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1823049 No.1823049 [Reply] [Original]

Okay lads, I just bought a substantial chunk of Ethereum. Now can someone explain in plain English what the fuck I just invested in and why it's so revolutionary?
If someone gives me a good simple explanation of the whole thing then I promise I'll buy a shit load more.

>> No.1823072

https://www.nytimes.com/2017/02/27/business/dealbook/ethereum-alliance-business-banking-security.html?_r=0

>> No.1823084

>>1823049
You've invested in hype.

>> No.1823091

>>1823072
Damn that article alone makes me want to invest more.

>> No.1823207

>>1823049
>substantial

>> No.1823210

>>1823207
little over $10k
substantial by my standards, obviously it wouldn't make a dent in the overall value

>> No.1823214

You should diversify. Cryptos tend to fuck up therefore don't invest all your monies into a single one. Prepare to lose 75% of your investment.

>> No.1823216

>>1823210
see you on mars

>> No.1823235
File: 152 KB, 1080x1920, Screenshot_2017-02-27-18-35-20.png [View same] [iqdb] [saucenao] [google]
1823235

>>1823049
RIP bitcoin.

>> No.1823240

10k a coin by Christmas

>> No.1823245

It's a peer-to-peer virtual computer.

You can add a program to it (contract) that has variables, functions, etc just like a standard computer program. Every peer (node) in the network has the current state of all contracts. Whenever a node calls a function of a contract, their computer processes the transaction according to the code and then publishes the resulting state of that contract to the entire network so all nodes can update.

As well as contracts, there are user accounts, which hold ether and can call functions of contracts. Contracts are also considered accounts, and can do all the things a user can do, like have an ether balance, call functions of other contracts, and even create new contracts.

>> No.1823252

>>1823240
What makes you THIS optimistic? Based on what I know, it certainly looks like it has a long way to go, but 10k by Christmas!?

>>1823245
So where does the currency fit in to all of this?

>> No.1823254

Who else is ready to go beyond the moon on this shit?

>> No.1823256

>>1823240
>>1823252
this is a troll. I agree that there is huge potential here but obviously it won't be that high by christmas

>> No.1823263

>>1823256
When do you think it'll reach $50-$100?

I've saved up some money and now I can't make up my mind whether to invest in ETH or BTC.

>> No.1823268

>>1823263
Both, until the Flippening.

>> No.1823270

>>1823263
A high of 50 by end of year is a plausible successful target to me, and I could write a paragraph on why

>> No.1823278

>>1823252
When you call a function, you have to pay a small amount of ether called a gas fee. This ensures that someone can't call an infinite loop, spam transactions or do other types of attacks. Each type of computational task has a gas cost and if the gas provided with the transaction runs out, the transaction is rejected (all changes are reverted) but the gas is still paid. The gas goes to the miners, who are verifying the validity of transactions submitted to the network.

>> No.1823282

>>1823268
I only have like $4k, I'd rather invest in one because it's not a lot a money.

>>1823270
Fuck I was so close to going all in on bitcoin for the last few days, now you're making things harder.

I've done just a tiny bit of research on ETH and people mostly don't have high expectations for it. But they do for Bitcoin because of crazy high bubbles in the past.
So they expect if it could go from 100 to 1000 easily. Then it can also go to 10k easily...

>> No.1823289

>>1823072
>"The companies working on the Enterprise Ethereum Alliance want to create a private version of Ethereum that can be rolled out for specific purposes and open only to certified participants. Banks could create one blockchain for themselves and shipping companies could create another for their own purposes."

hmm

>> No.1823298

Just panic bought this shit a few minutes ago after a year of bagholding worthless LTC... plz don't let this fuck my shit up.

>> No.1823301

>>1823270
a market cap of 5 billion is possible, with a few scenarios

>people switching from bitcoin
>new people investing with trust from the foundation and corporations involved
>metropolis switch goes smoothly and good news about casper

>>1823289
what was the biggest endorsement bitcoin ever got?

when jp morgan, microsoft, intel and ibm are all publicly working with your software, it's a pretty big endorsement, the private chains will create benefits for the public chain

>> No.1823310

>>1823282
eeeeehhhh

You have to think of price changes in terms of market capitalization. Bitcoin going from 100 to 1k was an instance of large investors and widespread use for the darknet. Bitcoin going from 1k to 10k will require a market cap of 20 trillion, which is going to require major cultural or technological changes (adoption by financial institutions, widespread use of bitcoin debit cards, perhaps major geopolitical currency instability for sustained periods).

Also know that volatility is as a rule of thumb inversely correlated with market capitalization. Bitcoin will not be 10xing in the same time period it last did ever again.

