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Web 3.0 (Ethereum) is happening, and most people have no idea what it even is.

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Except we're not referring to a company, there are no "numbers" to do due diligence on, so your investing expertise and opinions are irrelevant. There are no earnings reports to flip through, it's predicting the future. You either believe in the technology or not. If you don't, then just move on and you'll use it in the background eventually.
Respectfully, that's an incredibly glib outlook based on an armchair prediction.

Due diligence is a methodology or rather part of a mental model that helps us make the right decisions. It's about knowing people not companies.

For example, when I see a country like Greece discuss a new fiat drachma vs. the euro vs. a cryptocurrency, I take notes. I reference it against history and the emotions people violently act on. I look at the new tool, but not the underlying tech-instead I look at the top developers pushing it. Is it 5 guys like bitcoin, or is it flat. Does it exist in a way that is welcoming to the same people it will rely on to scale, etc. And I break it down piece by piece. Hopefully I get to a place to make an educated prediction and can act accordingly within that space and those affected by it.
 
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Coalission

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Does it exist in a way that is welcoming to the same people it will rely on to scale, etc.

That's fair, my point is that early technology isn't always welcoming at first, and that doesn't necessarily give you an idea of its potential scale.

Right now most of the action is at the protocol level, so while it's hard to imagine Grandma using cryptocurrencies, the way it was hard to imagine her typing in IP addresses and setting up servers to connect to the internet, eventually other companies emerge that build on top of the protocol and make onboarding easier, the way AOL made TCP/IP easier, Gmail makes SMTP easier, domain names make HTTP easier, etc. People use all of these technologies everyday without even knowing what they are or how they work.

Back then there was no way to invest in protocols, you had to wait until a company built on top of it and then hope they stand the test of time, some did, some didn't, and you get the dot-com boom and bust. Yet despite that bubble, the internet still stands today because technology rarely goes backwards. Once the cat's out of the bag, it's out. So now people are investing in the protocol, without having to gamble on a single company doing it right or not.

Here's an example of people in need "using" Ethereum without even knowing it:
A Branch of the UN Just Launched Its First Large-Scale Ethereum Test - CoinDesk

Yes, THAT United Nations.
 

SquatchMan

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Banks are using this technology. And this is huge.

Ignore the coin part of this for a second, those are irrelevant.

Now instead of using big and inefficient IBM mainframes from the 1970s that use the COBOL programming language (the very first programming language... it was written in 1953). Banks are switching to a more efficient method of transfer.

This more efficient method is called the blockchain.

Which you probably will say, so what? I don't care what my bank does as long as I can get money to go to da club.

And that's where I say. You should care. Let me explain.

Contrary to popular belief, there was a time before the internet and computers. In this time the bank would write the transactions on a piece of paper and then send it to a central bank every few days.

As you can imagine, this process was very inefficient and susceptible to fraud.

In the 1960s there was a solution thanks to a company called International Business Machines (IBM). The solution was called the the mainframe computer.

Now the local bank branch could sent the transaction/balance over telephone lines to this mainframe computer.

This mainframe computer stored the banks ledger. This ledger has all the transactions, account balances, etc.

Now with this mainframe, when you want some money to go da club you can just walk into any bank. The bank asks the mainframe, "How much money does spyt have in his account?" And it gets an answer.

No paper ledger.

Somewhere down the road some nerds working for Uncle Sam and IBM figured out a way to reduce the size of these mainframe computers.

They were pretty bad. You couldn't do much with them and the screens were awful.

The computers got better. The screens got better.

Some person decided to connect these home computers together with telephone lines.

Now people could use their computers to connect to different servers and view information on the servers (web sites).

Now in 2017 the banks are realizing these IBM mainframes that are 30 or even 40 years old written with a programming language that is 64 years old are rather inefficient. They are currently looking at better ways to record their ledger.

This efficient way is the blockchain.

....

That story is missing a lot of info on computers, GUIs, and the internet. It should still give you a general gist of why the banks using the blockchain is huge.

It starts with companies/governments with lots of money to spend developing ways to make their life more profitable. This is where we're at with the blockchain.

