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

[JourneyToAbundance]

There is a course on pluralsight on "BlockChain Fundamentals" by Jan-Erik Sandberg. The course was released on June 12th 2017 and will teach you how to setup a development environment and write a smart contract. It's only 2.5 hours and well worth your time ( if you have a developer background ). As part of the course, you will also create a set of services on Microsoft Azure which will include your own Ethereum personal blockchain. It's one thing to read about the concept but actually using the technology in a hands-on way gave me much more clarity. This 2.5 hour course must have saved me at least thirty hours of effort!

 

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[LVMont]

If you think you missed the gravy train, you're not looking hard enough for another one in my opinion.

You're right. I'm still new to the crypto currency, so I don't exactly know what to look for.

 

[JonasM]

Guys, what do you think about possible blockchain & smart contracts application in an insurance sector? Imagine being able to confirm whether you're liable for the coverage without any intermediaries, assess the damage and receive the claim instantly.

Or stuff medical records into a blockchain. All hospitals could be connected in a p2p network & each could have its own copy. It would make it really easy to look for cheaper healthcare alternatives because the correct & 100% accurate records are accessible to everyone within a network. Decentralized Medical Records Database!

Pretty exciting times!

 

[JDx]

Fairly late to the party, but again still early, it seems. My friend contacted me about the whole ETH hype a while ago and already urged me to hop on. He made a lot of money since then lol.
And of course, there is always that friend that invested early and is now making $$$. (in this case its 500k and rising, aiming for a 1M 'exit'. he's speculating that the value of ETH will double from now on - up to 600 this year)

I have the same issue as most people; don't really understand it all so my gut tells me to stay out of it. I'm attending a blockchain event next week, so that will hopefully give me some more insights.
Interesting discussions in the thread and thanks to everyone providing material, will be reading up more on the subject using all the content here.

 

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[LifeTransformer]

You're right. I'm still new to the crypto currency, so I don't exactly know what to look for.

Read, read and read some more. Watch the markets on CoinMarketCap & Join some facebook groups to get a feel first.

Guys, what do you think about possible blockchain & smart contracts application in an insurance sector? Imagine being able to confirm whether you're liable for the coverage without any intermediaries, assess the damage and receive the claim instantly.

Or stuff medical records into a blockchain. All hospitals could be connected in a p2p network & each could have its own copy. It would make it really easy to look for cheaper healthcare alternatives because the correct & 100% accurate records are accessible to everyone within a network. Decentralized Medical Records Database!

Pretty exciting times!

Medical blockchain? Have a look at; https://patientory.com

 

[LifeTransformer]

I'm going to make what may seem like an insane prediction.

Facebook, Twitter, Instagram, Reddit and any other "traditional" social media platform you can think of, are all going to be dead in the not too distant future. (I'd guesstimate 5 years maximum if you want me to be specific).

That is unless they move to blockchain technology too of course.

 

[JonasM]

Medical blockchain? Have a look at; https://patientory.com

Yeah, I know them. I did read up a bit on MedRec, BitHealth & Factom + HealthNautica too which were prior attempts executing the same idea.

Either way, plenty of attempts, new ICOs, ambitions, and ideas. And the way I see it, we don't necessarily need to blockchain everything. But there are certain industries that need to keep the track & have absolutely correct data. This is where blockchains excel in my book - insurance & medical are just a few of them.

 

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[Coalission]

New York Times released an article today illustrating my point earlier, that whether you like it or not, you will "use" Ethereum eventually, because it will power a lot of the services you use daily:

Goldman-Backed Startup Circle Launches No-Fee Foreign Payments Service
https://www.nytimes.com/reuters/2017/06/14/business/14reuters-fintech-payments-circle.html

Their website doesn't mention Ethereum anywhere I can see right off the bat:

Send money like a text

And yet there it is, HUGE disruption to a financial remittance industry, cross-country transfers instant and 100% free, all powered by Ethereum in the background.

This whole thread is making the point that buying Ethereum is like buying a commodity, buying the oil that will power a lot more of these disruptive companies in the future, even though just like actual oil as a trading vehicle, it'll be a volatile and wild ride.

 

[Bach89]

Fairly late to the party, but again still early, it seems. My friend contacted me about the whole ETH hype a while ago and already urged me to hop on. He made a lot of money since then lol.
And of course, there is always that friend that invested early and is now making $$$. (in this case its 500k and rising, aiming for a 1M 'exit'. he's speculating that the value of ETH will double from now on - up to 600 this year)

I have the same issue as most people; don't really understand it all so my gut tells me to stay out of it. I'm attending a blockchain event next week, so that will hopefully give me some more insights.
Interesting discussions in the thread and thanks to everyone providing material, will be reading up more on the subject using all the content here.