>> No.1823315
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1823315

>>1823301
The dark web drug market?

>> No.1823318

>>1823310
>20 Trillion

Not even close

>> No.1823352
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1823352

Guys, if you really want to make some cash this year, check out PLX. It's around a dollar a piece now, but will be worth the close to double within March, and 5$+ by end of year.

http://seekingalpha.com/article/4048023-protalix-biotherapeutics-new-institutional-ownership-swells-ahead-major-catalysts?page=2

>> No.1823356

>>1823318
yeah I'm actually autistic. I don't know why i thought 10 = 1000 but to be clear it is 200 billion

>> No.1823387
File: 18 KB, 512x511, Winklevoss Twins Gemini Exchange.png [View same] [iqdb] [saucenao] [google]
1823387

>>1823049
This is the best and simplest explain video out there senpai on Ethereum

https://youtu.be/-SMliFtoPn8

>> No.1823393

>>1823315
exactly.

>> No.1823399

>>1823393
Which was a huge endorsement, because it did something that no other service could do: Exchange value anonymously over the internet. What does Ethereum offer that other arbitration services (Escrow services, law enforcement, debt collectors) don't.

>> No.1823401

Also, have any of you even used Ethereum to make a "smart contract" (whatever the fuck that is)?

>> No.1823407
File: 3.89 MB, 5616x4134, HaroldETH1.jpg [View same] [iqdb] [saucenao] [google]
1823407

>>1823352
Fuck you faggot. Harold is all ETH. Don't use him to shill shit stocks.

>> No.1823412
File: 3.88 MB, 3464x2309, HaroldETH2.jpg [View same] [iqdb] [saucenao] [google]
1823412

>>1823401
There are tutorials on YouTube and presentations that show how to do it. The coding aspect can be found on ethereum.org

>> No.1823411

Monero is the only truly fungible cryptocurrency available and now people are getting caught on DNM through Bitcoin! Monero is the answer: http://www.praisemonero.org/

>> No.1823419
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1823419

>>1823411

>> No.1823423

>>1823411
What even is Monegro? What's the niche that makes it unlike Dogecoin?

>> No.1823534

>>1823214
Lel no most cryptos have more than tripled in value in 1 year

>> No.1823541

>>1823049
I bought 13 ETC on Coinbase, transferred it to the Ethereum wallet that I got from he official site, and the funds were confirmed transferred, but I don't see them in my wallet?

Did I get jewed?

>> No.1823542

>>1823270
>and I could write a paragraph on why
ok write that paragraph then

also guys i just bought 800 ETC at $1.261
It's going to the moon right?

>> No.1823546

wtf its 16 dollars now. I was just going to buy some a few days ago it was 14..ugh

>> No.1823552

>>1823546
still not too late anon

>> No.1823554

>>1823542
it's 16 dollars now bruh, do u mean u bought it long a go?

>> No.1823561

What is the most viable way to buy and hold ETH?

>> No.1823563

>>1823561
i use coinbase...about as easy as you can get. Though ACH purchases take like a week.

>> No.1823579

>>1823554
he means ETC aka scamcoin

>> No.1823586

>>1823563
Have you ever tried to transfer funds to the ETH wallet from Coinbase? I'm freaking out, because I had 13 coins, sent them to my account, and they never appeared in my wallet.

>> No.1823596

this thread is a good example of what the enthusiasm part of a bubble looks like.

new paradigm will be $20

>> No.1823605

>>1823596
i am sorry i am dumb, but what is meaning of paradigm in this context?

>> No.1823617

>>1823586
Did you send them to your ETH wallet?

>> No.1823621

>>1823617
Yeah I sent them from Coinbase to my wallet, and Coinbase says transaction complete, but my wallet says $0.00

>> No.1823623

>>1823596
no coiner back at it again.
Still buttmad you didn't buy BTC?

>> No.1823624

>>1823586
I'm a crypto newb but even I know that you always, ALWAYS, send a tiny "test" transfer to make sure it works before you mess with your stack.

>> No.1823632

>virtual computer gas money blah blah blah

How is a normal person supposed to use this? What would the applications be? "Gee, I want this candy bar, better make a function and ether the money!"

>> No.1823642

>>1823632
Watch a few presentations on it. It's not meant for you as a user to write the contracts or a set of code. They want to make it as hands off for the average person as possible though for programmers, businesses, etc. it's gold.

>> No.1823660

>>1823624
Been working at this for close to 2 hours now. I guess that $200 is gone.

>> No.1823666

>>1823563
you know they had a cloudflare problem? did you change your password?