Companies will form to make the tech cheaper and simpler to use with the hopes of selling it to the general public (think Microsoft and Apple).

Then more companies will form to capitalize on this cheaper technology (Google, AOL, etc.)

I believe we might be a little far out from blockchain technology companies forming.

I still have zero doubt in my mind that the blockchain will be the next tech revolution.

The only question is when will the revolution occur?

Edit: Full disclosure. I'm do not, and never have, owned any crypto currency.
 
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parkerscott

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1) Never invest money in things you don't understand. I don't understand how that shit works.


2) Web 3.0 is going to be the internet of things.

But good luck to ya'll that mess around with this stuff.

Ethereum might be the backbone of IOT. Look into Bosch. They are already using ethereum blockchain technology.
 
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parkerscott

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Still too confusing to understand for majority of people. Until it becomes a standard way to pay and can be easily explained, it will likely remain 'underground' within these communities for the time being. That doesn't mean you can't make money....just not something I want to necessarily immerse myself in...yet.

How do you get cash in and out of the system?

You will need to do a bit more research. Its not necessarily meant as a payment option like bitcoin crypto anarchists make bitcoin out to be. There are already systems running on ethereum, and people dont even realize they are using it.
 

splok

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I don't know if Ethereum is the answer, but I do think that a ubiquitous and frictionless micropayment system would be MASSIVE. For the simple explanation, just imagine that your rep bank here were directly/instantly convertible into real dollars. Or maybe that each Like/Upvote/retweet or whatever sent a micropayment to the content creator...

Most people won't pay $1 (or the time/trouble of going through a checkout process) for consuming a good piece of content online, but there might be some amount that they would pay if it were easy enough. Maybe 1 cent, or 1/100 of a cent, or whatever. We won't do that now because of the trouble and the transaction fees. Most people online have to monetize their content indirectly (if they even monetize it at all), but sufficiently frictionless micropayments could completely change that, and I think that could be VERY big.
 
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parkerscott

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I don't know if Ethereum is the answer, but I do think that a ubiquitous and frictionless micropayment system would be MASSIVE. For the simple explanation, just imagine that your rep bank here were directly/instantly convertible into real dollars. Or maybe that each Like/Upvote/retweet or whatever sent a micropayment to the content creator...

Most people won't pay $1 (or the time/trouble of going through a checkout process) for consuming a good piece of content online, but there might be some amount that they would pay if it were easy enough. Maybe 1 cent, or 1/100 of a cent, or whatever. We won't do that now because of the trouble and the transaction fees. Most people online have to monetize their content indirectly (if they even monetize it at all), but sufficiently frictionless micropayments could completely change that, and I think that could be VERY big.

Well they are working on state channels that will be able to facilitate transactions faster,cheaper, and probably more secure than visa. This should open up micropayments, and I believe paying fractions of a cent to listen to song or read an article will be a very real possibility. If you are a music producer, camgirl or whatever, you wont have to deal with middlemen taking a good chunk of your cash, and you will have more options. This is just one facet of ethereum as well.

You also have people wanting to shake up the advertisement industry as well. Brendan Eich ring any bells? Home

Im urging people to at least do a little bit of research. You dont have to invest or create anything in this space, but just be aware that there could be the potential for this technology to disrupt your way of life in a similar fashion to the way the internet shook up a lot of B&M businesses like blockbuster who did not innovate, and where left bankrupt.

Its certainly something everyone should at least know a little bit about. Its much bigger than vr or ecommerce stores or whatever everyone thinks the future is. Oh yeah and those autonomous cars might use ethereum. Look into bosch and some of their onboard car computers. Its a pretty deep rabbit hole.
 

fhs8

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This is not Web 3.0. In fact there was never a Web 2.0. The term arose from website development company marketing BS.

I didn't bother watching the video because I didn't want to waste my time. If I won't do it then neither will consumers.

I'll list a couple of reasons why it won't be mainstream.

