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Discussion Starter #101
ETH hit another ATH today. Charts look very bullish for both ETH/Dollar and ETH/BTC. I expect turbulence, corrections and sideways action at some point, but since about Christmas Ethereum has been on a very clear upward trend.
 

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Discussion Starter #103
Apart from the obvious what is it good for ?
Asking that today is very similar to someone in the mid to late 90s asking "what is it good for?" about the internet. What's the value of the internet today? It's essentially a direct parallel.

Ethereum is good for any legally binding trustless transaction (smart contract) you'd like it to be good for. It's a programmable, decentralized smart contract platform. It's decentralized internet that private and public block chains will one day interact with. One relevant application to today's financial mess is transparent and accountable decentralized exchanges. You can't pull the shenanigans we've seen in the financial sector when you're dealing with a decentralized blockchain. You can't sell shares of a stock that don't exist (double spend) on a blockchain.

ETH is the digital oil that fuels the Ethereum network so it's value is proportional to the value of the network. Long term I believe that most major corporations, financial institutions and governments will all build upon the Ethereum network and will have off-chain blockchains and databases that interact with the Ethereum network as a shared platform for exchange.
 

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Discussion Starter #105 (Edited)
Where does Litecoin factor into this?
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I'm not sure I understand the question. LTC is a clone of BTC that has received upgrades and development. Fundamentally, it's still as limited as BTC though and doesn't enjoy BTC's name recognition and first mover advantage. LTC is a traditional crypto in that it serves one function, send and receive LTC. Ethereum can serve any function it's asked to since it's programmable.

If/when ownership of homes, cars, etc are tokenized and placed upon the Ethereum network, you could sell a home, car, or anything else, to someone else, using whatever currency you want, and transfer ownership with the click of a button. Literally any kind of transaction (including very detailed terms/conditions) you can imagine can be programmed on Ethereum.

Ethereum's closest competition is probably Cardano (ADA) but everyone in the space agrees that if ETH2.0 delivers on it's promises, and there's every indication that it will, that ETH2.0 will be the global platform that is actively built upon. A good 90% or more of development in the space is already happening on the Ethereum network, they'd have to royally screw up to blow the lead now.

In the long run, I believe all of us will be using the Ethereum network without even realizing it because just like the internet, all the magic happens in the background. Consumers don't know how credit card transactions work, they don't need to, they just know they swipe a card and the buy stuff with it. It'll be the same with transactions using Ethereum, you won't have to be some computer nerd, you'll click a button and whatever transaction you're trying to make will happen.
 

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Asking that today is very similar to someone in the mid to late 90s asking "what is it good for?" about the internet. What's the value of the internet today? It's essentially a direct parallel.

Ethereum is good for any legally binding trustless transaction (smart contract) you'd like it to be good for. It's a programmable, decentralized smart contract platform. It's decentralized internet that private and public block chains will one day interact with. One relevant application to today's financial mess is transparent and accountable decentralized exchanges. You can't pull the shenanigans we've seen in the financial sector when you're dealing with a decentralized blockchain. You can't sell shares of a stock that don't exist (double spend) on a blockchain.

ETH is the digital oil that fuels the Ethereum network so it's value is proportional to the value of the network. Long term I believe that most major corporations, financial institutions and governments will all build upon the Ethereum network and will have off-chain blockchains and databases that interact with the Ethereum network as a shared platform for exchange.
All crypto currencies bar approved ones will be outlawed, of that I have no doubt. All tptb need do is pull the plug and they are history, when something does not exist it's easy to make it disappear.
 

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I'm not sure I understand the question. LTC is a clone of BTC that has received upgrades and development. Fundamentally, it's still as limited as BTC though and doesn't enjoy BTC's name recognition and first mover advantage. LTC is a traditional crypto in that it serves one function, send and receive LTC. Ethereum can serve any function it's asked to since it's programmable.

If/when ownership of homes, cars, etc are tokenized and placed upon the Ethereum network, you could sell a home, car, or anything else, to someone else, using whatever currency you want, and transfer ownership with the click of a button. Literally any kind of transaction (including very detailed terms/conditions) you can imagine can be programmed on Ethereum.

Ethereum's closest competition is probably Cardano (ADA) but everyone in the space agrees that if ETH2.0 delivers on it's promises, and there's every indication that it will, that ETH2.0 will be the global platform that is actively built upon. A good 90% or more of development in the space is already happening on the Ethereum network, they'd have to royally screw up to blow the lead now.

In the long run, I believe all of us will be using the Ethereum network without even realizing it because just like the internet, all the magic happens in the background. Consumers don't know how credit card transactions work, they don't need to, they just know they swipe a card and the buy stuff with it. It'll be the same with transactions using Ethereum, you won't have to be some computer nerd, you'll click a button and whatever transaction you're trying to make will happen.
You pretty much answered my question. It’s been going up lately and don’t understand why.


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Everything runs on ETH, it’s actually still undervalued along with Litecoin

ETH is my largest holding and it’s killing it
 

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Everything runs on ETH, it’s actually still undervalued along with Litecoin

ETH is my largest holding and it’s killing it
Yep it’s my largest also, I did buy some LTE yesterday just for the hell of it.

I’ve decided ,on top of what goes into 401k at work, I’m putting $500 into crypto and $500 into IRA every month. Plus some to cash every month. I should have all bases covered.


