Redpill me on Ethereum

I guess it is the Bitcoin killer or best alternative, enable a Turing-complete 'world computer', and is the start of web 3.0 for decentralized apps built on the block chain. The price of an Ethereum coin has increased from $35 to $350 in just a few months and may very well climb to Bitcoin's $2500 price in a short time. Should I be maxing out my credit cards to buy this and resell for a big profit in a few weeks?

From what I can gather, if Ethereum Web 3.0 really takes off, then people who own Ethereum coins will be the new upper class. The way Ethereum-based companies work is that owners invest Ethereum Coins into new ventures like Golem, Bancor, Status, whatever, and these Coins are held off-market as a sort of gold reserve that enables each company to be its own Central Bank. The company issues a certain quantity of fiat tokens to people who invested ETH (In ratios like 10000 tokens to 1 ETH) into the reserves, and these tokens are 'smart money', sort of like a dollar/stock hybrid. So the tokens each have their own value exchange that can be traded for other tokens, or for other cryptocurrencies like more Ethereum or Bitcoin or whatever, or for traditional currencies like USD$, or for real goods and services sold by other companies.

But wait, it gets better. When the company that issued the tokens sells its products for whatever, USD, more ETH, or other tokens, the excess profit it earns can be returned in a form similar to dividends to investors that own the companies own tokens. And when the company ends operations, the tokens are deleted and the original reserve Ethereum is sent to whoever owns the tokens.

Continued

Other urls found in this thread:

mas.gov.sg/~/media/ProjectUbin/Project Ubin SGD on Distributed Ledger.pdf
twitter.com/NSFWRedditImage

So for example, I might buy 1 ETH at $350 to invest in the Status.im initial coin offering next week and they will give me 10,000 of their SNT tokens. These tokens will be tradeable on all the crypto currency exchanges. The value of each token might go to $1 soon after the sale because people weren't able to get in before the initial investment period ended but they still want the SNT. So now I have $10,000 worth of SNT from investing $350 worth of ETH. I go ahead and sell $5,000 worth of SNT to pay my taxes and my credit cards with the USD. I trade $1,000 of SNT for two more ETH (now at $500 per coin) that I will invest in another company's ICO next week. I spend $1,000 of SNT to buy some services and goods from other Ethereum companies or from a traditional store that happens to be equipped with an Ethereum system that enables tokens to be converted to USD right at the point of sale. And the remaining 3,000 SNT I hold onto long term.

When Status starts earning profit by selling emojis for its messenger service, it converts the excess profit to ETH and sends it as a sort of dividend to the wallets of the people who own the tokens, meaning me and the other investors and whoever has the other tokens we traded away. And this has the effect of increasing the value of the tokens themselves relative to other currencies, so now the price of SNT goes from $1 to $2 because Status has proven its business model is profitable and investors are expecting bigger dividends in the future. I want those big future dividends, so I hang on to my 3,000 SNT for a few years, collect my divies, and then when Status shuts down to launch Status 2.0 the 3,000 tokens I have are deleted and I get back 0.3 ETH from the original reserve investment plus whatever gas it has earned from Proof of Stake, and the price of an ETH at this point happens to be as big as a mortgage, so I retire happily ever after.

So am I gonna get Jewed or be the new Jew by investing with Ethereum?

Astroturf has to be convincing thats the #1 thing you need to work on. Lol at your latest shitcoin

Not astroturfing. I'm trying to get crowd wisdom on whether any of this sounds remotely reasonable. Is this gonna get shut down by the governments or all hacked away or what?

seems like a ponzi scheme to me

ETH is a ponzi designed to run other ponzis on top of it.

If the Bancor team sold one third of the ETH they made in their ICO on poloniex, it would crash the price down to 0.

ETH is a scam, every coin on top of it with an ICO is a scam.

>invisible meme money

Ponzi with more funding than earlier ponzi schemes ( due to the gains from the earlier ones)

I absolutely would not be messing with cryptos using money borrowed on credit cards. You should only be risking money that you can afford to lose.