1. Lack of chargeback ability.
2. If your account is hacked or password stolen then you lose all your money.
3. You have to use money to deposit into an account to get Ether.
4. EVM is useless and stupid. Not going to be easy to implement.
5. It will cost money to do transactions/hold money.
6. Not FDIC insured.
7. In the US if a merchants accept credit cards they cannot give discount/surcharges by law in a lot of US states for not using credit cards so the consumer sees no benefit.
8. Most people use credit cards because they are in debt and have no money to put in a separate account for Ether.
9. There's 100s of blockchain currencies out there. No reason to accept just one and this would cause deflation.
10. US inflation is expected to be very low as well as other developed countries. Just look at 10yr and 30yr bonds. If you think hyperinflation is coming then you're an idiot.
11. Lots of volatility since cyptocurrency is not backed by anything. US currency is backed by jail time if you don't pay taxes.
12. Lack of places to convert the currency to goods/services. It's hard to find any place that accepts bitcoin. Good luck finding a place that accepts ether.
13. It doesn't fix a big issue.
14. Litigation costs. Since the consumer is unable to do a chargeback there will be increased costs defending against civil cases. Especially across state lines due to long arm statutes.
15. Lack of reputation. Putting money in ether is like sending your money off to some offshore company.
16. Banned in China and other countries.
 

parkerscott

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This is not Web 3.0. In fact there was never a Web 2.0. The term arose from website development company marketing BS.

I didn't bother watching the video because I didn't want to waste my time. If I won't do it then neither will consumers.

I'll list a couple of reasons why it won't be mainstream.

1. Lack of chargeback ability.
2. If your account is hacked or password stolen then you lose all your money.
3. You have to use money to deposit into an account to get Ether.
4. EVM is useless and stupid. Not going to be easy to implement.
5. It will cost money to do transactions/hold money.
6. Not FDIC insured.
7. In the US if a merchants accept credit cards they cannot give discount/surcharges by law in a lot of US states for not using credit cards so the consumer sees no benefit.
8. Most people use credit cards because they are in debt and have no money to put in a separate account for Ether.
9. There's 100s of blockchain currencies out there. No reason to accept just one and this would cause deflation.
10. US inflation is expected to be very low as well as other developed countries. Just look at 10yr and 30yr bonds. If you think hyperinflation is coming then you're an idiot.
11. Lots of volatility since cyptocurrency is not backed by anything. US currency is backed by jail time if you don't pay taxes.
12. Lack of places to convert the currency to goods/services. It's hard to find any place that accepts bitcoin. Good luck finding a place that accepts ether.
13. It doesn't fix a big issue.
14. Litigation costs. Since the consumer is unable to do a chargeback there will be increased costs defending against civil cases. Especially across state lines due to long arm statutes.
15. Lack of reputation. Putting money in ether is like sending your money off to some offshore company.
16. Banned in China and other countries.


So you spent the time writing that up, but wont read the thread? This isnt some bitcoin crypto anarchy type deal. Your average layperson is going to have no idea they are using ethereum similar in the sense that your average layperson has no idea what an ip address is.

You can go ahead and dismiss it all you want, but the writing is on the wall.
 
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GlobalWealth

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This is not Web 3.0. In fact there was never a Web 2.0. The term arose from website development company marketing BS.

I didn't bother watching the video because I didn't want to waste my time. If I won't do it then neither will consumers.

I'll list a couple of reasons why it won't be mainstream.

1. Lack of chargeback ability.
2. If your account is hacked or password stolen then you lose all your money.
3. You have to use money to deposit into an account to get Ether.
4. EVM is useless and stupid. Not going to be easy to implement.
5. It will cost money to do transactions/hold money.
6. Not FDIC insured.
7. In the US if a merchants accept credit cards they cannot give discount/surcharges by law in a lot of US states for not using credit cards so the consumer sees no benefit.
8. Most people use credit cards because they are in debt and have no money to put in a separate account for Ether.
9. There's 100s of blockchain currencies out there. No reason to accept just one and this would cause deflation.
10. US inflation is expected to be very low as well as other developed countries. Just look at 10yr and 30yr bonds. If you think hyperinflation is coming then you're an idiot.
11. Lots of volatility since cyptocurrency is not backed by anything. US currency is backed by jail time if you don't pay taxes.
12. Lack of places to convert the currency to goods/services. It's hard to find any place that accepts bitcoin. Good luck finding a place that accepts ether.
13. It doesn't fix a big issue.
14. Litigation costs. Since the consumer is unable to do a chargeback there will be increased costs defending against civil cases. Especially across state lines due to long arm statutes.
15. Lack of reputation. Putting money in ether is like sending your money off to some offshore company.
16. Banned in China and other countries.
Definitely the most amusing reply so far.

