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

parkerscott

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Do you think you are smarter than the collective intelligence of governments, banks, hedge funds, universities, etc.? You may be smarter than one of the individuals, but all of them?

One of the biggest Ethereum development houses now called Consensys, is run by the ex-VP of Technology at Goldman Sachs. You think he overlooked your points? Are all these banks just overlooking what StevieB on The Fastlane Forum is saying?

JPMorgan, Microsoft, BP, UBS, Credit Suisse, Intel, and more are forming a new blockchain alliance

Or is it at all possible that in your brief skim of the thread where you first learned about Ethereum you don't magically understand the technology like you're some sort of savant? Maybe you missed something, or can your ego not handle that?

To any of the naysayers

/thread
 
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maverick

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parkerscott

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maverick

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amp0193

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Would love for this thread to move to a discussion of practical applications for Ethereum. There are some really interesting start-ups in the link. I thought these were cool:

Follow My Vote - Online voting is needed. Secure and De-centralized with a blockchain perfectly tracking votes.... this will be really disruptive, and I think easily understood by the masses.

Arcade City - p2p sharing of things... the "uber killer". My question is if the "corporate middleman" is cut-out, and everything is decentralized, then what is the monetization method for those that develop these types of software/applications?

ProofOfExistence - We'll have historical proof of who wrote what... Maybe will have big consequences for legal profession. It reminds me of the Black Mirror episode where everyone has a memory chip installed in their brain, and there is no more "he said, she said".

Provenance - Tracking product authenticity from production to consumption.



The one point brought up by the anti-ethereum crowd, that'd like to see addressed, is an explanation of how a block-chain system doesn't end up have longer and longer processing times as the historical ledger becomes enormous.
 
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MortimerFox

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I think I'm going to go ahead and wade into this debate :cool:
If you're interested in this theory then I would advise you to watch this:

You might need to pop some proplus to stay awake though xD - anyone who does watch it through I will transfer all my rep to you!

I've watched that video a couple of times over the past few years and I still can't stop getting annoyed at how the presenter constantly jabs at the camera with his pen.
 

fhs8

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Would love for this thread to move to a discussion of practical applications for Ethereum. There are some really interesting start-ups in the link. I thought these were cool:

Follow My Vote - Online voting is needed. Secure and De-centralized with a blockchain perfectly tracking votes.... this will be really disruptive, and I think easily understood by the masses.


One of the stupidest ideas ever. How would people first get a vote/ballot to begin with? What if someone else went on your computer and voted for you without your permission? Also Ethereum can't handle more than 20 transactions a second unless it's on a private blockchain.

Arcade City - p2p sharing of things... the "uber killer". My question is if the "corporate middleman" is cut-out, and everything is decentralized, then what is the monetization method for those that develop these types of software/applications?

Horrible idea. With no checks and balances your neighborhood kid will just keep spamming rides. Nothing to determine price or where to pick you up at. Uber will have driverless cars in the future so the whole idea is flawed to begin with. The middleman will be cheaper.


ProofOfExistence - We'll have historical proof of who wrote what... Maybe will have big consequences for legal profession. It reminds me of the Black Mirror episode where everyone has a memory chip installed in their brain, and there is no more "he said, she said".

There are very few issues with historical proof of who wrote what. It tries to fix a problem that doesn't exist. Also ethereum is too slow. It can't handle more than 20 transactions a second and historical proof would obviously have to be on the public blockchain. If it's on a private blockchain you might as well remove the blockchain because it's redundant.

Provenance - Tracking product authenticity from production to consumption.

Just replace the real product with the fake product. There I've just proven that it can't do what it says it can do. Otherwise serial numbers already handle the issue very well without the overcomplication and slowness of blockchain.


The one point brought up by the anti-ethereum crowd, that'd like to see addressed, is an explanation of how a block-chain system doesn't end up have longer and longer processing times as the historical ledger becomes enormous.

You're wrong. The blockchain is having longer and longer confirmation times. The historical ledger has nothing to do with processing times. It just contains all the transactions of each ether.

Even with paying fees the confirmation times for bitcoin are unacceptable. Ether operates the same way and already has long processing times.
confirmationtimes and this was with fees from a YEAR ago. It's worse now.

