ethereum is nothing but vaporware, when/if released it will then go through a testing phase and then it will need to live up to the expectations, several years will pass until the software pass all the tests and prove to be reliable software.

[BittBurger]

Ethereum goes live March 20th, assuming no snafoos.  Date is tentative.

https://www.reddit.com/r/ethereum/comments/2v1cv8/many_of_the_details_of_the_ethereum_rollout_have/

-B-

[thehighfiveghost]

Yes, though it's dependant on what results the auditors deliver - if there are issues that require 2 weeks of dev time then so be it.

Ethereum is THE EXACT OPPOSITE of vapourware. People are already forking and using it for various side projects (see CounterParty, Eris etc).

You can view all the code here - https://github.com/ethereum

It's opensource so feel free to use it as you like.

The repos are updated pretty much everyday.

[arvindr]

Ethereum goes live March 20th, assuming no snafoos.  Date is tentative.

https://www.reddit.com/r/ethereum/comments/2v1cv8/many_of_the_details_of_the_ethereum_rollout_have/

-B-

That just around the corner . I wonder what effect will it have on the bitcoin ecosystem .

[kashivre]

Hold your horses, until it's released Ethereum is nothing but vaporware, when/if released it will then go through a testing phase and then it will need to live up to the expectations, several years will pass until the software pass all the tests and prove to be reliable software.

Ethereum is not vaporware.

But yes I agree it will take several years for Ethereums potential to come to fruition. Still...very exciting times.

[pitham1]

The thing I don't understand about decentralized exchanges is how you get fiat into them. If you use a token like bitUSD then you have to ultimately go through a centralized exchange to get it. Is it possible to get real money into a decentralized exchange?

I am not sure I understand the question. Won't you be able to use bitcoins in these exchanges?

[R2D221]

The thing I don't understand about decentralized exchanges is how you get fiat into them. If you use a token like bitUSD then you have to ultimately go through a centralized exchange to get it. Is it possible to get real money into a decentralized exchange?

I am not sure I understand the question. Won't you be able to use bitcoins in these exchanges?

The problem is not using Bitcoin, but using fiat.

[pippo]

Ethereum is Bitcoin

[R2D221]

Ethereum is Bitcoin

No.

[AtheistAKASaneBrain]

Hold your horses, until it's released Ethereum is nothing but vaporware, when/if released it will then go through a testing phase and then it will need to live up to the expectations, several years will pass until the software pass all the tests and prove to be reliable software.

Ethereum is not vaporware.

But yes I agree it will take several years for Ethereums potential to come to fruition. Still...very exciting times.

Ethereum has admited they are stuck in certain key parts of the devlopment. I still dont get why someone would invest in Ethereum instead of Maidsafe.

[LiteCoinGuy]

fork Ethereum and lets go (or use counterparty)  

dont expect to pay in "Ethers" in the next 100 years  

[Gleb Gamow]

There already is a decentralised exchange on Ethereum!

EtherEx - http://www.etherex.org/

Have a look at the GitHub too - https://github.com/etherex

Assuming Charles H. is still part of Ethereum, I may have to get ahold of his ass. From the looks of it, EtherEx is exactly what I've been seeking out for the grand project I'm developing.

Well-done, guys!

[BittBurger]

fork Ethereum and lets go (or use counterparty)  

dont expect to pay in "Ethers" in the next 100 years  

I could be wrong about this but I don't think the goal is to pay in Ethers.   That's why it doesn't really compete with Bitcoin in the sense you may think.  While I understand that their verbiage had to change due to legal reasons, the verbiage right now states that Ether is the "gas" that powers the functions that Ethereum provides.  I guess in a sense that would make it similar to Ripple.  Neither expects to be the next "Apple Pay" but both use their unit of account for executing functions and features tied to their blockchain.  The value of ether will go up provided the demand to develop on that platform goes up faster than the supply being generated in intervals they have planned. 

Anyone correct me where I'm wrong. 

-B-

[MilesJohan]

Ethereum is Bitcoin

No.

Bitcoin is Ethereum.

[R2D221]

Ethereum is Bitcoin

No.

Bitcoin is Ethereum.

Also no.