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

Discussion in 'Business Models, Niches, Industries' started by parkerscott, May 6, 2017.

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  1. daivey
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    it's funny because the people arguing the hardest about ETH being amazing, understand it the least.
    "gets rid of the middle man...."

    except you gotta trust the programming middle man....

    LOL.

    EXCEPT that with a LAWYER, they have to report to their law association and write a test and pass the bar.. They need error and omisions insurance.. there is an entire network built around them.

    MLS contracts?? same concept. Realtors might not be the smartest bunch, but they shift liabilty.

    This whole Crypto crap wont get far because there is no liability anywhere.... the liability is "in your self"... you cant even easily move BTC or ETH around.... you gotta go create this wallets.. then download these speciali unlock codes... "keep this code safe".. dont lose it.. print it out.

    Oh YOUR BTC wallet got hacked??? well tough shit, that money is lost.

    You see that is why this shit will never take off.. they drive to shift liability to the individual but people don't want that......... You know what, I like having a bank account.. so if my shit gets stolen, they will replace.

    Oh but the block chain keeps all the information.. Oh yeah.. ok so where did those BTC that get stolen go?? where did those ethereum coins that got stolen go??? thought the block chain records everything.... why didn't they fix it? Oh wait, they can't?? or don't want to?

    Anyway, for BTC and ETH to go mainstream to retail consumers, liability, and everything needs to be sorted out.
     
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  2. Alxander
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    It seems like the coins are having a pullback, luckily didn't invest yet (sadly not soon enough either lol)

    Currently looking into the programming side of things and of ideas.
    There are some people working on social media stuff lol, but I don't think they will compete with any of the big guys.

    The next big update of Ethereum will be a lot better, so guess if you want to create an app with it or so, now is the time to already start with it.
     
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  3. fhs8
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    Now everyone is quiet since Ethereum has dropped 55% from it's high. In the end the I'm betting the real winners will be governments collecting taxes on gains and the graphic card companies. From what I've seen people touting the "benefits" of Ethereum has always been vague about it's implementation and failed to describe exactly why and how it would be used over existing processes. My questions of exactly why it would be favored over existing processes have not been answered.

    Ethereum is under stress with 7 transactions a second and the blockchain size is already 200GB. Wow I'm sure it's going to be able to handle the tens of thousands of transactions a second credit card companies handle. No middleman? You mean the "gas" you have to pay to process a transaction and wait 20s-2mins is not a middleman? The wallet is not a middleman? What the hell?

    What happens if someone buying a burger at a fast food has to wait? It would be faster to pay by cash. Much faster. There's no reason for the transaction to be on Ethereum.
     
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  4. LifeTransformer
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    Everyone is probably quiet because the thread fell off the main page and hasn't had anything added to it for a while?

    I'm going to avoid the tax thing, because you could say the same thing about anyone here becoming rich via another means and paying their taxes, not sure what you are on about here?

    The graphic card companies? Yeah what a shame that a company providing a solution to a need will make money. Not sure what you're on about here either...

    BTW, if we're talking about Ethereum and only ethereum, then guess what one of the next phases for the development of that is? Doing away with mining, i.e. no more graphic cards needed for it at all.

    Virtually the entire market is down right now for a combination of reasons (see here CryptoCurrency Market Capitalizations) one of them being bitcoin's upcoming "fork", and the other being that so much money was being pumped into ICOs that the price was over inflated. There's also been lots of people taking profits no doubt.

    What can Ethereum do that regular old technology can't? Well, here's an article that just cropped up as I was typing out this reply:

    A New Startup Just Proved That Blockchain Is Going to Utterly Transform Our Future
    • Gnosis, a decentralized prediction platform built on the Ethereum blockchain, has officially launched with a goal of becoming "the world’s most efficient forecasting tool."
    • Gnosis auctioned off all of its first round of digital tokens in less that 24 hours, bringing in millions for the company.
    So Gnosis, built on Ethereum using smart contracts to create smarter prediction markets. The article also says:

    "Another benefit to Gnosis is its transparency and security. Users needn’t worry about a market being removed or their funds disappearing. “By creating prediction markets on a Blockchain layer, we can ensure that the data always remains open and accessible to all parties,” explained Gnosis CSO Matt Liston in a video introducing the platform."

    That's just one thing that Ethereum (and blockchain technology) can enable.

    In regards to the middleman argument, I can see where you're coming from. Will need to do a separate post on that. But as always due diligence is key. Jaxx wallet got hacked and about $5million Ether was stolen (might even be more), but Exodus wallet is just fine for example.
     