Do still ride a horse to work or play Atari 2600?

Hahahaha

Sent from my VTR-L29 using Tapatalk
 

parkerscott

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Definitely the most amusing reply so far.

Do still ride a horse to work or play Atari 2600?

Hahahaha

Sent from my VTR-L29 using Tapatalk


Thats what I was thinking lol. "Radial tires will never work, the wire will split out of the tire and decapitate people"
 
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masterneme

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I thought Web 3.0 was about a big breakthrough in language detection algorithms and advanced interconnection between devices (IoT)...

I agree with fhs8, there are major problems with cryptocurrencies that will probably be unsolvable that won't make them mainstream.

There are no chargebacks nor recurring payments and blockchain technology is open source.

This will be great for banks because they'll be able to safely transfer money over the net using this technology but I think that'll be all.

Why would anyone start using whatever-coin when Bitcoin is BY FAR the most recognizable?

The only reason to invest in alt coins is to speculate and the bubble will burst eventually leaving Bitcoin as the winner for the Joe Blows.

Now I'll go back to my cabin with my horse to play Pitfall on my Atari 2600...
 

wade1mil

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Never invest money in things you don't understand. I don't understand how that shit works.
To be fair, this guy is terrible at explaining this to someone who's new to the game.
 
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Azure

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Definitely the most amusing reply so far.

Do still ride a horse to work or play Atari 2600?

Hahahaha

Sent from my VTR-L29 using Tapatalk

My favourite part was when he said that the value of the USD was propped up by the risk of jail time for not paying income tax.
 

scottmsul

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I have no doubt that Ethereum has potential, but...I agree with most of the nay-sayers in this thread. I feel most people are better off solving problems they can actually understand. A good comparison might be with Paypal. Paypal solved the internet money-transfer problem when the internet was still new, and if someone had beat them to it, they would have made billions. However, Paypal had to solve the fraud problem. When Paypal started out, they were losing millions to fraud, which required inventing new sophisticated/technical techniques, something I'm not sure most entrepreneurs could have solved.

There's an overabundance of possible world-changing developments coming over the next few decades, including rockets, asteroid mining, virtual reality, brain-computer interfaces, AI, robots, quantum computers...not to mention the countless open problems at smaller scales that can be solved using today's technology. Even if Ethereum and block-chain technology will change the world (which is far from 100% certain), that doesn't imply every entrepreneur should jump on the train.
 

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FINALLY - I found an article that simply explains these things (Blockchain, Miners, Forks, DAO, etc) The author uses normal language that the average person can understand, so I hope it helps someone else here. Now at least I feel like I have a grasp on the concepts and how it all works.

Bitcoin / Ethereum / TheDAO / Hacks Explained
By Robert Graham of Errata Security

The writer also talks about the risks and susceptibility for corruption. I'd be interested in hearing what some of you guys think of those things.
 
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Millenial_Kid5K1

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I did a bit of research yesterday and today, and this is what I came up with.

First, those curious about the technology should watch these two videos.

Also maybe read the wikipedia article on blockchain:
Blockchain - Wikipedia

While there's still a good bit I don't understand about it, my initial impressions:

1. I can definitely see the use for private organizations, such as banks. You don't have to worry about most types of hacking, because it'd be very hard to hack every single node in the network. Also, private organizations don't care much about whether or not every computer in their system has to do the same calculations.
2. Unlike the article that was posted earlier, I don't see how this will stop centralization in the sense of ending censorship and fees. This stuff will still be running through the physical hardware of the internet and/or cellular networks. Couldn't an interested party simply control or make deals with the DApp creator, or ISPs, or cellular providers like they do now?
3. I don't understand how privacy would be possible under this scheme. Every node will have a copy of the entire blockchain, how do you keep interested parties from monitoring every transaction made in the network?
4. I see it hard to go beyond private companies running this stuff. Under the selfishness principle, I doubt most people would be willing to use their private computer/phone to constantly be updating the blockchain, thus taking their processing power. I probably wouldn't, unless the pros majorly outweighed the cons.
5. Scalability. As a single blockchain grows, it takes more processing power to update for every node in the network. Is there a way around this?
6. The 2016 fork raises a pretty big red flag. Who are the winners and losers here? How do we know it won't happen again?

