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

[ArtRyumin]

this space is very inersting to monitor atm, it's very tempting to buy in currently before the rebound in August. I've moved all the alt coins into BTC and ETH and lessened the impact of the falling market.

 

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[ArtRyumin]

Lots of people I know in college are getting into that blockchain thing and they want to buy home mining tools so they can make 50$ every week lol

From what I see, you do not have any control on a crypto currency right?

Home mining is a iffy subject, the costs don't add up or what you get for mining.

For the control of crypto currency, that could be a dragged out question it depends what type of control, you don't have control of the market, but it can be argued you have more control of your crypto currency than you do of your fiat currency.

A coin that they could be mining could become obsolete and be replaced by a better coin, than you have no control of that and your coin and operation turns to a waste of money.

 

[Elijah]

Is there anyone speaking german who could explain this whole thing for me? I am so bad at this technology stuff in general but this is even harder. I tried some videos but I still do not get it...

 

[MJ DeMarco]

Now everyone is quiet since Ethereum has dropped 55% from it's high.

I think it's quiet because I haven't tweeted the thread and it hasn't been on the front page in a while.

But Ill take a stab and guess that when/if it recovers you won't be here letting us know?

Reminder: I don't own any coins and I'm indifferent to the entire thing at the moment.

 

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[Joe Cassandra]

I think it's quiet because I haven't tweeted the thread and it hasn't been on the front page in a while.

But Ill take a stab and guess that when/if it recovers you won't be here letting us know?

Reminder: I don't own any coins and I'm indifferent to the entire thing at the moment.

Again...this thread collapsed into arguing about 'cryptocurrency.'

Cryptocurrency is one blockchain.

The first innovations in blockchain will take place on the business side where manufacturers, shipments etc. will use the blockchain for better efficiencies and such.

IBM has a cool demonstration here ---> IBM Watson IoT - Private Blockchain

I'm pro-blockchain, but agree it will take time before cryptos are the law of the land. Remember, the internet, for years, was used solely by universities and professors to share research. The blockchain will probably be used by businesses first before it goes 'mainstream' and showing up all over your house and life.

 

[Mineralogic]

I think it's quiet because I haven't tweeted the thread and it hasn't been on the front page in a while.

But Ill take a stab and guess that when/if it recovers you won't be here letting us know?

Reminder: I don't own any coins and I'm indifferent to the entire thing at the moment.

correct

i will weigh in here, for those who are interested in the investment aspect of Ethereum, now is good time to buy something and LEARN about it ( not your whole position, never be that arrogant to call a top or bottom, but you can scale in for sure. Most people won't learn unless incentivized it seems)

ETH has experienced literally a 65% pull back on literally fear of Bitcoin pullback and some supply of ICO issues, now hit the Fib retracement area in last 24 hours and I'm getting incredibly bullish on it here for the RISK/Return LT

 

[Mosfet]

ETH has experienced literally a 65% pull back on literally fear of Bitcoin pullback and some supply of ICO issues, now hit the Fib retracement area in last 24 hours and I'm getting incredibly bullish on it here for the RISK/Return LT

Can you elaborate on your thoughts here? I have not invested that much time to investigate this, but what I currently think is happening to ethereum is this: 1. People and bots are using bitcoin to trade and value other currencies without including fiat in their equation, so if bitcoin drops in $ value, it makes it look like eth (or other alt coin) has gained btc value and there fore exchange it back to btc which causes eth to mimic btc charts. 2. Once eth chart resembles universal 'price going down' patterns anyone can read about on investopedia, it further causes people to sell it. 3. People running ICOs are shedding a tear and selling most of their eth before it goes back to 10$ value.

 

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[Mineralogic]

Can you elaborate on your thoughts here? I have not invested that much time to investigate this, but what I currently think is happening to ethereum is this: 1. People and bots are using bitcoin to trade and value other currencies without including fiat in their equation, so if bitcoin drops in $ value, it makes it look like eth (or other alt coin) has gained btc value and there fore exchange it back to btc which causes eth to mimic btc charts. 2. Once eth chart resembles universal 'price going down' patterns anyone can read about on investopedia, it further causes people to sell it. 3. People running ICOs are shedding a tear and selling most of their eth before it goes back to 10$ value.

Sure hope you covered your short

 

[Mosfet]

Sure hope you covered your short

I was hoping for a different response, but for your knowledge I didn't short it. I don't even have any money in exchanges. Though now it would probably be a good time to short hence the price spiked like that.

Edit: Take my words back, not a good time to short. Looks like BIP 148 won't be realized if BIP 91 (which I had no idea about) locks in. Bitcoin Blockchain statistics - XBT.eu

 

[biggeemac]

You know, cryto currency is kind of like that favorite ball team of yours, that you KNOW is capable of winning, and many times, does all the right things, and has all the right guys playing. Many times, they recruit a new player who gives you so much hope. Yet, they can never seem to capture the championship. And they hurt your heart.....time, after time, after time.