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Asking that today is very similar to someone in the mid to late 90s asking "what is it good for?" about the internet. What's the value of the internet today? It's essentially a direct parallel.

[unsound justifications]
This is probably the best thing I've read on this board.
 

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Necessity or utility? Please go on.
You said "What is it good for?" and in response analogizing the cryptocurrency to the Internet.

You can make a case for either necessity or utility depending on the frame you made your reference. In my case, I was reading it as necessity, whereby, modern life would be substantially changed without the internet.. partly due to the ease of intercommunication, and partly because of the services that sprouted from it.

Utility, I'm honestly torn. I am a bit "anti-crypto" only because I got rather toasted with the MTGOX fiasco :(, and then a less well publicized 'exchange' went under with 10k of my BTC.. so, inherently, I am distrustful of virtual currencies.

Can I see the case for ETH or another as a medium for exchange? Yep
Do I think it's a necessary utility? No

Will I buy some when it dips again? Probably just for the lulz
 

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Discussion Starter #115 (Edited)
You said "What is it good for?" and in response analogizing the cryptocurrency to the Internet.

You can make a case for either necessity or utility depending on the frame you made your reference. In my case, I was reading it as necessity, whereby, modern life would be substantially changed without the internet.. partly due to the ease of intercommunication, and partly because of the services that sprouted from it.

Utility, I'm honestly torn. I am a bit "anti-crypto" only because I got rather toasted with the MTGOX fiasco :(, and then a less well publicized 'exchange' went under with 10k of my BTC.. so, inherently, I am distrustful of virtual currencies.

Can I see the case for ETH or another as a medium for exchange? Yep
Do I think it's a necessary utility? No

Will I buy some when it dips again? Probably just for the lulz
Ethereum's use case isn't as a medium of exchange, I think that's why so many on here are having a hard time with it because it falls under the banner of "crypto currency". Sure, ETH is the currency/fuel that powers the network, but that's not the purpose of the Ethereum network. The Ethereum network facilitates exchanges between two parties, using whatever parameters the smart contract fulfilling the exchange is programmed to do. Gas (tiny fraction of ETH) is charged as the fee for performing the transaction. The eventual goal for scaling the network is millions of transactions a second and of course side chains would add to that scaling.

If the developers actually deliver, and Ethereum evolves into the global smart contract platform, then yes, it's up there with the internet as disruptive technology, that brings utility and application that hasn't existed before. In the 90s, nobody could really conceptualize the impact that the internet would have on the world, that's the parallel I'm drawing with Ethereum.

The Finance applications alone are staggering. Anyone in here take a look at what Visa, Mastercard and AMEX charge merchants? That's just a drop in the bucket. Lending on top of Ethereum will be huge as individuals can lend and borrow without gate keepers and without overhead. If/when governments decide to move to digital currency, there's an overwhelming likelihood that it's done on top of the Ethereum network.

The potential uses cases go way beyond my comprehension, and I've dedicated a decent amount of time to understanding the tech and it's current and future applications. It all comes down to scaling, if the devs deliver, then all the stuff I've been talking about in this thread will happen. If they fail to deliver a robust product, the use cases will still be there, but significantly more limited in scope. Time will tell. Yes it's a speculative risky bet, but even at ETH's current price of ~ $1,600, there's still a long term 20x+ on the table if the devs fulfill the vision.
 

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The problem I have with posts like this is that whomever is plugging it cannot help themselves with lines like "20x+ on the table". That's deceptive.

Having said that, I concur that smart contracts are the way forward. Buying a house with one would be a major jump forward in the lending arena, nearly all of the paperwork eradicated and milestones created along the way.
 

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Discussion Starter #117
The problem I have with posts like this is that whomever is plugging it cannot help themselves with lines like "20x+ on the table". That's deceptive.

Having said that, I concur that smart contracts are the way forward. Buying a house with one would be a major jump forward in the lending arena, nearly all of the paperwork eradicated and milestones created along the way.
In general I try to avoid price predictions, especially in the short term, but I'll admit I've been excited over the past few months and more active with crypto than I have since 2017 so I'm certainly guilty of feelings of hopium.

That said, I don't think my statement is deceptive at all. Initial rollouts of ETH2.0 will have 1000x the scaling that it currently has, with the ultimate goal of having 300-1000x that. When you're talking several orders of magnitude greater throughput, and endless applications, I have a hard time not believing that the price of ETH will only do 20x given even the most conservative application of Metcalfe's law. Again, everything is predicated on the scaling and security promises coming to fruition, if they don't, adoption won't take place on the grand scale that would dictate a gold sized market cap.
 

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Discussion Starter #118
In my case, I was reading it as necessity, whereby, modern life would be substantially changed without the internet.. partly due to the ease of intercommunication, and partly because of the services that sprouted from it.
Food for thought, in the 90s and even early 00s, the internet wasn't viewed as an essential necessity, it was still so early that it's utility hadn't become intertwined at a fundamental level like it is today. It's potential wasn't remotely understood in the 90s, and even today every year the internet's role in our life grows and grows. Ethereum is a decentralized internet with a shared language and interface for transactions. What the devs are trying to accomplish may be impossible on the scale they are targeting, but even on a smaller scale the utility and application is enormous.
 
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