Why is this important? Transactions have to be instant and a crippled DNS type of system with blockchain can't do it. The guy who drove you in the Arcade City would have to wait 10-20 minutes for a confirmation of payment from you already. How would you like to wait 20 minutes after arriving at your destination for the payment to be confirmed? As it stands now in the future ethereum will be too slow to actually be able to run and will be incapable of operating.

Fast confirmations are very expensive in bitcoin and it will be the same for ethereum.
Coffee in Milan
 
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MidwestLandlord

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One of the stupidest ideas ever. How would people first get a vote/ballot to begin with? What if someone else went on your computer and voted for you without your permission?
...
Horrible idea. With no checks and balances your neighborhood kid will just keep spamming rides. Nothing to determine price or where to pick you up at. Uber will have driverless cars in the future so the whole idea is flawed to begin with.
...
There are very few issues with historical proof of who wrote what. It tries to fix a problem that doesn't exist. Also ethereum is too slow.
...
You're wrong. The blockchain is having longer and longer confirmation times.


Caveman #1: "I have made fire! We should teach everyone! This will benefit everybody!"

Caveman #2: "That will never work! It takes too long to get hot! It uses too much wood! The leather skin blankets we have now keep us warm already!"

Caveman #1: "You're right. It was a stupid idea"

The human race dies out.

The end.

(I have no idea what 90% of this stuff even is. I do know however... that creativity, problem solving, and flexible thinking are vital to entrepreneurial success, and your post has NONE of that)
 

fhs8

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Caveman #1: "I have made fire! We should teach everyone! This will benefit everybody!"

Caveman #2: "That will never work! It takes too long to get hot! It uses too much wood! The leather skin blankets we have now keep us warm already!"

Caveman #1: "You're right. It was a stupid idea"

The human race dies out.

The end.

Bad analogy. Ether is not fire because it doesn't solve anything and it reduces efficiency. Pushing ethereum is like trying to push the typewriter to replace the printer.

(I have no idea what 90% of this stuff even is. I do know however... that creativity, problem solving, and flexible thinking are vital to entrepreneurial success, and your post has NONE of that)

Critical thinking let's me know when new ideas don't work and I see a huge lack of critical thinking.
 

MJ DeMarco

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fhs8

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@fhs8 What are some technologies you have a positive outlook on?

Driverless cars, VR, and smart home. All three offer advantages or greater experience. That's why they are going to become mainstream.
 

Coalission

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That said, those who are successful in the tech space tend to be just the opposite -- they tend to be overly optimistic about the viability and value of new technologies. This is why you have people like Elon Musk who undertake crazy ideas...until they are successful, people think they (and their ideas) are ridiculous.

Who cares what a 45 year old billionaire who lives on the cutting edge of technology thinks...we need more videos and opinions on what 90 year old Warren Buffett and Dave Ramsey thinks. @fhs8 any more videos on their deep insight?
 

Loffinds

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All completely false.

Decentralization is a disadvantage. It results in long processing times to complete transactions even though hardly anyone is using ether yet.
What's going to happen is that people are going to pay higher and higher processing fees to middlemen get their transactions processed.
Bitcoin Fees for Transactions | bitcoinfees.21.co

The simple fact is that with the way ether is built it is a terrible way to do financial transactions. The whole system can't even handle more than 20 transactions a second. It tries to solve something that doesn't need to be solved and it's not a viable solution to anything. Imagine going to McDonald's and having to wait 30 minutes for your Ether transaction to get confirmed. That's how long delays can take right now. It will only get much worse if more people use it.

Hey I don't agree with your points, but I thought you should know. The stats you are using and quoting are all the pitfalls and scaling issues that BITCOIN is having, NOT ETHER.

That is not a general blockchain problem, that is a problem with BITCOIN'S ENGINEERING, NOT ETHEREUM.


And PS.
Yes, this is an instant Ether transaction with a debit card purchasing a coffee. Your point is null.

 
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MJ DeMarco

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Who cares what a 45 year old billionaire who lives on the cutting edge of technology thinks...we need more videos and opinions on what 90 year old Warren Buffett and Dave Ramsey thinks. @fhs8 any more videos on their deep insight?

:playful:

We butt heads a lot but I like your cantankerous writing style. (Reminds me of someone, LOL). Your need to write a book in the future.
 

parkerscott

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Driverless cars, VR, and smart home. All three offer advantages or greater experience. That's why they are going to become mainstream.