 

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[Coalission]

blah blah I don't understand it so phooey blah blah

While you drive your same talking point into the ground, today it was announced that a few more little companies you may have heard of joined the Enterprise Ethereum Alliance:

Enterprise Ethereum Alliance Joined By Mastercard, Cisco, Et Al.

Not sure how all these companies are overlooking your "burger at a fast food joint" game stopper.

 

[sector7]

Qtum. At least $50 / coin a year from now. Any bet takers?

 

[Mineralogic]

I was hoping for a different response, but for your knowledge I didn't short it. I don't even have any money in exchanges. Though now it would probably be a good time to short hence the price spiked like that.

Edit: Take my words back, not a good time to short. Looks like BIP 148 won't be realized if BIP 91 (which I had no idea about) locks in. Bitcoin Blockchain statistics - XBT.eu

lmfao. nice covering

 

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[Alxander]

Started trading between different coins this week, kinda fun, tried to bottom fish the ETH pullback but was too soon, I'm 10% up now

 

[Danny M]

Home mining is a iffy subject, the costs don't add up or what you get for mining.

For the control of crypto currency, that could be a dragged out question it depends what type of control, you don't have control of the market, but it can be argued you have more control of your crypto currency than you do of your fiat currency.

A coin that they could be mining could become obsolete and be replaced by a better coin, than you have no control of that and your coin and operation turns to a waste of money.

There are already coins in the market that are 'self mining' such as Minereum. The dev originally gave out 'genesis addresses' which create x amount of coins a day.

Although you can no longer get one, Minereum 2.0 is being released soon and you can buy a genesis address with original Minereum coins.

He also plans to try and raise awareness to the masses by creating a GPS based app similar to pokemon go in which you can go out and find coins that are generated and appear worldwide. Interesting stuff.

 

[MattR82]

I joined an eth facebook group a few months back purely out of curiosity and to learn a little.

Was really sad.. lambo, hodl, to the moon!

 

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[Chinobey]

Stumbled upon Ethereum a while back when a website that usually only accepted bitcoin payments decided to accept ethereum aswell, I decided to purchase some and i had roughly $10 worth of ethereum left that same $10 is worth around $210 i think now and will continue to grow ethereum is a great investment option.

 

[masterneme]

Ethereum was hacked AGAIN and this time 3 thefts worth several millions in 3 weeks:

Hackers Stole $32 Million in Ethereum; 3rd Heist in 20 Days

 

[Alxander]

Ethereum was hacked AGAIN and this time 3 thefts worth several millions in 3 weeks:

Hackers Stole $32 Million in Ethereum; 3rd Heist in 20 Days

That's not due to Ethereum itself but third-parties like brokerages.

I traded all my Ethereum for Antshares now, it's a chinese version of Ethereum with better scalabity and some other minor small things, it isn't that big yet so little more risk with more potential reward.

 

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[LifeTransformer]

Ethereum was hacked AGAIN and this time 3 thefts worth several millions in 3 weeks:

Hackers Stole $32 Million in Ethereum; 3rd Heist in 20 Days

Once again, Ethereum wasn't hacked. Some Ethereum was stolen in a hack.

If someone robbed a bank for $50million, would you say the dollar got hacked? Of course you wouldn't.

 

[Disciple96]

Once again, Ethereum wasn't hacked. Some Ethereum was stolen in a hack.

Is it true that the currency's "ledger" system could effectively allow for identification and removal of individual "ether" from the market?

 

[LifeTransformer]

Is it true that the currency's "ledger" system could effectively allow for identification and removal of individual "ether" from the market?

Not without knowing a wallet address to do so, no. Try and gain access to someone's Ether without knowing where it is.
Once you know where it is? Then you need to get the private keys for that wallet in order to move it.

Say this place's rep bank was real money (and I mean dollars to be clear about it, not a digital token) and it got hacked, did the dollar get hacked? Or the forum?

If Ethereum itself ever got hacked, you'd be hearing about a heist to the tune of: $17,051,914,024
Not $32m, or .17% of the current market cap.

Sure it's a big sum, and it seems to be happening quite often at the moment, but it's mostly due to centralised entities getting hacked.

People placing their trust in companies that hold their Ether (Bitcoin, Litecoin, whatever) is where the problem is, and where the hacks keep happening.

Meanwhile, my Ether is sitting in my pocket.

 

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[Disciple96]

Not without knowing a wallet address to do so, no. Try and gain access to someone's Ether without knowing where it is.
Once you know where it is? Then you need to get the private keys for that wallet in order to move it.

Ahhh, I see. I was under some sort of impression that ether coins carried some kind of unique identifier, and that transactions were recorded on some kind of a ledger. Which could make it pretty easy to nail down the illegitamite coins and de-activate them.

So there is a way to keep these coins on the hard drive of a cell phone? If there was some kind of wallet app I could download to my phone, I wonder if there could be a solution like Apple Pay for Ether.

