Post
Topic
Board Speculation (Altcoins)
Re: Sooo...which one of you is selling BTC to buy ETH?
by
mining1
on 24/03/2017, 20:31:24 UTC
Official ETH wallet, 27.4GB chain size: https://github.com/ethereum/mist/releases
There are several ethereum clients/implementations. Remember the attacks on ETH network ? The fact that it has more implementation is what kept it alive. Geth was almost down but parity held well.
And you create your wallet/key inside the actual wallet. And the file will be saved in C>users>name>appdata>roaming>ethereum>keystore. Make sure you save it in many different locations.

About the BTC civil war, what makes you so safe about ETH long term tho?

Based on the steps they said they will take, it looks safe. There will be raiden next for massive scalability in early april, then metropolis which will implement some things for POS (i'm not very technical so you'd have to look up on reddit for that). Then eventually there will be hybrid mining+ POS, just in case something goes wrong. Full POS will be implemented in 15months tops ( 12 months after metropolis) in the worst case scenario, but hybrid mining will be up and running by then most likely.

There could be more ETH civil wars, for example, a big DAO type disaster, then 50% of people saying "let's bailout" and other's going another route. It would be ETH/ETC nightmare all over again.

Also doesn't the turing complete thing make you a bit uncomfortable with possible unknown exploits?

DAO type disaster was only possible because of several reasons:
1. It was an investment fund, and all the money were held in a smart contract that people could interact with.
2. Fat guy from dao was warned about several bugs few days before, he ignored them.
3. Not enough testing.

Now, why do i think it's very unlikely for it to happen again ? Well, reasons:

1. First, they were advised to cap their projects. So that's why there are many projects that sell out in a matter of 15min to few hours. If their devs are incompetent and the projects aren't succesful, they just fail like every other cryptocurrency.
2. DAO was different because of it's nature, investment fund. Very few projects actually need to hold the money in a smart contract where any investor interact with it. I don't think there was, or is, a similar project.
3. Probably all projects make icos to collect money for development, not to put it all together in a common bag like dao did. So they can't be robbed. I mean, i don't say it's impossible, because exchanged can be hacked too, but it's very, very unlikely.

The turing complete thing is mostly a danger for projects where devs are incompetent, but usually these projects get hundreds to few millions in funding so they aren't really a threat. They have their own tokens and if they fail, they dont affect ethereum. Tokens on ethereum: augur, golem, iconomi, digixdao, singulartv, etc. Can't remember them all.

Edit: make sure you select show hidden files and folders, Appdata is invisible.