RT @ricburton: What are you biggest problems with Ethereum?
Here are mine:
- https://t.co/2MyaTVBrhu is a terrible website.
- Young foundation engineers have not been paid recently.
- Lots of the “founders” got 100k-1m ETH and have done nothing.
- Etherscan sends data to Google Analytics.
Didn't this fail already? I remember someone getting into a rather passionate argument against me about these guys, and then a week later it got hacked just as I predicted and they stopped talking to me.
Feel free to develop your own chat app on there but I'd rather Telegram stick to its current system, which already works much better than any other chat app I use.
The DAO, a project based on Ethereum (really the predecessor to what OP linked), was hacked (no surprise) and the creators literally just decided to roll back all transactions to right before that point and start it over, abandoning the old blockchain.
That defeats the purpose of decentralized digital currency in my mind. Having a governing body that can just arbitrarily change things goes against the whole point. But there is just no solution to these sorts of things - either someone finds a flaw and the whole thing gets drained and everyone gets fucked, or someone finds a flaw and the governing body corrects it, essentially proving to everyone that it's not *truly* a decentralized currency because someone everyone dislikes can be kicked out at any time for any reason.
edit: Actually this already existed specifically in the form of Siacoin as well I think, which was distributed cloud storage. The project was essentially laughed out of existence because it is technically and economically impossible for something like this to ever be commercially competitive against AWS and the like. It's not scalable.
Scalability is always a huge problem. Even the current Bitcoin Block Chain started encountering problems as it grew. What to do about the massive block chain log that every new / updating wallet needs to download? How about the increasing processing times for verification (which made many users like BitPay resort to charging fees for expedited processing).
A lot of it is interesting and sound, but we need to work the kinks out of the system before we start considering building major applications with it. Exciting technology on paper, problematic in practice.
I believe that is a pathway to the future as well. However, Wikileaks is sort of funny as they are somewhat 'counter surveillance'.
With Ethereum, as far as I know, it must be run on Windows, or Linux. I don't think it can be run over Tails. So, with the latest Vault 7 releases, it's clear the Secret Police could be watching your monitor all the time.
So with Ethereum, they could know your private keys as well as your passwords (presumably), thus it's not 'safe'. However, once the information is uploaded it could never be removed.
Do you know a way to generate and utilize private keys, without going through Windows? Is there a way to do it over Tor?
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I don't think ethereum as such really is at the stage where it is relevant to automation as a current technology, so as it stands, it is not really more exciting or relevant than say Rust. Storing automation state and execution (and offering proof that this is what happened in the real world) is very much an open problem. It does not give any straightforward benefits to setting up real world to blockchain auditing - to do it you essentially end up making your own chain and tokens on top of ethereum with at best marginal value add from ethereum compared to cost of doing it on top of ethereum.
If the problem you are trying to solve goes down fairly straightforwardly to "make smart contracts based on moving of electronic tokens" then it is suitable, otherwise things get contrived really fast.
I'm a big fan of Ethereum and I'm coding a bunch of contracts, but you're right, they're all some variant of moving tokens around: crowdfunding, auctions, gambling, option trading, etc.
There is a service called Oraclize that imports public data feeds to the blockchain, not sure how it works. And there's Augur, which plans to attempt the same in a more trustless way with a sort of betting system. But it's definitely not as straightforward as the sort of stuff I've been focusing on.
What I could see working pretty well is small devices that monitor the blockchain and take action based on various signals, or spend money in an automated way in response to real-world conditions. Several outfits are working on cheap hardware that runs Ethereum clients.
80% of what is posted here is a concept and nothing more. 60% of what is posted will probably fail and never reach the market but we still keep track of that. It is worth keeping track of ethereum as well.
Consensus algorithms should be just that, an algorithm, perhaps elevated to a standard implementation like that of cipher suite. Public, standards based, openly discussed, freely adopted, freely mutated, and not belonging to a particular network.
Anything belonging to a company will have a rough time when it comes to actually conducting business with replacing or virtualizing fiat currencies. Decentralization claims are really in name only as there are just enough speed bumps as to make adopters dependent on whatever technology a company is touting. Just my opinion, but it comes with some experience from having worked in that space before.
There are some standard consensus algorithms that don't require blockchains or native tokens, but what they do require is a known set of participants. So they're great if, say, you're setting up a banking network to track fiat currency balances.
But if you want a public network that lets anyone participate anonymously, you need either proof of work (which requires a native token that can be minted to reward miners) or proof of stake (which requires some kind of token for staking, also probably a native token unless you think transaction fees will be sufficient to reward stakers).
The other advantage of a native token is that there's no counterparty risk. You don't have to worry about whether that ledger's entries are accurate, because the ledger is the final authority itself.
Ah, good info there. Overall im skeptical since regardless of how good the technology is, beaucracy is in the way.