Driverless cars will never work. What if the car has to chose to have an accident to prevent a bigger accident. What happens if that car chooses to save will smith instead of a little girl?

VR will never work. The feeling is not immersive enough, and it is too expensive and creates motion sickness in a lot of users. There are also not a whole lot of developers in this space. Its just a fad, and it will die out. It just doesnt have enough practical applications, and there are a bunch of big wires the user will get all wrapped up in.

Smart homes will never work. What happens if the power on your home goes out for a few hours and you cannot even use your home? What happens if someone decides to hack all my cameras and sensors, and speakers in my home and the hacker looks at my naked wife and tells my dog to roll over constantly without giving him any treats. Having all of these devices for my smart home is also going to slow down my internet speed, and the electricity bill is going to be way too high.

This is exactly what you sound like, and I think these technologies are going to still work.
 

Coalission

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:playful:

We butt heads a lot but I like your cantankerous writing style. (Reminds me of someone, LOL). Your need to write a book in the future.

Ha! Actually, I was ~8,000 words into a dating/relationship book I was writing almost 10 years ago when my computer crashed and I didn't have a backup. May revisit the idea in the future.
 
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Mineralogic

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Driverless cars will never work. What if the car has to chose to have an accident to prevent a bigger accident. What happens if that car chooses to save will smith instead of a little girl?

VR will never work. The feeling is not immersive enough, and it is too expensive and creates motion sickness in a lot of users. There are also not a whole lot of developers in this space. Its just a fad, and it will die out. It just doesnt have enough practical applications, and there are a bunch of big wires the user will get all wrapped up in.

Smart homes will never work. What happens if the power on your home goes out for a few hours and you cannot even use your home? What happens if someone decides to hack all my cameras and sensors, and speakers in my home and the hacker looks at my naked wife and tells my dog to roll over constantly without giving him any treats. Having all of these devices for my smart home is also going to slow down my internet speed, and the electricity bill is going to be way too high.

This is exactly what you sound like, and I think these technologies are going to still work.

VR is a major issue for people, dizzyness. f that
 

fhs8

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Driverless cars will never work.

VR will never work.

Smart homes will never work.

This is exactly what you sound like, and I think these technologies are going to still work.

No that's not how I sound like. I think things will work based on reason, data, and logic. Driverless cars increase efficiency and should reduce accidents in the future. That's why they're going to be used in the future. They offer an improvement over what we currently have. Ether on the other hand is a huge step backward by offering no improvement and tons of disadvantages.

VR already works and it increases user experience.

Smart homes already work and will be beneficial by automating tasks and give people the ability to open their front door with a smartphone if they lose their keys for example.

Ether on the other hand has significantly more aggravation, legal issues, and security issues than competing products such as credit/debit cards. So because it's greatly inferior to services that currently exist I won't expect it to take off.

Now ask yourself why wouldn't you use USD to buy Yen and then go spend Yen at restaurants instead of USD? It's redundant and inconvenient. Same goes for using USD to buy ether and then go spend Ether at restaurants instead of USD (If you can even find a place). That's how stupid it is.

I think this will be my last post on this since I don't want to waste anymore of my time.
 
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parkerscott

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No that's not how I sound like. I think things will work based on reason, data, and logic. Driverless cars increase efficiency and should reduce accidents in the future. That's why they're going to be used in the future. They offer an improvement over what we currently have. Ether on the other hand is a huge step backward by offering no improvement and tons of disadvantages.

VR already works and it increases user experience.

Smart homes already work and will be beneficial by automating tasks and give people the ability to open their front door with a smartphone if they lose their keys for example.

Ether on the other hand has significantly more aggravation, legal issues, and security issues than competing products such as credit/debit cards. So because it's greatly inferior to services that currently exist I won't expect it to take off.

Now ask yourself why wouldn't you use USD to buy Yen and then go spend Yen at restaurants instead of USD? It's redundant and inconvenient. Same goes for using USD to buy ether and then go spend Ether at restaurants instead of USD (If you can even find a place). That's how stupid it is.

I think this will be my last post on this since I don't want to waste anymore of my time.

