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

[Coalission]

There isn't an issue that the protocol fixes.

Janet Yellen disagrees.

What We Know About the Federal Reserve's Blockchain Stance - CoinDesk

Yellen said that blockchain technology “could have very significant implications for the payments system” and that the Fed wants “to foster innovation”.

I'll try to get word out to the Federal Reserve itself that you disagree with their research paper and have some opinions that can change everything.

https://www.federalreserve.gov/econresdata/feds/2016/files/2016095pap.pdf

 

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[GlobalWealth]

I see it from both sides -- I have angel investments in two companies that are building ETH-based applications and I own a decent amount of ETH.

The point of my comment is that I'm surprised that so many people who consider themselves entrepreneurs are so disinterested (and even outright antagonistic) to a technology that has the potential to revolutionize a range of industries and an even wider range of verticals within those industries.

I assume either people aren't interested in a ground-floor opportunity in what could reasonably be a potentially trillion-dollar industry or people are just too lazy to make the effort to learn a new technology in order to open up that kind of opportunity. Given that so many people around here talk about how difficult it is to come up with good ideas, I'm assuming it's not the former; which leads me to believe it's the latter.

And that surprises me.

This is also my sentiment.

I'm very surprised that so many so-called forward thinking entrepreneurs see so close minded.

It reminds me of the Robert Kiyosaki rant about how online business is a waste of time and foolish.

Of course many people may not have the time or inclination to do the research but dismissing a world changing technology as useless is just ignorant.

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[fhs8]

Janet Yellen disagrees.

What We Know About the Federal Reserve's Blockchain Stance - CoinDesk


I'll try to get word out to the Federal Reserve itself that you disagree with their research paper and have some opinions that can change everything.

https://www.federalreserve.gov/econresdata/feds/2016/files/2016095pap.pdf

That's to look at cryptocurrency ideas to the US dollar which also happens to be digital currency. US dollar holds far more advantages and can easily be converted from digital to tangible money. There is no need for cryptocurrency.

I listed a ton of reasons why ether sucks and nobody rebutted them because I'm right. There's also no advantages that I can think of. When you have to resort to showing interest by other people instead of benefits it offers then that says something.

 

[LuckyPup]

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.

I'm with you, man. Cryptocurrency has the same allure to many as every nebulous "hot" space. I suspect it's going to be a bonanza for hucksters, as Forex, MLM and many other spaces are.

 

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[Millenial_Kid5K1]

I see it from both sides -- I have angel investments in two companies that are building ETH-based applications and I own a decent amount of ETH.

The point of my comment is that I'm surprised that so many people who consider themselves entrepreneurs are so disinterested (and even outright antagonistic) to a technology that has the potential to revolutionize a range of industries and an even wider range of verticals within those industries.

Based on the first sentence of your comment, it seems like the technology is still in the stages of speculation i.e. investment rather than implementation to a business.

I'm struggling to think of what the average entrepreneur could do with the technology at this particular moment. It's not like web design, where someone with no experience can be making professional-looking webpages within weeks.

 

[Coalission]

Based on the first sentence of your comment, it seems like the technology is still in the stages of speculation i.e. investment rather than implementation to a business.

I'm struggling to think of what the average entrepreneur could do with the technology at this particular moment. It's not like web design, where someone with no experience can be making professional-looking webpages within weeks.

Actually, that's precisely what's happening. Average entrepreneurs and regular folks are learning Solidity (very similar to Javascript) and launching dApps on the network.

 

[Millenial_Kid5K1]

Actually, that's precisely what's happening. Average entrepreneurs and regular folks are learning Solidity (very similar to Javascript) and launching dApps on the network.

Interesting. Will definitely have to look into this.

 

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[Gsuz]

IN!! Don't want to miss this.. Coming from a guy who deleted his BTC wallet back when they were ~ $10

 

[parkerscott]

Im still laughing at how outright dismissive some people are about this, without even doing any research or listening.

Luckily Coallision has been able to answer a lot of questions.

Its funny seeing things like "Nobody is going to adopt this technology when cash is easier"

The main focus in not really as a currency, and people are already using ethereum, and do not realize it.

Innogy Charges New Electric Car Fleet Using Ethereum Blockchain

You have hundreds of car charging stations across germany using ethereum and your average layperson has no idea.

