Ninjastic
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Board Announcements (Altcoins)
Re: [ANN] Ethereum: Welcome to the Beginning
by
BitThink
on 15/02/2016, 10:53:06 UTC
Quote from: Madmach on February 15, 2016, 10:45:10 AM
Quote from: BitThink on February 15, 2016, 10:24:46 AM
Quote from: MaGNeT on February 15, 2016, 10:19:13 AM
Quote from: BitThink on February 15, 2016, 10:09:44 AM
Quote from: mtnsaa on February 15, 2016, 01:09:50 AM
Quote from: BitThink on February 14, 2016, 11:51:12 PM
Etherium seems really interesting and useful, but regards the price of ETH, my main concern is as following. ETH, as we know, is the fuel of smart contracts. Suppose the cost of creating a contract is 0.01 ETH, then if ETH becomes 100 USD each, the cost will be $1, appreantly too much. We can certainly reduce the cost to 0.0001 or lower, but then it reduce the demand and effectively creates an inflation.

Meanwhile, Etherium is an open source project; after changing to PoS, nothing stops others to create a clone with much lower fuel price. All users can easily switch as long as the VM is compatible. Therefore, we can expect the fuel will always be low, and so is the ETH price in long term, for etherium to be successful.

Any thoughts? I wish someone could prove I am wrong and then I could spend more on ETH investing.

Alright sure, but 72 million of ETH is not really a massive number. I understand your concern if there would be 10 billion in the market. But as it divisible as Bitcoins, it would be the same scenario. If tomorrow Bitcoin becomes massively adopted then 100 bits would be a lot when now it's nothing, same concept here.
BTC is different.

1, the main usage of BTC is payment and store of value, not fuel of smart contract. only transferring costs money.
While ETH is need to do everything related in smart contracts, much more than transferring.

2, more importantly, as a PoW coin, there's no possibility to clone a BTC due to its huge hashing rate.
While Etherium can be easily copied after it changed to PoS.


You could be right... or you could be the next Kodak...
I don't think ETH is competing with BTC. I think they are different things. BTC is coin, Etherium is like iOS, an operating system. ETH is just like the charge on usage on all iOS programmer and users. Now my question is, how to prevent someone creates an iOS clone? it's even not like Android, which cannot run iOS apps. It is a real clone and can run all Apps with much lower fees. There's no law can protect Etherium in this case. That's my biggest concern.

I think, that Bitcoin has currently more clones, than Ethereum. Roll Eyes
The point is that you cannot use any BTC clone as BTC, but you can run any script or contract on an Etherium clone.