Ethereum

GDB2222

aaj123 said:Frequentlyhere said:

aaj123 said:

Malthusian said:

1. If I take a slice of punters' money in, relabel it "transaction fees" or "gas" and distribute it to other punters, punters' money in > punters' money out. Words are magic.

Not only that, but the more they pay for the privilege of shuffling their tokens around (which accrues proportionally to the biggest existing holders of ETH, i.e. early entrants), the more of a positive sum game it is, apparently. .

I guess all the above demonstrates the coping mechanism that crypto skeptics employ. When original arguments don't work as-is, just change the satirical words to come with something that retains abilities to cope. Few indeed understand. 

Also 'Real money' that you refer to is paper where the BoE guarantees to pay you the same value of paper. Lol. So real indeed.

You say that, but genuinely what did he actually say that he was wrong?

Can you explain how it's anything other than fundamentally 'punters money goes in and punters money comes out again (albeit quite possibly to different punters)?'

Do you consider gold to be in the same category or do you see it different only because of the jewellery and electronics use cases? Do you know that these use cases alone wouldn't justify even 10% of the overall value of gold as it stands. So do you describe the gold market too as 'punters money in and out'?

Most gold just sits idle in safes and vaults (a lot of them are ones owned by central banks). And all this valuation despite the drawback of the cost of storing gold and the inability to transact in physical gold (I mean sure you can transact in paper gold but that is then trusting third parties and paper gold cannot even assure you of true supply.).

Suppose that I invent a new coin tomorrow that has all the features of ETH, and I call it Ethereum2. Can you explain why my new coin is valueless, whilst ETH is wonderful? 

And what’s to stop me inventing ETH3 …4 …5 and so on? 

aaj123

GDB2222 said:

aaj123 said:Frequentlyhere said:

aaj123 said:

Malthusian said:

1. If I take a slice of punters' money in, relabel it "transaction fees" or "gas" and distribute it to other punters, punters' money in > punters' money out. Words are magic.

Not only that, but the more they pay for the privilege of shuffling their tokens around (which accrues proportionally to the biggest existing holders of ETH, i.e. early entrants), the more of a positive sum game it is, apparently. .

I guess all the above demonstrates the coping mechanism that crypto skeptics employ. When original arguments don't work as-is, just change the satirical words to come with something that retains abilities to cope. Few indeed understand. 

Also 'Real money' that you refer to is paper where the BoE guarantees to pay you the same value of paper. Lol. So real indeed.

You say that, but genuinely what did he actually say that he was wrong?

Can you explain how it's anything other than fundamentally 'punters money goes in and punters money comes out again (albeit quite possibly to different punters)?'

Do you consider gold to be in the same category or do you see it different only because of the jewellery and electronics use cases? Do you know that these use cases alone wouldn't justify even 10% of the overall value of gold as it stands. So do you describe the gold market too as 'punters money in and out'?

Most gold just sits idle in safes and vaults (a lot of them are ones owned by central banks). And all this valuation despite the drawback of the cost of storing gold and the inability to transact in physical gold (I mean sure you can transact in paper gold but that is then trusting third parties and paper gold cannot even assure you of true supply.).

Suppose that I invent a new coin tomorrow that has all the features of ETH, and I call it Ethereum2. Can you explain why my new coin is valueless, whilst ETH is wonderful? 

And what’s to stop me inventing ETH3 …4 …5 and so on? 

Already happened many times. Check out Ethereum Classic, Ethereum PoW, Ethereum Fair. All trading less than 1% of eth value. 

Same with Bitcoin forks like BitcoinCash, BitcoinSV, BitcoinGold, etc.

Been many attempts at what you describe but network effect has ruled. Go on - introduce your coin and check out how it does. 

As for why this is the case, in the case of ETH, it is valued for being the network used widely for decentralised finance. If these networks are supporting the ETH protocol, your new coin is of no use on them so wouldn't be valued by anyone let alone generate the fee burnt that controls supply. 

In Bitcoin, there is a different reason because network security requires computing power by miners and they have no incentive to switch where this computing power is directed to and infact any such diversion is a monetary loss for them. As such your new coin will always be vastly inferior in security and as such will not gain traction. Test out the theory though as you will be super rich if all this reasoning is bunkum.

booneruk

Suppose that I invent a new coin tomorrow that has all the features of ETH, and I call it Ethereum2. Can you explain why my new coin is valueless, whilst ETH is wonderful? 

And what’s to stop me inventing ETH3 …4 …5 and so on? 

I thought it would be obvious to all - adoption. Good luck getting global adoption.