>>1823660
did you use etherscan?
https://etherscan.io/

>> No.1823674

>>1823666
I just tried, and it's showing that the transactions went through, but I don't see them in my wallet.

>> No.1823679

>>1823084
>You've invested in hype.
This. There is nothing revolutionary. It is backed by nothing. It has no future. I am an expert in CryptoCurrency I've built my own trading bot from scratch and my own coin too (before it was so easy). This is all shit.

>> No.1823726

>>1823674
Fuck I finally got it. Just installed the ETH wallet on my other computer and transfered over the keystore.

>> No.1823732

>>1823726
good to hear buddy, that would have sucked

>> No.1823740
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1823740

>>1823679
>>1823084
K.
>http://in.mobile.reuters.com/article/idINKBN1662KM

>> No.1823743

>>1823732
Yeah I can get up and feed my kids now.

>> No.1823753

Do you have to show ETH purchases on your taxes?

>> No.1823762

>>1823753
Go to /r/ethtrader and /r/ethereum/ for more information on that.

Better to be safe than sorry in my opinion when it comes to this stuff. I just fucking imagine the government wanting to tax this shit to hell. I'd say bare minimum pay the capital gains tax.

>> No.1823763

>>1823407
Capped for posterity. I'm up 125%, hbu?

>> No.1823836

>>1823049
You bought into a company without knowing the fundamentals or what it's about?
You are a special kind of stupid.

>> No.1823874

I have $15k right now. Why shouldn't I go balls deep on this and ride it to the moon?

>> No.1823879

>>1823874
I just bought 150 ETH, hop on the ride while you can, but just know that you could lose a good bit of money.
I doubt you will, the price is rising as we speak.


What do you guys use to sell your ETH? I still have mine on coinbase, but they take a 1,5% fee upon a successful sale

>> No.1823903

Monero is the only truly fungible cryptocurrency available and now people are getting caught on DNM through Bitcoin. Monero is the answer!
http://www.praisemonero.org/

>> No.1823910

>>1823586
Your ethereum wallet needs to sync. This will take hours for you, maybe even days. If the wallet is taking too long to sync, google how to use geth in command line or terminal to speed it up>>1823679

>> No.1824113

>>1823541
ETC or ETH?

>> No.1824119

>>1823541

you bought etc and send them to an eth wallet. you don't have it any more.

>> No.1824194

>>1823541


All you need to do is sync up an ETC node, and have the "ETH" key in your keystore.

>> No.1824209

>>1823091
No, you're looking at it wrong. Ethereum will be the platform cryptocurrency controlled by banks - which will ultimately be rejected. While bitcoin will remain free from centralized banks. Thus China PBoC will adopt it and that's where Bitcoin becomes the better long term investment due to the sheer numbers of chinese.

>> No.1824213

What are you expectations on eth for the next month and this year?

I just invested when it was on 13,6€/coin, but not sure if it's still worth buying if it gets any more expensive

>> No.1824214

>>1824209
Probably correct, but i don't see a reason for it to keep steadily raising in the next time. It feels more like a huge risk to still be investing in it because there are better alternatives tbqh

>> No.1824221

>>1824214
Maybe but BTC was announced as legal tender in Japan and the Philippines b/c I think that they are trying to get it circulated within their economies before China officially makes the announcement. Also, once it gets taken by the masses then people will be buying the satoshi cents since the whole bitcoin will be too expensive to buy into.

>> No.1824250

>>1823310

1k to 10k is roughly 10x the current cap., so about 160 billion.

>> No.1824260

>>1824209
the Peoples Bank of China will adopt bitcoin? what a moronic statement. bitcoin fags need to stop breathing. ethereum to the moon.

>> No.1824283

That's why they are cleaning up all of the exchanges

>> No.1824284
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1824284

>>1823254
Buying some come payday (Salarycuck)

I'm also mining smaller cryptos and trading them in for ETH and some occasional BTC

>> No.1824291

>>1824260
That's why they are cleaning up all of the exchanges

>> No.1824294

>>1824291
so the central bank of china is about to adopt bitcoin? is that what you're sitting here telling me in all seriousness? you need to stop putting crack cocain on your cornflakes

>> No.1824296

>>1824291
>>1824209
if this is the kind of delusion driving the Bitcoin bubble it's due for a SERIOUS correction.

>> No.1824306

>>1823423
it's fully (or at least much more) fungible than BTC. when you understand the significance of this you realize that there's a small but significant chance of it overtaking BTC in the long run. I have $25,000 USD in btc typically (but recently liquidated back to USD at 1150) and i have $3,000 USD invested in monero. I might buy more but I don't want to exceed a few % of my net worth on things this risky.