Then you have things like teslas running through toll booths and water meters on ethereum.

-

Its fine if yall want to be skeptical, and ask questions, but it seems like there has been a ton of flak. This space could be pretty big, and there is not a lot of competition in the dapp space. Most of yall should be pretty forward thinking, and wont even take a minute to look into developing a dapp. There are plenty of applications that you could potentially create that could be the next billion dollar giant.

 

[Argue]

 

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[ZeroTo100]

I think ETH will be big in the future. The issue isn't that it won't be big, but rather the massive pump how heavily inflated its ticker is...

People that don't know anything about it like most users on business forums like this one know that they can hop in and buy ETH on impulse - and you pumpers/promoters know that also.

I know people that have been in this a long time and are in way under $80...

Better watch out for panic sellers - would love to see this run all the way back down to where it started

 

[parkerscott]

I got in under $8. Im not here to pump or promote.

Just lol if you think promoting here is going to even put a tiny dent in the marketcap. I have nothing to gain by informing anyone.

Can we please just focus on the technology rather than the price? I could talk about the price all day, but that is not what I want the discussion to be about.

 

[GlobalWealth]

There's also no advantages that I can think of. When you have to resort to showing interest by other people instead of benefits it offers then that says something.

Well I suppose of YOU can't think of any benefits then they clearly don't exist...hahahaha

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[fhs8]

If you added the word "LEGAL" to "commerce" above, I might agree with you. But, as stated, you are 100% incorrect.

Ok then how much money in volume is there between consumers and merchants?

Well I suppose of YOU can't think of any benefits then they clearly don't exist...hahahaha

I'm still waiting for you to list a benefit instead of just saying that there's benefits.

 

[GlobalWealth]

Ok then how much money in volume is there between consumers and merchants?



I'm still waiting for you to list a benefit instead of just saying that there's benefits.

It's not my job to educate or enlighten you.

I'm just amused.

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[wade1mil]

What I've gathered researching this today:

Blockchains allow anonymous P2P transactions of basically anything digital, and crowdsource verification of the transaction. The transaction can be money, services, files, etc. It removes the middleman, saves on fees if there are any, prevents corruption and fraud because the data is not kept in one place (decentralized), allows access to the data for multiple people at once. The verification of transactions is rewarded with some form of digital value, which can be used on the network.

Ethereum is the "WordPress of blockchains" in that it allows people to create blockchains without coding it from scratch. It was created because people were programming blockchains from scratch for single use-cases (like Bitcoin).

I can see this being a good application for voting, which is why it will probably not happen anytime soon.

 

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[Millenial_Kid5K1]

Ethereum is the "WordPress of blockchains" in that it allows people to create blockchains without coding it from scratch. It was created because people were programming blockchains from scratch for single use-cases (like Bitcoin).

My understanding was that bitcoin had no coding ability and could only perform a few operations, such as add subtract and multiply(for the sole purpose of simple "goods rendered for cash" type transactions.)

Etherium allows blocks in the blockchain to contain code, thus upping the versatility exponentially.

 

[parkerscott]

My understanding was that bitcoin had no coding ability and could only perform a few operations, such as add subtract and multiply(for the sole purpose of simple "goods rendered for cash" type transactions.)

Etherium allows blocks in the blockchain to contain code, thus upping the versatility exponentially.

This is a pretty good basic explanation. Once you start adding in things like zero knowledge proofs there is so much versatility that you just cant get from normal computer systems.

 

[Raoul Duke]

I suspect every naysayer sees cryptocurrency/blockchain like this.....

Imgur GIF

 

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[amp0193]

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. Now 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 the article.

This thread is tough to wrap my head around, but that article helped, so thanks.

I found this paragraph really interesting:

"The fascinating thing now is that in the past, people hired lawyers to review complicated contracts. In the future, they'll need to hire hackers. After a contract is signed, I'm now motivated to hire a very good hacker that will keep reading the code until they can find some hack to my advantage."

 

[Martinv678]

I'm glad Etherium is being spoken about here. When people ask me why it will change the internet I give them this analogy. Say I have a dog walking business and I tell you that I'll walk your little fluffy for 5 miles a day. Right now, I take your dog for a 2 mile walk and charge you for 5. You still pay me for 5 even though I haven't completed the work properly. If Fluffy had a collar on its neck that was connected to the Etherium network, the smart contract (on the blockchain) would determine how far I had walked the dog and would only release the money (ether) to me once the dog had been walked 5 miles.