Personally I think that Status is a bad investment. Emoji has a monopoly on the emoji market. Probably all of your ethereum will get paid as salary to the founders until it's all gone, and then they will declare bankruptcy, and the SNT coins will be worthless. I believe that this will be the fate of 90% or more of the ICOs currently being offered for ethereum. Also I'm pretty sure these ICOs aren't regulated by the SEC or anybody, so nobody is checking to make sure they're not just pump-and-dump scams.

I think Litecoin is the best crypto opportunity right now. Or good ol' bitcoin.

Please stop posting about crypto to these retards on pol. We don't need anymore normies yet especially from here making shit like niggercoin

this.
ltc, dash, and btc are where i'd look.

hard fork incoming 20th july, buy maximum amounts as it will be the cheapest

>If the Bancor team sold one third of the ETH they made in their ICO on poloniex, it would crash the price down to 0.

From what I understand, Bancor can't just resell its ICO ETH. They have to delete their BNT tokens, at which point the ETH is returned to whoever has the BNT tokens, and Bancor would have no tokens to do business with. So it would be the same as refunding their investors, and the investors would decide what to do with the ETH; either reinvest it or hold it or sell it.

XMR

ITT: Good goy bought ETH with all his savings and now he is shilling his already expensive scamcoin all over internet. Buy high, sell low sheeplets.

HOLY FUCK
we have a fucking board for crypto shit
i swear all you fucking bizraelis need to be gassed

You sweet summer child

So that's not the case and I should avoid Ethereum then? People are saying Litecoin and Dash are good. How about Bitcoin? Is $2500 still a bubble or are people saying it could go to $50000 insane?

Guys should Sup Forums start it's own coin and give current users majority voting rights so we earn a dividend off each coin? We could all get rich then sell when the going is good.

I disliked niggercoin as well but it proved that waves is not decentralized and are a bunch of lying faggots. Thanks for protecting me from (((them))) pol

/biz/ here, it's all a scam, really not worth it.

That's funny because a chink is about to fuck shit up in crypto because his greed know no bounds, probably the only people who could out Jew the Jews

regardless of the incoming fork of doom this isnt the fucking board for this shit

...

ETH is has the backing of (((big banks))). This should tell you all you need to know. Also there is no coin limit making it inflationary. Bitcoin is the only cryptocurrency that anyone ever needs, all other cryptos we're built by copying the Bitcoin source code and changing certain variables according to no valid economic theories. Bitcoin has (((them))) shitting their pants because it renders (((them))) obsolete, ETH is just an attempt by (((them))) to keep control of the money

>enable a Turing-complete 'world computer'
I love when CS illiterates try to talk CS

For everyone screaming "ponzi scheme";

mas.gov.sg/~/media/ProjectUbin/Project Ubin SGD on Distributed Ledger.pdf

What do you think of iota?

If you didn't get into it when it was cheap it's too late now unless you have huge fuck ton of money, that's all you need to know about potential % gains wrt currency manipulation.

/biz/ already made Niggercoin (NGR)

Now you can trade niggers from the comfort of your own home!

lol I'm just repeating what I've read
ok. so does bitcoin beat the banks, or does bank-backed ETH beat Bitcoin? And if bank-backed ETH beats Bitcoin, do I get to bank-tier by getting in earlier on ETH?

I don't know anything about it but I bought a bunch at $40, so I'm very happy these days :)

Premined, centralized dictatorship, still no use case other than ico scams. Just remember to buy high and sell low.

you want the redpill?
It can't scale, you really expect every action of the "world's computer" to be on every storage device confirming the chain.
There's no limit to how many will be mined.
It isn't decentralized
The creator is known, when the government or SEC comes knocking it will be fucked.
The recent boom is because of the ICOs which I guarantee will bust because there is no accountability and ethereum network can't handle it. Look at the DAO if you don't believe me.

Invest with caution all I see coming is a shitstorm

you should be buying IMF SDRs if you don't have any principles behind wanting Cryptocoins

ETH can make you good money right now, but I don't think it really has a future. Feels extremely overvalued at this price.

will explain it better than any of these retards

>It can't scale, you really expect every action of the "world's computer" to be on every storage device confirming the chain.

Say it with me children

SEG

WIT

agreed, really any of these "next gen" cryptocurrencies are just pump & dump schemes that last for a few years then are forgotten about.