 

[LifeTransformer]

Ahhh, I see. I was under some sort of impression that ether coins carried some kind of unique identifier, and that transactions were recorded on some kind of a ledger. Which could make it pretty easy to nail down the illegitamite coins and de-activate them.

So there is a way to keep these coins on the hard drive of a cell phone? If there was some kind of wallet app I could download to my phone, I wonder if there could be a solution like Apple Pay for Ether.

What @JScott said above. Plus:

You can't deactivate a coin. You can follow the hacked coins, but you might still not know who is behind the wallet the Ethereum ends up in because it's pseudonymous.

I have a hardware wallet, it's a little USB stick where my coins are stored. There are lots of different mobile wallets already; Jaxx.io (another thing that got hacked), PIVX (new), Exodus, yadda yadda yadda... lots of options.

Ones where you control the private keys are the safest, and ones with centralised entities are the most prone to hacks. Something like this:

Safest to Riskiest
Paper and Hardware (when not connected to the internet) > Decentralised Exchanges / Mobile and Desktop Wallets > Centralised Exchanges and Wallets.

Mobile and desktop wallets are pretty safe, but only if the software isn't vulnerable. As mentioned above Jaxx.io got hacked, and was meant to be "safe" because you controlled the private keys, but the software itself leaked them! (What a f*ck up).

Decentralised exchanges are safer than places like Kraken, Bittrex, CoinBase etc etc because they are not prone to hacks. These are becoming more common. Bitshares is a decentralised exchange for lots of different coins and tokens, Ether Delta is a decentralised Ethereum based exchange. PIVX (as far as I know is decentral) combines a decentralised exchange with a mobile wallet (just released).

Like JScott said, still early days in lots of ways.

 

[eqalias]

I don't post much so my rep ain't worth squat but I want to whip out my 2 cents so all apologies. After researching this for a week I had to give OP a thumbs up and some rep. Working the slowlane in networking and networking security this really peaks my interest.
- I was into Bitcoin 4 years ago (around $200USD per coin at the time?) and I see now it was a big mistake to leave. I should have at least kept up just based on the technologies behind it. Bitcoin has perceived value, even if everyone doesn't agree on how how or why. That alone makes it work more (in many peoples perception) then many brick-and-mortar companies (Kmart comes to mind)
- Ethereum could end up having intrinsic value. Why is Mastercard interested? Why is Cisco interested? If these big companies end up utilizing Ethereum watch it break 1000USD over the next 3 to 4 years. My guess? These consortium of companies find it a bit lacking but the underlying technology behind it a must-have, so they come out with a more 'B2B' blockchain that (if they don't make it private) will be the most important ICO to date.
- When the next downturn hits (and it will, like it does every 7 to 10 years) and if it is half as bad as the 'Great Recession', Bitcoin goes to 10K+, while Ethereum goes to $1K. That prediction isn't based on some underlying faith in the technology, but my faith in people and hedge funds wanting find a safe haven to dump their money (or make a buck) in an uncertain world. AKA gold, silver, etc.

 

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[TheNewRich]

I forgot to address this point. Yes, there are several companies that are working on those types of solutions. Personally, I think one of the most interesting is a company called TenX (TenX | Making Cryptocurrencies Spendable Anytime Anywhere). They are essentially creating a crypto-currency debit card that uses the same network as Visa, Mastercard, etc. So, anywhere you can pay with your Visa, you will also be able to pay using your Bitcoin, Ethereum, etc. using this debit card.

It's one of the few early stage crypto companies that I'm heavily invested in...

I'm interested in investing in TenX would you recommend investing in TenX by purchasing through changelly

 

[Chinobey]

All of my investments are in ripple i have about 1000 ripple atm i strongly believe within 3 years ripple will reach 1 dollar maybe even more.

 

[TheNewRich]

All of my investments are in ripple i have about 1000 ripple atm i strongly believe within 3 years ripple will reach 1 dollar maybe even more.

Yobit and Bitrex the most reliable sites to buy XRP and (Pay) or should I be using Coinbase? Looks like there has recently been a lot of sites hacked to steal coins

Honestly, I've missed the boat with Bitcoin. So I would like to get in on something that could possibly turn out heading in the same direction. If it doesn't oh well. Rather say that then what I'm saying about bitcoin

 

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[Chinobey]

Yobit and Bitrex the most reliable sites to buy XRP and (Pay) or should I be using Coinbase? Looks like there has recently been a lot of sites hacked to steal coins

Honestly, I've missed the boat with Bitcoin. So I would like to get in on something that could possibly turn out heading in the same direction. If it doesn't oh well. Rather say that then what I'm saying about bitcoin

A quick google search will give you multiple options to buy XRP just make sure it is at the correct price and send it straight to your wallet

 

[TheNewRich]

You can't buy XRP or PAY on Coinbase -- I've used Kraken.com for XRP and Bittrex for PAY. While Coinbase is fully insured (and regulated basically the same as a bank), I store most of my tokens in a wallet where I control the private key. MyEtherWallet is my preferred wallet right now.

Jscott and Chinobey Thank You for the help!