Etherium (mainly smart contracts) will take change how the internet works, because money is only released when certain aspects are met. For coders on here now I believe you can smash it but creating agencies that develop smart contracts and sites built on Etherium for businesses, e.g in the law sector. Something like Airbnb could be replaced by a website where smart contracts are used. So once the person has stayed and are happy the money is released to the owner.

I think it's exciting. I could think of 100 business right now that would benefit from Etherium.

 

[parkerscott]

I'm glad Etherium is being spoken about here. When people ask me why it will change the internet I give them this analogy. Say I have a dog walking business and I tell you that I'll walk your little fluffy for 5 miles a day. Right now, I take your dog for a 2 mile walk and charge you for 5. You still pay me for 5 even though I haven't completed the work properly. If Fluffy had a collar on its neck that was connected to the Etherium network, the smart contract (on the blockchain) would determine how far I had walked the dog and would only release the money (ether) to me once the dog had been walked 5 miles.

Etherium (mainly smart contracts) will take change how the internet works, because money is only released when certain aspects are met. For coders on here now I believe you can smash it but creating agencies that develop smart contracts and sites built on Etherium for businesses, e.g in the law sector. Something like Airbnb could be replaced by a website where smart contracts are used. So once the person has stayed and are happy the money is released to the owner.

I think it's exciting. I could think of 100 business right now that would benefit from Etherium.

On top of that, you can basically create businesses that dont require a lot of overhead.

Lets take something like netflix.

Lets say im an indie producer and i make a documentary, and I want more people to watch it, and I also want to get paid. Well im probably going to try and get some sort of royalty and licensing deal going with netflix. Joe bob is going to pay for his netflix subscription and watch the documentary and netflix is going to get paid and im going to get paid. After all is said and done, a good chunk of profit is probably going to netflix. With ethereum you can cut out a lot of what the middleman takes and pay the producers better.

This isnt really the greatest of examples, but ethereum has a lot of potential, and there are plenty of use cases. I have two really good ones that I do not want to share. They could really shake up some old markets that think they are safe and also some new ones.

 

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[GhostCEO]

Ethereum is for me the future of our society as a whole!

I'm a bit of an utopian, but imagine what would happen if we were all connected to the Ethereum network. All our countries would work on this huge accounting system (the blockchain) that would know at any moment what resources are available in the world (and on other planets we "own"), and to whom those resources are assigned.

This makes theft virtually impossible.

This makes centralized governments irrelevant for a lot of things. Human touch will still be needed in some cases, but most of the countries could be regulated through Smart Contracts alone.

Now plug that in with Artificial Intelligence that could adjust Smart Contracts based on certain desired outcomes... Wow!

I am a developer as well as an entrepreneur and I can tell you that I am monitoring Ethereum very closely, I'll be starting to build some things with it very soon and I am extremely excited by it.

The future is happening and those who don't want to see it will be the ones who lose, like what happened for those people who thought the Internet was a fad.

 

[parkerscott]

Ethereum is for me the future of our society as a whole!

I'm a bit of an utopian, but imagine what would happen if we were all connected to the Ethereum network. All our countries would work on this huge accounting system (the blockchain) that would know at any moment what resources are available in the world (and on other planets we "own"), and to whom those resources are assigned.

This makes theft virtually impossible.

This makes centralized governments irrelevant for a lot of things. Human touch will still be needed in some cases, but most of the countries could be regulated through Smart Contracts alone.

Now plug that in with Artificial Intelligence that could adjust Smart Contracts based on certain desired outcomes... Wow!

I am a developer as well as an entrepreneur and I can tell you that I am monitoring Ethereum very closely, I'll be starting to build some things with it very soon and I am extremely excited by it.

The future is happening and those who don't want to see it will be the ones who lose, like what happened for those people who thought the Internet was a fad.

Thats a pretty lofty goal, but I still believe its the future. I would have already cashed out if I honestly thought it was going nowhere.

There are plenty of people that talk about how they wish they were around at the inception of silicon valley, and the dotcom boom, and the app craze, or how they missed out on being an apple or microsoft shareholder. Hindsight is 20/20 and nobody wants to put their money where their mouth is despite all the clear signals.