>then people who own Ethereum coins will be the new upper class

The upper class was and always will be the people who own the land, everyone else is a surf

No amount of money will change that

Check out lisk if you havent.

>own the land
you mean can hold it against others*

the price of bitcoin hit nearly 3K recently. honestly I believe it and a few other "coins" will go a lot, lot, lot higher. I also believe that in my lifetime they will all trade for sub pennies again. mania is interesting.

Its a scam, but own some because people buy it.

on ethereum network? They would have to redesign it completely, ethereum is a completely different language and does different functions.

/biz/ here
i have 1 ETH

but ethereum is a complete scam, it is INFLATIONARY.

Bitcoin is king

They're all Charlatans until we get a killer app.

There's entirely too much development effort being put into the currencies themselves and not enough being put into actual applications that leverage the tech.

My startup is trying to use Ethereum for an uncensorable, decentralized chat platform. Problem is getting people to see the value proposition in paying 1/10th of a cent per message when Twitter lets them spew garbage for free.

ETH has the ability to become the Amazon of the Internet, being able to charge for any important action a computer takes.

It's a Jewish fever dream.

Ethereum will not scale and as a result it will lose to Bitcoin. Screencap this post

>chink
>mad at all over crypto shilling

wtf is going on?

They wouldn't have to redesign it _completely_ but yeah, Solidity would have to have some major changes made to it.

I can see this happening if BTC lowers the block size. 60 minutes for a transaction confirmation is way too fucking long

You can make money on ETH, just plan your entry and exit carefully. Don't FOMO yourself to the poorhouse.

>No amount of money will change that
except the ability to buy land you stupid faggot.

But it's literally the opposite.

>50 years from now I show my grand children a screen cap of a nazi who told me not to hold ETH and instead hold BTC and how he was right

Really don't know why people say Nazis are bad.

everything ethereum is selling is hype with no substance
oh we're going to switch to PoS, oh we're going to implement sharding, oh we're have this solution for x y z
when nothing has been done on ethereum network to represent any value.
The gambling dapps require you to pay a tx fee for each bet because it's broadcasted to each computer confirming the network.
If this is the model it isn't going to scale, and don't say oh they have x planned to fix this because that doesn't matter right now.
wait 60 minutes for confirmation? what happened to the ethereum network when the ICO sales were live?
what do you think will happen when they are actually functioning if they ever get to that point

>if BTC lowers the block size
Well, that will never happen. I can't think of any reason people would demand this. Anyway Aug 1st Segwit. In the mean time LTC ftw

>when nothing has been done on ethereum network to represent any value.
I try to explain this to /biz/tards, but they are ever so faithful. The only thing that ETH has produced that has had a noticeable effect in the ecosystem was DAO. To the effect of millions of dollars lost. Really it was just someone out jewing Vlad at his own game.

Really the only thing you can actually do with ETH beside speculate is gamble on dice and shit. Which I can do on just about any crypto so, yeah.

just buy coke on the darknet and then sell the coke for fiat

wow i will totally sell my house to buy a few coins and be a future kang!

It's a globalist coin that's making us rich. It shouldn't be the main reason you get into crypto, just enjoy the gainz while it lasts.

Why bother? I'm pretty sure you can buy houses in Canada with BTC. Although if you exchanged for coke and sold that first, you could probably buy a bigger house and get high in the process.

This.

All of the congestion problems will be fixed when Raiden is released.

Nothing has been done using any other cryptocurrency or cryptoasset. It's all speculative. Bitcoin has been used for a negligible amount of payments and that's it. The technology is young so companies are still developing with it. It takes time to grow.

Regardless, Ethereum still has the most use cases. Here are a few of the things it's been/being used for so far:

Russian central bank forking Ethereum to test digitising their currency on the Ethereum codebase. Buterin met with Putin. Putin wants to get the first mover advantage on blockchain adoption, like the US had with the WWW

Thomson Reuters providing market data to Ethereum blockchain

United Nations sends aid directly to 10000 Syrian ((((refugees)))) with Ethereum to stop the money ending up in the hands of smugglers, etc.

These are only a few of the cases and this is ignoring ICOs, of which there are many that aren't simply scams

The EEA list is also huge and starting to get rather high-brow. There are even rumours of Mastercard joining soon.


