Quote from: astor on March 27, 2014, 11:30:24 AM

This coin looked really exciting, but after thinking about this for 5 minutes, I have some questions:
1. The VM is too low level, efficient algorithms cannot be used.
It seems that contracts will have to use a fixed number of instructions. If a contract tries to use any randomized data structure or any structure that is not completely deterministic, then it is vulnerable to DoS. Any contract that tries to keep some ethers stashed away in order to use algorithms that work well on average is vulnerable to DoS.
This indicates to me that the VM should be at a higher level where concepts such as collections of items, priority queues etc. are available. The implementation can then use efficient data structures, making contracts more versatile and cheaper for everybody.
This doesn't just move the DoS problem to miners. Miners can change the implementation of these data structures dynamically or at will.
This inefficiency means that a competing implementation of this idea will have better applications.
2. How are contracts updated when resource pricing changes?
When the developers choose to change the fees, how can contracts be updated? If a business is started based on a given contract, and the developers change the base fee, the business might be killed. This makes the setting of the base fee a highly controversial issue, potentially with lawsuits from businesses relying on this.
This is complicated by contracts carrying state. An incumbent gets an advantage by knowing the current resource prices.
3. Extra pricing for reading foreign memory runs counter to a robust security architecture for contracts.
For complex services implemented as contracts, it would be desirable to isolate subcomponents or services as separate contracts. The extra cost incurred by doing proper isolation of the memory space means that a competing service with a worse security architecture needs lower fees. This is bad.
4. Is reliable time available to contracts?
Without reliable time, no specific time can be given for elections, which renders them useless.

Well said astor.

In case people don't understand, Ethereum project want to make the impossible. Simple as that.

You can have all the faith and hope, if Ethereum project can't be done, it can't be done.

I know it is hard to accept it because of all the great promises of "changing the world and blabla" but you better forget about it and go on.

PS : That's just my opinion. Keep waiting for the messiah if you like.