Think of all the hype that bitcoin got when it was launched. A huge % of this was because it was anonymous and fungible. We have since learned that there are a lot of caveats and asterisks to my previous sentence. Monero was created to solve these problems, and indeed seems to have done a good job.

It is also not new, so you aren't buying a pump and dump or total shitcoin. You're buying a top 5 market cap coin with a clear differentiator that is indeed very important.

>> No.1824310

>>1824294
Yes, they are going to. They are already spending big money on fiber optics to build out their information infrastructure to the rural farmland regions. This is to get everyone on a cashless monetary system in order control their massive population. Getting all of the people of china on a cashless society will ultimately give the government more control of the population. And with that objective in mind, why in the world would the chinese government adopt a crypto currency that is controlled by the likes of JPMorgan Chase, Credit Suisse, UBS, and others? Bitcoin does not have this leash, which is why the Chinese will ultimately adopt this form, because it gives them sovereignty from the centralized banks.
I think Ethereum will still appreciate somewhat, but once China comes out with bitcoin it won't be able to compete. The US is on an economic decline and the ball is in china's court at the moment.

>> No.1824311

>>1824306
in my mind comparing ETH to Monero or BTC is much apples to oranges; they seem to have very different utilities and value propositions.

Having said that, I would love to hear anyone tell me what the fuck ETH is currently actually being used for other than speculation. I'd also love to hear what you think it will be used for in the future. I'm a pretty big geek but I just don't see it -- it seems too far ahead of its time. Everyone involved in ETH other than using it for speculation has an autism level of over 9000.

Monero on the other hand is very easy to understand. People want to evade capital controls and buy drugs. That use case is easy to comprehend is as old as time.

If anyone here convinces me that ETH is a good buy I'll pick up another few thousand USD worth. I have about a grand in it (more or less accidentally).

>> No.1824321

What is a decent exchange that works with both BTC and ETH?

>> No.1824338
File: 215 KB, 1057x1061, checks your wallet for you.png [View same] [iqdb] [saucenao] [google]
1824338

>>1823586
check your wallet balance at this site until your wallet syncs. I did this and also waited and lo and behold the funds appeared like normal. Have no fear ethereum to the moon senpai!

>> No.1824349

>>1823282
Buy 1 Bitcoin and put the remainder in ETH

>> No.1824352

>>1824310
Why would any sovereign state adopt currency it cannot control?

>> No.1824394

>>1824352
When I say adopt, I mean accept it as legal tender within their society. And they will want to do that to participate in the global economy. Which is why they are working very hard to clean their exchanges at the moment. Maybe eventually they take BTC in as a reserve, who knows. But the Chinese government absolutely want to get on crypto because it's a big task to control a population of 1.3 billion people on a daily basis. And say a rural province starts rebelling, it's then a simple matter of cutting their internet access then the people are powerless. I'm sure the chinese government will try to push out their own version of Ethereum but it too will not work due to the global nature of our economy. The only crypto currencies that will work globally longterm will be the ones that are not tied to a central banks. Because it allows for the greatest number of sovereign countries to participate. Then it becomes a numbers game - which country acquires the most bitcoin will have the most lending power in the future.

>> No.1824420

>>1824311
>what the fuck ETH is currently actually being used for other than speculation
How about bitcoin? I will not argue BTC is purely speculation, but nevertheless how much volume is actually real goods and services?

>Monero
How do you get into monero without being tracked down? It all starts by fiat currency conversion which you cannot do undetected unless you do it by cash (good luck with that).

>>1824321
Kraken

>>1824394
>adopt BTC to be able to participate in global economy
China literally lives from export, they have been participating in the global economy massively ever since Deng Xiaoping came to power

>Chinese government absolutely want to get on crypto because it's a big task to control a population of 1.3 billion people
Okay, first, millions of households in China live on under $4 daily, but sure, let's buy em all internet and online wallets
Second, if you want to have tight grip over your population, why not just convert your own fiat to digital only? Other countries, including India, are already going towards this.

>> No.1824434
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1824434

>>1824283
What did you mean by this?

>> No.1824454
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1824454

Can someone explain me this wave?

>> No.1824462

>>1824420
You are correct, most Chinese will not be able to afford a whole coin, they will buy deci-bits and mili-bits. But the chinese government can afford many coins and can use it as a hedge against the dying global reserve currency the USD. And when that happens, the chinese government can invest these coins within each province as a store of wealth that they can lend against to the world. Then they don't need to deal with the mess of being the world reserve currency. While simultaneously significantly boosting the wealth of each province.

>> No.1824481

As a casual nocoin /biz/ lurker, I must admit, these ETH threads show the least autism levels compared to other coin threads.