I've made ~£35k profit from it so far and I'm still holding

>contrary to visible meme money

Can anyone answer me these questions?

Are these threats for bitcoin to be taken seriously?
>Quantum computers destroy the encryption and make bitcoins valueless
>New cryptopcurrencies offer fundamentally better functionality so everyone will abandon bitcoin
>Because of too many users, transactions will take too long
>The NSA has a backdoor to each computer and keylogs everything you enter so they have access to your bitcoins
>The government may ban bitcoins infinitely so you cannot buy anything with it for everyday life
>Hackers find ways to steal your bitcoins

Are there any other serious threats?

SELLING COKE IS HARAM CHANG

The thing with companies and govs interested in ETH is they are interested in forking it like you said. So the tokens you hold won't mean jack on the chains they create.

quads of truth

ETH is a scam, buy litecoin it is the future

when x is released, there are rumors of y
and why even bring up someone using a private fork of the ethereum chain?

>forking it like you said. So the tokens you hold won't mean jack on the chains they create.
What do you mean by this? What are the implications?

They will create their own version of Ethereum and then I cannot use my coins on it (unless I use that version too)?

Why are litecoins the future?

Yes more or less. Some forks, like the BTC fork coming (if it forks) you'll have BTC on two different chains. If that makes sense

BTC 2.0 Different mining process plus it already has Segwit and super low transaction fees. That is the main problem with BTC atm. If those problems get fixed then LTC will probably fall off into obscurity, though for the time being LTC is seeming like a pretty good bet.

Successful private forks will increase confidence in the technology

Could you please also have a look at this as it also applies to cryptocurrencies in general?

The greatest threats, in my opinion, are politics/greed between certain actors such as the mining "cartels" and developers, as well as the government of course. If the world economy goes down the shitter, which is a real possibility with the ridiculous amount of debt in the world, bitcoin would be a safe haven. The governments and banks can't have that, because they don't control it.

>quantum
Real threat, tech would have to adopt
>new crypto
Free market, deus vult
>slow transactions
upgrade or new crypto that does it better
>backdoor
Everything is open source so exploits are found by the community
>ban
Possible, but banning new technology is dangerous for a country. Don't want to be the idiot who banned the next big thing and be left in the dark ages while your rivals out pace you
>hackers
You are your own bank, learn to secure them

> The new rich

Give me a fucking break. Get out of here you poorfag larping like you will be rich off fake money.

keep an eye out /biz/
you guys are gambling over there. Hope you make it. I dont have grands to put to sleep waiting for the surge. but good luck

>The governments and banks can't have that, because they don't control it.
But could they not just ban cryptocurrencies for example for 100 years (gold was banned for decades after the crash)? Imagine also that cash is banned in retail and you are only allowed to pay with your banking account. Then you cannot buy any groceries and you cannot buy a house because you would be required to show where your money comes from?

Cryptocurrencies cannot be banned themselves, but government could ban companies from accepting them (they could also create honey pots to prevent it)?

>Quantum computers destroy the encryption and make bitcoins valueless
it's possible but there are supposedly quantum resistant algorithms to secure the chain. This means if quantum computing were to become a threat bitcoin would need to switch from sha-256 to a quantum resistant algo
>New cryptopcurrencies offer fundamentally better functionality so everyone will abandon bitcoin
Sure but bitcoin has the name recognition, first mover advantage and principals to it that make it a better choice. If there is another coin that makes more sense and people are using it then go to that one.
>Because of too many users, transactions will take too long
too many users is a good thing means it's being used, but the tx time needs a solution. That's where 2nd layer tx come in, and the upgrade to segwit needs to be implemented or bitcoin could lose users to litecoin or vertcoin.
>The NSA has a backdoor to each computer and keylogs everything you enter so they have access to your bitcoins
that's a possibility, I have my bitcoin on a hardware wallet which air gaps my private keys from a device to my pc. As long as the hardware wallet wasn't backdoored my keys are safe.
>The government may ban bitcoins infinitely so you cannot buy anything with it for everyday life
they could, but they also banned marijuana and people still found a way to buy and sell it. They banned gold ownership in 1934 and gold is still valuable.
>Hackers find ways to steal your bitcoins
sure you need to be responsible for securing your own funds. That's why this is cryptography made by cypherpunks.