600 this year? That's cute.. 1k as a minimum, but many people in the industry see a 10k ceiling within the next 5 years. Might not hurt to hold on

 

[Bach89]

Was able to drop another 1k in today when the drop happened, grabbed it @330. Anyone else?

 

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[JDx]

Was able to drop another 1k in today when the drop happened, grabbed it @330. Anyone else?

Decided to hop on for a few hundred at around 322 just now. Interesting fluctuations

Edit: Is anyone mining them? According to this calculator here Mining Calculator Bitcoin, Ethereum, Litecoin, Dash and Monero
I'd make a $100 profit per month mining them (so after removing electricity costs) lol. 5 ETH in a year.

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

Thank you!

 

[Bach89]

Decided to hop on for a few hundred at around 322 just now. Interesting fluctuations

Edit: Is anyone mining them? According to this calculator here Mining Calculator Bitcoin, Ethereum, Litecoin, Dash and Monero
I'd make a $100 profit per month mining them (so after removing electricity costs) lol. 5 ETH in a year.


Thank you!

Holy shit, it's dropping like crazy. 289 now. Wish I held off.

 

[Aimee]

This thread is amazing. So much info!

I've been watching it fluctuate all day, haha (while doing other, more productive things, of course... ). It's gone from $330 to $285 over the past few hours. I'm almost tempted to join in, but I think I'll hold off until I've done more research.

 

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[JDx]

Supposedly it's dropping because:
You Won't Believe This Stupid New Law Against Cash And Bitcoin | Zero Hedge

("Law against cash and bitcoin")

So the Senate is essentially trying to force the Bitcoin core software to comply with money laundering regulations.

How pathetically clueless.

The bill also attempts to drop a major bomb on Bitcoin by including it in the list of monetary instruments that must be reported when entering or leaving the US.

So theoretically if you leave the US with more than $10,000 in Bitcoin or Ether, you’d have to confess this fact to the authorities or otherwise face the aforementioned penalties, i.e. prison time, civil asset forfeiture, etc.

 

[MarekvBeek]

There you have it guys and galls. The big correction is just happening now.

 

[adoredunchin]

Were do you buy them at 289? I only see 330 traded.

 

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[LifeTransformer]

@JonasM mentioned the insurance sector...

Here's one of the latest ICOs: InsureX - Insurance Blockchain Solutions

 

[boyZ0ne]

19 Industries the BlockChain will disrupt in the very near future. (Courtesy of Future Thinkers)

View: https://youtu.be/G3psxs3gyf8

 

[biophase]

i think you guys are putting to much weight on the miracle of the block chain...
like i dont get it, you quote this random shit of tracking a container of items???

how hard is that to do with RFID and a computer program? you need blockchain to do that? not one of you has broken it down as to why it's so incredible because you are just on a badnwagon and don't even understand it yourself.

yeah it's a ledger system. got it. amazing. bro. my mind is blown by a ledger... a ledger that is hard to be hacked, and that all parties agree to it. Amazing. mind blowing.

So based on my limited knowledge, I thought I'd jump in to where I see the value.

I remember that when I bought my Ferrari from a private seller that I was always paranoid about the title and registration. Sure I got the title paper, but what if it was forged? Let's pretend that the title was the RFID and that the DMV was the computer program. I could call the DMV and validate the title the moment before I gave the seller $100,000. But what if he made a copy and sells the car again to another person 30 minutes after? Then it's a race to the DMV to see who really gets the car right?

This is where the central ledger falls apart. There is a time lapse. It would take me 1 day to drive back to my DMV back in AZ and officially submit the title to get my new car into the "system". What if when I do that, the lady behind the counter says, "Um, this title isn't valid, some other person transferred the car into his name yesterday." Or what if later on, someone hacks the DMV and changes the name on the title? The main issue is that the data is stored and maintained by a central system. If someone hacks the DMV and changes the name on the title and I don't know, this data will get replicated in all the DMV's backups. So fast fowarded 2 years later, when I find out, we will need to go back into the archives to see what has happened.

With block-chain, when I give the guy my money, the title is transferred and it is recorded instantly and that record is stored in hundreds of locations. I can feel safe that my Ferrari is titled to me and that this transfer of title has been recorded in chain that has been replicated many times and that is hard to hack.

Same example goes with my real estate. Right now, some data in some computer says I own X properties, or some piece of paper stored in a govenment building says that. Again, it's not a super safe feeling, but it is all we have. Have you ever done a Quit Claim or Warranty Deed to see how easy it is to transfer title on a house? It's scary. I can move my house from LLC to my name in 5 minutes with a 4 sentence piece of paper!