GDB2222

Dogecoin was invented just as a joke. How can it have caught on?

aaj123

GDB2222 said:

Dogecoin was invented just as a joke. How can it have caught on?

It hasn't really caught on. Musk pumped it up while his star was high and made 'dog coins' a thing for a while. And then doge took some shine as the 'first and original dog coin'. Even so, I highly doubt much comes off it now. 

GDB2222

aaj123 said:

GDB2222 said:

Dogecoin was invented just as a joke. How can it have caught on?

It hasn't really caught on. Musk pumped it up while his star was high and made 'dog coins' a thing for a while. And then doge took some shine as the 'first and original dog coin'. Even so, I highly doubt much comes off it now. 

Same with BTC and ETH. This is the tulip bubble being repeated. There was always a complicated reason why tulips were bound to go up. Until they went down. 

Actually, tulips have a limited supply, whereas there’s literally an infinite number of e-coins that can be invented.

aaj123

GDB2222 said:

aaj123 said:

GDB2222 said:

Dogecoin was invented just as a joke. How can it have caught on?

It hasn't really caught on. Musk pumped it up while his star was high and made 'dog coins' a thing for a while. And then doge took some shine as the 'first and original dog coin'. Even so, I highly doubt much comes off it now. 

Same with BTC and ETH. This is the tulip bubble being repeated. There was always a complicated reason why tulips were bound to go up. Until they went down. 

Actually, tulips have a limited supply, whereas there’s literally an infinite number of e-coins that can be invented.

Facepalm on account of  hearing this near thousand times in my decade of discussions on this matter. Do you get why we old hands have no option but to call it 'coping mechanism'?

For instance, why are you not following my suggestion of launching eth1, eth2, btc1, btc2 and making money like you think it's evident to be able to do so?

GDB2222

aaj123 said:

GDB2222 said:

aaj123 said:

GDB2222 said:

Dogecoin was invented just as a joke. How can it have caught on?

It hasn't really caught on. Musk pumped it up while his star was high and made 'dog coins' a thing for a while. And then doge took some shine as the 'first and original dog coin'. Even so, I highly doubt much comes off it now. 

Same with BTC and ETH. This is the tulip bubble being repeated. There was always a complicated reason why tulips were bound to go up. Until they went down. 

Actually, tulips have a limited supply, whereas there’s literally an infinite number of e-coins that can be invented.

Facepalm on account of  hearing this near thousand times in my decade of discussions on this matter. Do you get why we old hands have no option but to call it 'coping mechanism'?

For instance, why are you not following my suggestion of launching eth1, eth2, btc1, btc2 and making money like you think it's evident to be able to do so?

I hate to admit this, but I have no idea how to go about setting up an e-coin. I heard that around 10000 were set up, and most have simply died off. It’s clear that celebrity endorsement is a key factor, in order to get the naïve ‘investors' to hand over cash, and I honestly don’t have the heart to con people. 

You seem to be incredibly passionate about promoting ETH, so I assume you must have some and are keen to pump them up by any means possible. 

GDB2222

And, of course, you have heard the argument about new coins many many times, because it’s a blindingly obvious one, and you have not yet answered it. 

aaj123

GDB2222 said:

aaj123 said:

GDB2222 said:

aaj123 said:

GDB2222 said:

Dogecoin was invented just as a joke. How can it have caught on?

It hasn't really caught on. Musk pumped it up while his star was high and made 'dog coins' a thing for a while. And then doge took some shine as the 'first and original dog coin'. Even so, I highly doubt much comes off it now. 

Same with BTC and ETH. This is the tulip bubble being repeated. There was always a complicated reason why tulips were bound to go up. Until they went down. 

Actually, tulips have a limited supply, whereas there’s literally an infinite number of e-coins that can be invented.

Facepalm on account of  hearing this near thousand times in my decade of discussions on this matter. Do you get why we old hands have no option but to call it 'coping mechanism'?

For instance, why are you not following my suggestion of launching eth1, eth2, btc1, btc2 and making money like you think it's evident to be able to do so?

I hate to admit this, but I have no idea how to go about setting up an e-coin. I heard that around 10000 were set up, and most have simply died off. It’s clear that celebrity endorsement is a key factor, in order to get the naïve ‘investors' to hand over cash, and I honestly don’t have the heart to con people. 

You seem to be incredibly passionate about promoting ETH, so I assume you must have some and are keen to pump them up by any means possible. 

Who are the celebrities promoting ETH? Genuinely intrigued.

Ofcourse I have skin in ETH. Would be highly hypocritical if I mentioned all that I have without myself having a position.