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Ethereum


brendanb22
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What's your guys opinion? Price has skyrocketed over the past month. Ethereum is really pushing the envelope on digital currency and is clearly garnering a lot  of interest. Tough to say what the price / MCAP should be, but it's going to be an exiting next few years for it

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I bought some about a year ago, along with Dash and Monero, I'm pretty happy that I did.  I own the top 4 cryptocurrencies by market cap.  I like ETH, it has the most functionality and is being actively developed. If they add some privacy features, I think it has the potential to be the cryptocurrency and dethrone Bitcoin.

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ETH made the choice to become Turing complete and this exposes vulnerabilities making it unsuitable for a high value system (this has happened once already causing the split in ETH and ETC). Stick with Bitcoin and Monero is my advice.

Can you elaborate - why would Turing completeness have anything to do with that? The split had to do with the DAO hack, no?

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ETH made the choice to become Turing complete and this exposes vulnerabilities making it unsuitable for a high value system (this has happened once already causing the split in ETH and ETC). Stick with Bitcoin and Monero is my advice.

Can you elaborate - why would Turing completeness have anything to do with that? The split had to do with the DAO hack, no?

 

There was no hack. There was a programming error in the DAO contract. The "hacker" executed the contract as it was written (not how it was intended, but alas). Personally I consider the hard fork theft (would be an extremely interesting court case!).

 

Anyway,why is this programming error there? Complexity. Turing complete languages allow far too complex constructs to be created which will lead to scripts having "bugs" nearly always (like almost any computer program). Bugs in financial assets just render the whole thing untrustable.

 

BTW: did you know Turing completeness allows the creation of loops (including the infinite variant)? Do the math.

 

BTW2: If anything is interesting it's Mimblewimble (to increase privacy) which would require the Bitcoin script to be extremely simplified instead of made more complex. See here for the white paper: https://download.wpsoftware.net/bitcoin/wizardry/mimblewimble.txt

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what's the special appealing of Monero?

I can see Ether is very different from bitcoin but don't know what's Monero's differentiation

 

ETH made the choice to become Turing complete and this exposes vulnerabilities making it unsuitable for a high value system (this has happened once already causing the split in ETH and ETC). Stick with Bitcoin and Monero is my advice.

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what's the special appealing of Monero?

I can see Ether is very different from bitcoin but don't know what's Monero's differentiation

 

ETH made the choice to become Turing complete and this exposes vulnerabilities making it unsuitable for a high value system (this has happened once already causing the split in ETH and ETC). Stick with Bitcoin and Monero is my advice.

 

Monero is private. With Bitcoin if I know an account is associated with you then I can see what is in it and every transaction you have ever made. This is not the case with Monero.

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The guys that framed this as digital gold( bitcoin)  back when i first read about this space were absolutely correct back in late 2011.  At least a 1000 bagger.  This is by far the most non-linear price action i have ever experienced in the public domain.

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"BTW2: If anything is interesting it's Mimblewimble (to increase privacy) which would require the Bitcoin script to be extremely simplified instead of made more complex."

 

While elegant, this thing is deadly.

 

THE major attraction of blockchain is that 1) everyone can always see the ENTIRE transaction history, 2) the entire chain is independently re-validated every time there is an addition, and 3) you CANNOT look at just the last block. The major negative is that if you're doing this on a distributed ledger, it's taking longer, and costing more per update as the chains get longer. It is the price for total anonymity, but it puts inherent limits on ability to scale up.

 

Put this on a database, and you WANT both centralized AND complex coding. Coding ONLY through the Oracles own facility, with very tight system enforced logic controls, routinely audited every year; logic errors caused only by the user, and not by software bugs in the coding. A major issue for private Oracles where governance is about trusting in 'the rules', the 'code', and the robustness of the fault tolerance.

 

It really comes back to the architecture decision on whether to run on a DL or Database, & living with the consequences of the trade-off. Does your purpose of your application really require the level of anonymity that the DL allows?

 

SD

 

 

 

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SD your understanding is incorrect. With MW you can cryptographically prove the amount of units in circulation at all times so you don't need to see all transactions (and it doesn't have a huge security whole like Zerocoin). If you wish to prove that you made a certain transaction you can still prove that (like with Monero).

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  • 3 years later...

I bought some of this during the past week. Crazy moves but since we have a number of international people on this board, what are your thoughts?

 

I bought on the platform thesis providing more flexibility and ultimately more long term value to the ecosystem than looking at Bitcoin. Really enjoyed the book The Infinite Machine on Ethereum.

 

It looks like 2.0 provides more opportunities to scale  and just launched.

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I am not sure the top is in. The latest OCC Announcement https://www2.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-2.html provides an avenue for national banking charters to move into cryptocurrency and improve the access to international transactions and more or less kill off the likes of Western Union and MoneyGram.

 

As a banker, I could see a version of the future where crypto is integrated into our system. Ethereum is the platform that could drive this change, or at least initially.

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