The RMB might also be getting an ERC20 token here shortly as well. People don't realize just how big this could actually be.

 

[GhostCEO]

The RMB might also be getting an ERC20 token here shortly as well. People don't realize just how big this could actually be.

I didn't know about that... It's becoming really big So so excited to have found this thread, I see I'm not the only one to think this has got great disruption potential.

 

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[parkerscott]

I didn't know about that... It's becoming really big So so excited to have found this thread, I see I'm not the only one to think this has got great disruption potential.

Snapchat is valued 4x higher than ETH currently.

There is a wait list of over 200 fortune 500 companies trying to join the EEA.

Very few people know what Ethereum is.

Let that sink in.

 

[masterneme]

You're so excited about cryptocurrencies but are blinded about the evidence that ETH will NOT be the one used because no one gives a damn about it, Bitcoin is the only one that the public kinda knows, is the official currency used on the deep web and it's the one that everyone talks about, the other ones will perish.

Bitcoin is the term that we already associate with cryptocurrency, it's already established in the collective subconscious. It already won.

But you can't see it because you're making money with it and are trying hard to rationalize your decissions.

I don't think block-chain technology will do anything with the IoT because it needs extra processing power and it's a waste of data. What's the benefit of having extra overhead in the packages when you already can do direct communication with any device? Isn't Bittorrent some short of block-chain technology? Why aren't we using it already to connect and transfer information?

My guess is that because this way of communication is decentralized some people think it's better because decentralized sounds cool, edgy and different. Do you remember Kademlia? It's the decentralized network for eMule. Do you know the Tor network? It lets you access the Internet and the deep web using many anonymous nodes in a pseudo-decentralized way.

And the main characteristic of these examples is that they're SLOW, PAINFULLY SLOW. You forget that we people are selfish and are not going to give up SPEED and are not going to have our devices connected 24/7 to share the data of any block-chain database giving up our own disk space. You forget that decentralized also means SHARED and people don't want to share.

If people can't pay the monthly subscription of Netflix or Brazzers with Bitcoins they won't use it, they'll continue using Paypal, Stripe or credit cards. And cryptocurrencies CAN'T pay recurrently because they're not desgined to do it.

And finally the elusive obvious, when you ask anyone invloved in Bitcoin farming what is he going to do with all the coins mined, what is the answer? EXCHANGE THEM FOR REAL MONEY.

Be honest, you don't give a damn about the technology per se, you just think is cool because now it's "free money" and you're trying to convince yourselves and the rest of us to invest in it because of the "business opportunity" not because of its potential or its impact to the world.

 

[GlobalWealth]

Bitcoin is the term that we already associate with cryptocurrency, it's already established in the collective subconscious. It already won.

.

Yeah. That's what Netscape said too.



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[maverick]

You're so excited about cryptocurrencies but are blinded about the evidence that ETH will NOT be the one used because no one gives a damn about it, Bitcoin is the only one that the public kinda knows, is the official currency used on the deep web and it's the one that everyone talks about, the other ones will perish.

Nobody particularly cares about bitcoin. People are interested in the possibilities that it offers. If you read up on ethereum, you will see that the main difference between bitcoin and ethereum (grossly simplified) is that usage of 'smart contracts'. You can effectively apply logical statements in the contracts thus resulting in endless possibilities.

I don't think block-chain technology will do anything with the IoT because it needs extra processing power and it's a waste of data. What's the benefit of having extra overhead in the packages when you already can do direct communication with any device? Isn't Bittorrent some short of block-chain technology? Why aren't we using it already to connect and transfer information?

This is incremental thinking. We're talking about technology that will fundamentally shift the way we live and work.

My guess is that because this way of communication is decentralized some people think it's better because decentralized sounds cool, edgy and different.

The biggest advantage of decentralization is that there is no owner. Nobody is pushing the agenda and in control of the rules and regulations. It does sound cool, edgy and different though ;-)

EXCHANGE THEM FOR REAL MONEY.

"Real money" . You mean the worthless pieces of paper that only have monetary value due to the implicit contract we agreed upon?

 

[maverick]

Also, I'd suggest that people with limited knowledge on ethereum read this:
https://steemit.com/ethereum/@hexayurt/what-does-ether-usd100-mean