  5. LifeTransformer
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  6. Dru1991
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    This cryptocurrency bubble was nothing and there will be other ones that will be even crazier. Even if it doesn't make sense to buy the black tulip bulbs, people will still do it. In fact it would take some extraordinary event for cryptocurrencys to just disappear. They're out there and they cannot be deleted, they can only be replaced by something better.

    It will be interesting to watch how low bitcoin can fall approaching August 1st and what's going to happen next.
     
  7. alan3wilson
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    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?
     
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    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.
     
  9. ArtRyumin
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    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.
     
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    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...
     
  11. MJ DeMarco
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    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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  12. Joe Cassandra
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    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.
     
  13. Mineralogic
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    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
     
  14. Dru1991
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    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.
     
  15. Mineralogic
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    Sure hope you covered your short
     
  16. Dru1991
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    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
     
    Last edited: Jul 19, 2017
  17. biggeemac
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    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.
     
  18. Coalission
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    [​IMG]

    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:

    [​IMG]

    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.
     
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  19. sector7
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    Qtum. At least $50 / coin a year from now. Any bet takers? ;)
     
  20. Mineralogic
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    lmfao. nice covering
     
  21. Alxander
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    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 :)
     
  22. Danny M
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    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.
     
  23. MattR82
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    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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  24. JScott
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    I hadn't seen notifications that this thread was getting updated (the reason I haven't responded)... But, after reading the last page or two, I've realized that there is no point in responding to many of these posts. Many people have their minds made up -- some think crypto is the next big thing; others think it's a useless fad that's not going anywhere.

    The truth is, like any new technology, it's not that simple. To say that a technology is "different," isn't to say that it will be adopted. There are plenty of great technologies that came along that didn't take over the world, for one reason or another. Some amazing technologies (CDs, DVRs, etc) were revolutionary, but disappeared quickly because they were supplanted by even better tech. Many other technologies you've never heard of because they were supplanted even before they took off (I spent a lot of time developing a tremendously cool data standard for TV called ATVEF -- it likely would have changed the world had a little thing called the Internet not come along ;) ). Even great technology has no guarantee of seeing the light of day; and if it does, there's no guarantee of long-term adoption.

    On the other hand, to point out issues with a technology, and to decide that the tech is a non-starter because of those issues, is equally naive. The Clifford Stoll article posted on the previous page is a great example. Not to mention, I'm pretty sure all the arguments against crypto (trust, safety, ease of use, etc) were just as easy to apply to credit cards back in the 60s, bank cards in the 70s, the Internet in the 80s, online shopping and digital payments in the 90s, etc. When a technology is in its infancy, it's easy to point out the problems and to say, "No way to solve that!" Luckily, there are people with more vision than a lot of us. People who don't see a problem and say, "Never mind...that can't work." People who instead say, "All we have to do is solve a couple problems, and we can shift the way the world works!"

    While some people complain about problems, others focus on overcoming those problems. I'm pretty sure that 10 years ago, I would have been the first person to say that having a company that can delivery millions of products to your doorstep within hours is a tough problem to solve. Likewise, I don't think I would have been optimistic that in 2017, we'd be launching rockets, landing them on ships and reusing them. And I'm fairly certain that I wouldn't have believed that engineers would be using quantum principles to build new types of transistors. Ten years ago, all of these technologies face problems that seemed insurmountable -- to me, at least. Funny, just because I couldn't conceive of how to solve these problems didn't mean that there weren't people smarter than I am out there who saw opportunity instead of just failure.

    Likewise with crypto -- the underlying technology (blockchain) is revolutionary from a technology standpoint. But, that doesn't mean it won't morph or be supplanted by something else before it becomes big. It also has some challenges that need to be overcome. But, that doesn't mean we don't have some really smart people working on the problems, who may very well overcome those problems.

    Long story short, I think blockchain is revolutionary, and my bet is that it -- or something like it -- will change the world over the next 10 years. As for cryptocurrencies, those are just applications ON TOP OF the technology. Just like with the Internet, some applications will prove worthwhile, others won't. I have no idea if Bitcoin (or Ethereum or any of the other alternative coins) is more like Amazon.com or more like Pets.com. That remains to be seen.

    I'm far from an expert on blockchain or cryptocurrencies, but I know more than most. If anyone has any real questions or wants to have a real discussion (as opposed to just pretending you're an oracle and making an assertion as to whether the technology will succeed or fail), I'm open to it. Otherwise, you guys can feel free to get back to pretending like you can predict the future...
     
  25. Chinobey
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    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.