I'm glad you brought this to my attention. I think this (or something like it) can/will play a huge role in future software development, though I have too many questions in my mind to want to turn down other modes of doing business for this.

I'm keeping an open mind. I'd love to hear anyone's corrections, responses, or refutations of the questions I have.
 

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Glad there is a thread going about this. Ethereum is freaking awesome.

I went to school with Vitalik and he is an absolute genius, and he is the perfect person to be heading this project.

Whether you are just in it for the ETH investment, or the tech stack behind the network, keep your ears open as this has the potential to be a massive game changer in the internet age.
 

MJ DeMarco

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keep your ears open as this has the potential to be a massive game changer in the internet age.

And hence, savvy entrepreneurs stand a chance at making a fortune -- so a 69 year old grandma finds it as easy to use as flip-phone.

Thread marked NOTABLE for all the information cited.
 
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I don't know if Ethereum is the answer, but I do think that a ubiquitous and frictionless micropayment system would be MASSIVE. For the simple explanation, just imagine that your rep bank here were directly/instantly convertible into real dollars. Or maybe that each Like/Upvote/retweet or whatever sent a micropayment to the content creator...

Most people won't pay $1 (or the time/trouble of going through a checkout process) for consuming a good piece of content online, but there might be some amount that they would pay if it were easy enough. Maybe 1 cent, or 1/100 of a cent, or whatever. We won't do that now because of the trouble and the transaction fees. Most people online have to monetize their content indirectly (if they even monetize it at all), but sufficiently frictionless micropayments could completely change that, and I think that could be VERY big.

That's already being done by the creator of Javascript and Mozilla (Firefox).


I didn't bother watching the video because I didn't want to waste my time. If I won't do it then neither will consumers.

Maybe you won't, but a lot of consumers actually are "wasting" their time. You can stand by with your arms crossed all you want, but like I said before, you will use these technologies eventually whether directly or indirectly.

Good thing the US Government doesn't consider it a waste of time:

Congress gets serious about Blockchain - U.S. Representative Jared Polis
How the US government is using blockchain to fight fraud | Kathryn Haun | TEDxSanFrancisco - Blockchain Age
The Trump Administration is Buying Into Blockchain Tech - CoinDesk
US Government Invests in Blockchain to Protect Healthcare Companies from Hackers

masterneme said:
I thought Web 3.0 was about a big breakthrough in language detection algorithms and advanced interconnection between devices (IoT)...

I agree with fhs8, there are major problems with cryptocurrencies that will probably be unsolvable that won't make them mainstream.

There are no chargebacks nor recurring payments and blockchain technology is open source.

This will be great for banks because they'll be able to safely transfer money over the net using this technology but I think that'll be all.

Why would anyone start using whatever-coin when Bitcoin is BY FAR the most recognizable?

The only reason to invest in alt coins is to speculate and the bubble will burst eventually leaving Bitcoin as the winner for the Joe Blows.

Now I'll go back to my cabin with my horse to play Pitfall on my Atari 2600...

I addressed the IoT point earlier, it will be huge in the future, and blockchain will play a crucial role right alongside it. All of your other issues are known and easily solvable by banks and that's why a lot of the major banks are already onboard.

https://www.nytimes.com/2017/02/27/...ereum-alliance-business-banking-security.html

Many companies have already been working to create their own versions of Ethereum for specific purposes.

JPMorgan, for instance, has created a version of Ethereum known as Quorum that the bank has been using in tests to move money between JPMorgan branches in different countries. Quorum will become a part of the new version of Ethereum being developed by the alliance.