 

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[Envision]

Is anyone currently mining and if so what you are you running and how much are you pulling in per month?

 

[James Fake]

For any worried about the recent drops this week..

 

[LVMont]

This is why I keep my cryptocurrency in a cold storage (USB thumb drive). I don't trust having my wallets online or in my phone where it can be hacked or seized.Gives me peace of mind knowing my assets is safe in my drawer.

 

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[Denim Chicken]

My issue with investing in crypto isnt the technology. I think it's brilliant and having used bitcoin I can see how its very useful. My problem is regulation and getting the Federal reserve and the government to essentially be on board with this which it won't happen. If history taught us anything, if the government cant regulate it, it ain't happening. And with crypto it is a movement towards de-regulation not for regulation.

We're already losing net neutrality and Trump signed off on our cable companies to sell off our info to private parties. I just dont see how this gets implemented without governmental support. At least to the potential it can be.

But I'm watching carefully and if I had seen it drop to $270 today I might have bought a few hundred $ to see how it does at least for the short term.

 

[Delmania]

With block-chain, when I give the guy my money, the title is transferred and it is recorded instantly and that record is stored in hundreds of locations. I can feel safe that my Ferrari is titled to me and that this transfer of title has been recorded in chain that has been replicated many times and that is hard to hack.

Small nitpick, what makes the blockchain resistant to tampering is that each record contains a reference to the previous record. If a person modifies that record, he also has to modify every subsequent record in the chain.

Anyways, just wanted to say thanks to @parkerscott for making take a second look at Ethereum. I read about on HN first, but honestly was a bit confused at the time. Now that I have a better understanding of the blockchain concept and what Ethereum is, looks like this a good platform to build upon.

 

[JDx]

Just came across this, which was also part of the reason the prices went down (I think)
It's basically the co-owner (vitalik) saying he is not confident at all in his platform and blames investors and developers for hyping it up so much; hence the high price increase now.
Twitter

A few:

"What's the best utilization of smart contracts today?" - @derosetech "- It's probably something as lame as a multisig" - @VladZamfir 2/

"I have a lot of concerns that the cart is leading the horse on this one" - @VladZamfir 9/

"There's no getting around the fact that this is like immature technology and that it's amateur hour" - @VladZamfir 7/

An "article" on how the whole Eth thing is a bubble:
Cryptocurrency OG: I was wrong about Ethereum

Apparently he is working on a better version called Metropolis.
Interesting read for sure

 

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[splok]

Should have an eth mining rig up and running by the end of this month

Is anyone currently mining and if so what you are you running and how much are you pulling in per month?

Planning on putting 1 or 2 together in a couple of weeks, probably 6x 1070s since the 480s are long gone. What are you running?

 

[Envision]

Planning on putting 1 or 2 together in a couple of weeks, probably 6x 1070s since the 480s are long gone. What are you running?

3 1070's, yeah everything is sold out. Thats the business to really be in.

Our next rig is going to probably be 6 1070's considering you can get double the hash rate at a fraction of the upfront cost.

 

[JourneyToAbundance]

I plan to contribute back to the Ethereum community by helping fix some of the development tools which will allow me to continue to have a better understanding of the platform. But, this is my opinion after studying and reading about Ethereum and blockchains for the past two weeks.

• The technology has tremendous potential but there are a lot of problems that need to be solved for it to be available for mission control applications. Two big problems that need to be solved are sharding and proof-of-stake (POS) algorithm. Transaction speeds on the Ethereum blockchain are slow ( 10-20 per second? ). What are the odds of the Ethereum core engineers getting POS correct without having to fork again?
• Gas levels are very high which will shut out other developers for contributing smart contracts. This needs to be sorted out or else innovation will be slowed down for the platform
• There seems to be a large number of ICOs (initial coin offerings) which is raising a red flag for me. Do you really need 5M dollars to build a minimum viable product for workflow apps? This smells like investors and developers trying to get as much money out of the Ethereum boom as possible.

 

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[Liberty T. Vance]

I found this article while I was trying to wrap my head around all of this block chain stuff.

Interesting thread but a bit above my pay grade. So no comment on the following article.

Didn't see it posted so here it is:

Inside the Bold Attempt to Reverse a $55 Million Digital Heist

 

[ApparentHorizon]

I just skimmed this thread but a word of warning for those with shiny object syndrome.

Cryptos are unregulated and the lesser currencies are subject to easy manipulation. (Mainly pump and dumps) You can literally watch it happen over the course of a couple of weeks: CryptoCurrency Market Capitalizations

If you're beating yourself up about missing the train, there's plenty of room for the big 3 to grow (BTC, ETH, LTC). These are being pumped into the mainstream and gov't regulation is catching up (which is a good thing), such as KYC.