They sure could senpai. This is really a strike at the (((banks))) who rule the government. Hitler would have jizzed his pants over crypto.

>Possible, but banning new technology is dangerous for a country. Don't want to be the idiot who banned the next big thing and be left in the dark ages while your rivals out pace you
But this technology only helps the citizens, but not the (((government))) itself which simply loses control over the money supply. Normal online banking or paypal would be sufficient for transactions over the Internet.

>Not astroturfing. I'm trying to get crowd wisdom

What is the definition of shuck and jiving for 200 Alex

I have 0.52 ETH where does this get me oh wise and powerful shill.

ETH price is going to drop to zero as soon as all startup ICOs that run on it will fail to actually turn in a working product during the next fiscal year. The moment i saw news about Putin endorsing it and meeting with Buterin i realized it was a 100% scam.

>As long as the hardware wallet wasn't backdoored my keys are safe.
NSA manufactured the wallets.

Those systems actually fucking suck for internet commerce because of the costs and wait times. Government could cause a brain drain on this technology developing and it would really fucking suck. Would ultimately only postpone the inevitable though, in the end you can't stop progress.

A bet on crypto is a bet against the kikes and international fiance.

>and meeting with Buterin i realized it was a 100% scam.

The name ether wasn't enough to give it away?

If they are manufacturing them in the Czech Republic out of a small trustworthy company then they have it all figured out lol

>they could, but they also banned marijuana and people still found a way to buy and sell it. They banned gold ownership in 1934 and gold is still valuable.
But you were not able to buy anything with the gold as long as it was prohibited. Thus, you would not be able to use your capital during your lifetime. If the government bans cryptocurrencies and cash at the same time and you can only pay over your banking account, then you cannot use cryptocurrencies to buy anything from normal firms?

>sure you need to be responsible for securing your own funds.
this is why cryptocurrencies will forever be memes.

at the moment i have $5,000 in the bank, i don't have to do anything to protect it. if my bank loses it, that's not a problem as the money is insured. i know that in a year my money is going to be worth around what it's worth today.

i get none of those assurances with cryptocurrencies.

If nothing else cryptos will remain a vehicle for illegal drug and guns trade. Smart governments won't outlaw it. I think Japan accepts BTC in taxes now. Someone correct me if I'm wrong.

it's possible, things would be getting really bad if that happens.
Venezuela banned bitcoin and people are using it to order food online

Just because you can bank on your own terms doesn't mean you have to. Something like Coinbase already works like a bank.

>because of the costs and wait times.
I can buy everything instantly with my banking account, credit card or pay pal over the Internet. The transaction costs are zero (banking account) or rather minor (although of course it would be best to have none.

I do not bet on anything yet before I fully understand it and see who is more powerful.

But kikes also were not able to prevent free speech on the Internet (although they found strategies to partly control it by buying up almost all of the most visited websites and bans/censorship on Facebook or Twitter). So they are not allpowerful. Take away their control over money may be more powerful than the Internet.

you're money is backed by a meme subjected to endless inflation, QE, and bank bail outs
my money is backed by cryptography and consensus

Hm, that is very interesting - to see real cases.

> i know that in a year my money is going to be worth around what it's worth today.

Dude why even put an AnCap flag on if you're going to spout shit that's not only stupid, but wrong.

YU WHYTE BOIZ BETTA SEND ME SUM NIGGACOIN NAM SAYING O ILL BUS A CAP IN YO AZZ!!! 100 100

3PKZDfJ9uHApggbMvL1MnSf82DBcCK3mTHY

and if coinbase gets hacked, they can lose all of their currency in less than 30 fucking seconds and nobody can do anything. try to take $1,000,000 from even a small american bank without getting shot by agents from 9 different federal agencies.

your money is not protected by any government, and does not have any backing force to it. i'll gladly take endless QE, bank bailouts and inflation if it means that the government will invade other countries to keep my shekels safe.

because i'm a sick, cowardly broken man that needs to hide behind 20 layers of irony to avoid catastrophic ego death.