Some of the companies working in the new alliance hope that the private Ethereum blockchains will, at some point, be able to connect to the public Ethereum blockchain, creating a standard for information storage and movement around the world.

“Even if you create private networks, if you can anchor them to public networks, you get an extremely strong set of links together,” Mr. Batlin, of BNY Mellon, said.

It is similar to the way internet and intranet works today. Interoperability between public and private blockchains/ledgers are already being worked on. So the way that from your public internet you can sign into the bank's private intranet to access your balance, make transfers, withdraw, etc. you will eventually be able to sign into the bank's private blockchain and make deposits from your public wallet, withdraw to your public wallet, etc.
 

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Glad there is a thread going about this. Ethereum is freaking awesome.

I went to school with Vitalik and he is an absolute genius, and he is the perfect person to be heading this project.

Whether you are just in it for the ETH investment, or the tech stack behind the network, keep your ears open as this has the potential to be a massive game changer in the internet age.
Nice! You went to school with Vitalik? That's like going to school with Steve Jobs haha.

But yeah, ETH has promise. For the tech savvy entrepreneurs out there, definitely pay attention to ETH. Also, I checked out golem. What a revolutionary "tool" it is, imo.
 

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My friend works for BitPay and tells me that a lot of the investment in Ether is due to a lack of trust in Bitcoin. Another thing that he adds is that there is a lot of politics between whether or not Bitcoin will be updated with the hard fork - Unlimited, or the soft fork - Segwit.

He says that if Segwit comes through it will be very damaging for Ether because it will increase the amount of volume that bitcoin can handle greatly (although it is not a permanent solution).

Do you know about these politics? If so, what is your opinion on them. Does Ether have a lot to offer that Bitcoin simply can't? I ask these questions because I don't really see Ether being adopted by vendors. It almost seems like people are investing in Ether the same way that they would Gold.

I am pretty ignorant on this topic so I hope that through my questions you can enlighten the rest of us who are on the same page.
 
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Well they are working on state channels that will be able to facilitate transactions faster,cheaper, and probably more secure than visa. This should open up micropayments, and I believe paying fractions of a cent to listen to song or read an article will be a very real possibility. If you are a music producer, camgirl or whatever, you wont have to deal with middlemen taking a good chunk of your cash, and you will have more options. This is just one facet of ethereum as well.

You also have people wanting to shake up the advertisement industry as well. Brendan Eich ring any bells? Home

Im urging people to at least do a little bit of research. You dont have to invest or create anything in this space, but just be aware that there could be the potential for this technology to disrupt your way of life in a similar fashion to the way the internet shook up a lot of B&M businesses like blockbuster who did not innovate, and where left bankrupt.

Its certainly something everyone should at least know a little bit about. Its much bigger than vr or ecommerce stores or whatever everyone thinks the future is. Oh yeah and those autonomous cars might use ethereum. Look into bosch and some of their onboard car computers. Its a pretty deep rabbit hole.
Okay, so I did go away and do a little research. Maybe this can clear it up for anybody else. Is this the jist of it; Ethereum is a crypto currency that can be coded to automatically send payments, without needing to store the money anywhere since it's decentralised. For example someone could make a Twitch.tv donate button where you just click and it pays the streamer, the code would move your ether(the currency) stored on your computer to the streamers computer. ??
 

Coalission

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He says that if Segwit comes through it will be very damaging for Ether because it will increase the amount of volume that bitcoin can handle greatly (although it is not a permanent solution).

He must not know about Raiden launching fairly soon on Ethereum, built to handle Visa-level transaction loads and higher.
Raiden Network

Do you know about these politics? If so, what is your opinion on them. Does Ether have a lot to offer that Bitcoin simply can't? I ask these questions because I don't really see Ether being adopted by vendors.

No opinion on the politics, any time you get a group of people together building towards something, whether a public or private company fighting behind closed doors in board meetings, to open-source software teams having public squabbles, different people will have different opinions on how things should be accomplished.

As far as Ether having something to offer that Bitcoin can't, Bitcoin is merely a currency. Ethereum is a protocol, that can itself create a currency (like Bitcoin) but also do a whole bunch of other crazy shit through the use of smart contracts using its own programming language called Solidity.