>> No.1824495

>>1824434
Just crackin down on fractional reserve system trading and hypothecation of bitcoin
https://www.ft.com/content/415bf86c-ef67-11e6-930f-061b01e23655

>> No.1824557

>>1823289
>mfw people think that this private version will somehow impact the regular version
lolz

>> No.1824612

>>1824311
>Monero on the other hand is very easy to understand. People want to evade capital controls and buy drugs. That use case is easy to comprehend is as old as time.

zksnarks is coming out in the next 12 months, which will replicate the anonymity of monero, plus the increased liquidity of ethereum will lower the spread against fiat

>>1824394
you're saying a crypto can't work if it's involved with a central bank, but that china will adopt it as a reserve currency?

china already is mostly cashless, they use weibo pay for everything, adding an additional layer to transfer to fiat doesn't provide a good for the average transaction

>>1824557
there's going to be a lot of programmers working on solidity for jp morgan and microsoft

>> No.1824617

>>1824352
It wouldnt. That guy is stupid

>> No.1824619

>>1824462
You're literally 15 or a complete third world retard

>> No.1824628

>>1824617
thing is china can control btc
6 mining pools control 4/5 of the market
their hardware is in china
chinese government can expropriate them if they want

>> No.1824631

The chinese government is not about to hand control of its economy over to bitcoin core developers that's the most ridiculous improbable thing anyones ever said on /biz/

>> No.1824638

>>1824628
Whatever dude. Guess what china already has a electronic currency they totally control. Its called the chinese yuan.

>> No.1824647

>>1824638
Dont give him (You)'s that will only encourage him

>> No.1824650

>>1824638
I wasn't saying it like it's a good thing
china decides to fuck with their firewall and btc comes crashing down

chinese exchanges don't even charge fees on large transactions, much of the volume of btc is fake

>> No.1824670

>>1824628
Thank you. Look I am just repeating what I heard was on an internal whitepaper circulating within PBoC. I have not seen the paper myself.
I hope everyone on this board gets filthy rich via crypto currency. And nothing will make me happier than seeing the Fed Reserve die and never come back. But I am telling you that China will be going with bitcoin. And it doesn't matter if UBS, Credit Suisse, microsoft, etc go with Ethereum b/c the 1.3 billion chinese people will be corralled to use bitcoin and the US economy/USD is in bad shape at the moment and they are betting on it collapsing.

>> No.1824673

>>1824647
I'm a chick and 35

>> No.1824803
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1824803

>> No.1824818

>>1824670
>the US economy/USD is in bad shape at the moment and they are betting on it collapsing.
That's not true whatsoever.

China's economy is much more likely to collapse soon than the US

>> No.1824848
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1824848

>>1823679
"backed by nothing"

why everyone who thinks that don't have a clue what marginal utility is about

makes you stink

>> No.1824869

>>1823679
>I am an expert in CryptoCurrency I've built my own trading bot from scratch and my own coin too (before it was so easy). This is all shit.
nice larp

>> No.1824933

>>1824818
Yes, our economy in very bad shape. What makes you think otherwise? Foreign countries are selling back their US bonds hands over fist right now and couple that with the QE from Yellen - how much more can we debase the USD? The petrodollar is also coming to an end, countries are beginning to negotiate outside of USD - meaning countries will not hold usd as a reserve anymore. Where will that money end up? Back on USA soil. Bitcoin was the strongest performing currency of 2016 - is this a result of a health economy, no. If you look at the trend line of bitcoin its appreciating b/c its the only fucking thing out there right now that cannot be manipulated by the banks and it's appreciating bc people have lost faith in the system. Yes, china is doing bad as well, for other reasons. But when you look at the Euro with Italy and Greece, when they fall it will be a domino effect that goes through europe then to the states. Because the USD is the reserve currency.

>> No.1824948

>>1824848
>marginal utility
I'm stupid, please explain and give crypto example

>> No.1825001

>>1823049
You've fallen for a pump and dump scheme on a bolivian botany forum

>> No.1825280

>>1823049
Please donate and help a poorfag not miss the boat. I'll pay you back when I'm rich 0x6faf632d4e422b9a61e8864e2c411cd537ba70de thanks

>> No.1825300

>>1823049
I recommend putting more than half of that into Iconomi coun, if you are looking for short-medium term gains, and I mean real gains.

>> No.1825496
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1825496

>>1823049
>>1823072
>>1823091
>>1823240
>>1823245
>>1823387
>>1824209

TFW Someone hasn't already invested in XRP and Ripple.

>> No.1825500

>>1823049
Yo does anyone know if coinbase syncs with mint any more?