No!!! Please dont go!!
 

aikay77

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Now ask yourself why wouldn't you use USD to buy Yen and then go spend Yen at restaurants instead of USD? It's redundant and inconvenient. Same goes for using USD to buy ether and then go spend Ether at restaurants instead of USD (If you can even find a place). That's how stupid it is.

I refused an offer in 2010 when a friend wanted to sell me 10 Bitcoins for $200 because I had a bad experience with e-Gold where I lost money. I have since learnt to not just dismiss a thing because of a previous bad experience or because I currently do not understand them, hence, I have become recently interested in cryptocurrency and this thread has educated me so much and got me really excited about the possibilities.

But since reading this entire thread, all I see is you are just one huge troll. You care about being right rather than learning something. Jeez!

To comment on your last post, if I travel to Japan, I can use USD to buy Yen then go spend Yen in restaurants, so your point is moot, null and void.

I think this will be my last post on this since I don't want to waste anymore of my time.

Hey, where are you going? You don't want to bless us with some more of your tiring arguments?
 
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Loffinds

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Now ask yourself why wouldn't you use USD to buy Yen and then go spend Yen at restaurants instead of USD? It's redundant and inconvenient. Same goes for using USD to buy ether and then go spend Ether at restaurants instead of USD (If you can even find a place). That's how stupid it is.

I think this will be my last post on this since I don't want to waste anymore of my time.
I replied to your critique of the speed of Ethereum transactions, showing you live proof of instant transactions with an Ethereum debit card.

Then you completely ignore my reply and change your argument to no longer complaining about the speed of the transactions, but the availability??

Token also has a debit card for crypto-currencies. They are partnered with Visa, you will be able to use their card at any establishment that accepts visa (hint: all of them).

You have to at least try man, you are making it way too easy for us to win this argument.


On this note though - I don't think these debit cards / simple monetary transactions are anywhere near showing the potential of the Ethereum system... they are just easy for everyone to see in a real world situation, especially when fhs8 was saying that instant transactions weren't possible.

Debit cards are cool, but the systems that will come out of the Ethereum Enterprise Alliance (Microsoft, Intel, JP Morgan, BP, etc) will be the actual world changing part.

The fact that all of these companies are coming together to create large scale enterprise applications with Ethereum is a great indicator of what the potential of this technology is.
 
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Raymas

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It is a important technology that have impact on the future and see a possibility of using it myself.

On a different note, the cryptocurrency market reminds me of the gold rush. In this situation there are many people "mining" these currency and the tools they use are CPU, servers and powerful technologies. Instead of joining them, we should be selling "shovels." For example, the people who benefit most are technology companies such as Intel, AMD and Nvidia that sell CPU, GPU to these miners.

How does this relate to us if we're not the companies directly selling to them? We can invest in these companies or offer service support to this new emerging industry.

Also it might be a good gamble(calculated risk) to invest in new companies that are going to use this new technology as a platform. This piece of technology could be disruptive to a lot of the industries as it removes the profitable side of a 3rd party middleman. Not to doubt the following companies. However, what would happen to Uber, ebay when new companies implement this and removes the middleman?

At the end of the day, no matter what currency(Bitcoin,Ether or USD) we use, they are just a material illusion of value. You want more of those? Give more value to the people around you, solve problems.
 
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Coming from a trading background here:

My view on the whole BTC vs ETH thing....

Who cares if it is the next best thing since sliced bread or not, trying to understand the fundamentals & the deep technical side of things (like understanding how the mining process works or understanding the code).

The only thing that really matters is the price...and if you can make a return following a bull market.

Buy it if it's making new highs & ignore the naysayers, cut your losses & manage risk if it falls. Don;t get married to a stock (nor a blockchain technology!)

I was right on BTC (early adopter - think it has huge potential) but missed out on ETH & other opportunities involving ICOs etc because i thought (and still do) believe the project has no future. But that shouldn't stop me trading it while the market is in a bull run.

ETH could keep going much higher than anyone expects - even if it wont be around in a few years. This is sort of like the internet bubble - you can get involved or stand back and observe it.
 
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Curtis Randolph

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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.

You crack me up, man. ;-)
 

KSR

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This post has seriously made me consider investing some money in ETH.

I'm delving in programming too -- might try my hand at programming some applications for it, get in there nice and early before it becomes some huge phenomenon (like BTC).
 

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