As far as vendors adopting it, it's way too early to think about that. We're still at the point in this technology where we're looking at which banks, governments, universities, etc. will adopt which technology, and I think the answer is clear:

1*y549yk1qB48P6HWjRj08BA.png


Once companies start building on top of the protocol, and you start getting companies like AOL and Compuserve building easy onramps for people, then we can wonder which of those companies will be adopted by vendors. It's like in 1984 wondering which vendors will adopt "internet". Too early, no vendor will adopt it at that point.
 

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He must not know about Raiden launching fairly soon on Ethereum, built to handle Visa-level transaction loads and higher.
Raiden Network



No opinion on the politics, any time you get a group of people together building towards something, whether a public or private company fighting behind closed doors in board meetings, to open-source software teams having public squabbles, different people will have different opinions on how things should be accomplished.

As far as Ether having something to offer that Bitcoin can't, Bitcoin is merely a currency. Ethereum is a protocol, that can itself create a currency (like Bitcoin) but also do a whole bunch of other crazy shit through the use of smart contracts using its own programming language called Solidity.

As far as vendors adopting it, it's way too early to think about that. We're still at the point in this technology where we're looking at which banks, governments, universities, etc. will adopt which technology, and I think the answer is clear:

1*y549yk1qB48P6HWjRj08BA.png


Once companies start building on top of the protocol, and you start getting companies like AOL and Compuserve building easy onramps for people, then we can wonder which of those companies will be adopted by vendors. It's like in 1984 wondering which vendors will adopt "internet". Too early, no vendor will adopt it at that point.

Wow, the more I am investigating this the more convinced I am that this could be something huge. The main thing I am worried about is that I am missing something out of ignorance.

The thing that really makes me want to get involved and invest is that I completely believe in what Ether would provide. We simply have way too much bureaucracy in matters where it doesn't belong. Thank you for the response.
 
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fhs8

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This will be great for banks because they'll be able to safely transfer money over the net using this technology but I think that'll be all.

ACH transactions in the US are handled by the federal reserve and is very safe.

He must not know about Raiden launching fairly soon on Ethereum, built to handle Visa-level transaction loads and higher.

Merchants would just have another gateway to accept credit cards. Also that wouldn't be a SAQ A/SAQ A-EP type of solution so almost nobody will adopt it.

As far as Ether having something to offer that Bitcoin can't, Bitcoin is merely a currency. Ethereum is a protocol, that can itself create a currency (like Bitcoin) but also do a whole bunch of other crazy shit through the use of smart contracts using its own programming language called Solidity.

As far as vendors adopting it, it's way too early to think about that. We're still at the point in this technology where we're looking at which banks, governments, universities, etc. will adopt which technology, and I think the answer is clear:

There isn't an issue that the protocol fixes.

Once companies start building on top of the protocol, and you start getting companies like AOL and Compuserve building easy onramps for people, then we can wonder which of those companies will be adopted by vendors. It's like in 1984 wondering which vendors will adopt "internet". Too early, no vendor will adopt it at that point.

The internet offered something that people didn't have. Ether offers nothing but disadvantages to the consumer. The only reason why bitcoin/litecoin/ether/ripple and any other currency has market cap is due to speculation just like a tulip bubble. There is almost zero market cap from use in commerce.
 

Coalission

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Merchants would just have another gateway to accept credit cards. Also that wouldn't be a SAQ A/SAQ A-EP type of solution so almost nobody will adopt it.

Meanwhile, back at the Visa headquarters, blockchain division...

"Ugh, wrap it up guys...fhs8 on The Fastlane Forum just brought up SAQ and PCI compliance."

"Shit! Why didn't we think of that?!"

Visa to Launch Blockchain Payments Service Next Year - CoinDesk
Western Union is investing in one of the hottest trends in fintech

You're too late on the pessimism, it's like people who still post in comment sections on tech blogs "Self-driving cars will never work, who's going to insure them? Who's responsible in a crash? Aha!" like they discovered something that thousands of full-time engineers somehow overlooked.
 

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