I do have to say that you can't actually fund or recieve actual fiat currencies without the Know Your Customer KYC which is some kind of oversight that lets the Feds know they will be able to paper trail. ANyone who dispenses actual cash / receives funds into a shared wallet / remanipulates balances is technically classed as a Money Transmitter and you have to apply to be a Money Transmitter which is harder to get approval for than getting a top secret security clearence. You have to pull strings and know people and get "The Nod".
This is why so many startup operations like Bitstamp have their banking done outside of the US because the Money Transmitter license is a BFD.
Ultimately there are so many roadblocks and it gets very political.
Sure, and the public blockchains do an end run around that entire system. As long as you're using the native tokens, nobody's acting as a money transmitter or required to do KYC. It's all just a peer-to-peer protocol, and the KYC only happens when you trade the tokens with fiat. That's a pretty important piece of course, but if cryptocurrencies really catch on it'll be more feasible to stay in that ecosystem entirely.
Ethereum is a platform with programmable transaction functionality. With it any machine can execute peer-to-peer contracts using a cryptocurrency (ether). All machines, applications etc. that use the technology can therefore work autonomously. Locks will open when needed according to their contract, drones will deliver goods etc. Even organizations can exists (like the DAO) while being completely decentralized without managers nor physical headquarters
Top five posts in the last week:
* Obama says jobs aren't coming back
* Elon Musk's announcement regarding highly automated factories
* News story about robotic surgeons becoming popular
* Hypothetical discussion about how Tesla Model 3 will be fully autonomous
* 3d concrete printing
The most hypothetical thing there is 3d concrete printing, and given that we're already building a shitload of stuff out of concrete, and 3d-printing a bunch of stuff, it seems like a reasonable extrapolation.
Meanwhile, it's unclear what Ethereum actually provides. Frankly, a lot of that stuff sounds easier to do with dedicated systems. It's not like it can piggyback on anything existing - as it says, it "relies on a custom built blockchain" - and so instead of having a bunch of computers running your code, you end up with a bunch of computers running everyone's code, and also, sometimes yours.
I don't know of any blockchain-based systems currently in existence which are 100% predictable - the technology inherently has some unpredictable latency built-in.
In the end, all the stuff I've seen regarding it is just unexciting - it's an overly complicated way of doing something that nobody really cares about in the first place.
Eh. It's a great image with a liberal license. No surprise it shows up in more than one place. I don't know who used it first, but the image belongs to neither them nor us.
FWIW, recent discussion has included a new default desktop wallpaper for GalliumOS 2.0.
EDIT: According to this: https://www.reddit.com/r/ethtrader/comments/4459ey/homestead_isnt_yet_here_but_its_already_possible/ , they started using the image in late January. We have been using it as a default desktop since November. So in that imaginary race, we imaginary win.
Either way, striking image, liberal license. I am sure that neither group used the image accidentally (so "yes, intentionally"), but I'm equally certain that it was done without coordination. :)
See [my comment](https://www.reddit.com/r/ethtrader/comments/4459ey/homestead_isnt_yet_here_but_its_already_possible/cznla8h) in [this thread](https://www.reddit.com/r/ethtrader/comments/4459ey/homestead_isnt_yet_here_but_its_already_possible/)
I think the user was wondering if the background is the same image, which it is, and if it has any relation to the website it also appears on, which it has none. The desktop image is just a background image with no relations to the website.
There is a pretty cool attack the devs could do with the canary. They could force reorgs at will. It also makes them completely liable for everything that happens on the chain because every block passes through their canary check. But they knew that. ^_^
Quoting Myself from another thread :"I think this is a valid concern for one reason: Government's always find the pain point that allows them the most control with the least effort. Decentralization stops this by making it too costly to target everyone at once. By having a central figure to attack, we lose that. I think all of those who have this concern would feel better if the Ethereum foundation started moving more towards a DAO, to be ready by Serenity perhaps.
But, in the interim, maybe if the Foundation used some sort of canary contract that declares the foundation is free from government tampering, with multiple parties within the Foundation in separate parts of the world needed to sign the contract, like a dead man switch, that must be renewed quarterly. This is in the same vein that more centralized corporations use for this problem where they are ordered not to divulge the fact that they are being coerced at gun point (like reddit for instance which just utilized this). I think this would be considered a 'good enough' approach to make the very real danger of this occuring less damaging to the community, at least until a full DAO can be built."
The Ethereum Stiftung is in Switzerland, so good luck trying to get information from the foundation without disclosure. Any request by a foreign government would be ignored or would make a lot of noise.
The patriotic act doesn't apply to Switzerland, so the canary is pretty safe. And except for ETH pre-sale email addresses, to my knowledge the foundation doesn't have any information that isn't public. And there's no way to change Ethereum code without scrutiny.
If the feds come and demand information from you, they sometimes also give you a gag order. So a canary statement is: "So far, the feds haven't made the kind of demand for info that comes with a gag order."