Ethereum's IPO (Again)

[santaclause102]

Thanks for your post! Would you agree on the following: A smart contract is everything that is conditional + involves more than one economic entity (doesn't have to be human) + uses a blockchain to store the data, for example:
1) Any multisig transaction
2) Ethereum style conditional payments that can be activated with ether (many different smart contracts all on the ethereum blockchain)
3) A Bitshares style DAC. Lottery for example says "IF you buy a lottery ticket THEN you will get a (a) % chance of winning (b) (which depends on how many other others are playing) which is paid out in way (c). Every "smart contract" has its own chain.

(2) and (3) are basically the same (both are smart contracts and in both systems the contracts have to be activated with the native currency) except:
- one blockchain vs. many blockchains
- C++ vs. Ethereum's custom scripting languages. Both are turring complete.

[testz]

testz and happypatty, can could you define "smart contract" for me? I'd rather call it conditional payment which is a less obscure word. But I am interested what you think of when saying that! :)

Generally smart contract it's a logic of some DAC/process, but BitShares give you toolkit which you can use to add your logic over blockchain using C++, Ethereum gives you the system where you can write logic at Ethereum language and store it at blockchain. In Ethereum system contract activates when your send transaction to contract address and maybe they can be activated at specific time.

As example you can look at https://www.ethereum.org/ at the middle of the page you will see contract examples: scroll left/right until you get crowd fund example, part of it:

Code Select Expand

if msg.data[0] == 0:
    # Start a campaign, data [goal, time limit]
    id = contract.storage[-1]
    contract.storage[-1] = id + 2^128
    contract.storage[id] = msg.sender // Campaign creator
    contract.storage[id + 1] = msg.data[1] // Goal
    contract.storage[id + 2] = block.timestamp + msg.data[2] // Time limit
    contract.storage[id + 3] = id + 5 // Start recording donations here
    // contract.storage[id + 4] is a running counter
    return(id)
elif msg.data[0] == 1:
    # Contribute to a campaign [id]
    id = msg.data[1]
    val = contract.storage[id + 4]
...


This is how will look Ethereum contract in Ethereum language which do basic crowd funding scenario.

[svk]

Another "bad" IPO in my opinion. It continues the trend of "hidden" premines that you have to read the small print to find out about, and as someone else pointed out, the price seems awfully high for the target total supply. I'm not sure about that supply though, couldn't quickly confirm the numbers on that.

About the premines, for those who didn't read the fine print, there are three distinct premine pots: the first goes to the IPO backers, the second goes to early contributors (developers), and the third will go to the Ethereum Foundation.

So we have the IPO pot, which is proportional to the BTC received in the IPO. Then we have the dev premine for Butalik and the other devs, which will be equivalent to 9.9% of the BTC donations, you can think of this as a personal bonus I guess. Finally there's the pot for the Ethereum Foundation, which will also be equivalent to 9.9% of the BTD donations.

So the Ethereum team will have the BTC donations, then the devs will have Ether worth 9.9% of those donations, and the foundation will also have Ether worth 9.9% of those donations.

It's the equivalent of I3 adding 19.8% of the 2 billion BTSX on top of the 2 billion, then giving it to themselves. Doesn't seem fair to me.

On top of all this there's an inflation target of 26% per year through mining. I'm not sure what the current inflation is for BTC, but 26% seems high to me.

[santaclause102]

 testz and happypatty, can could you define "smart contract" for me? I'd rather call it conditional payment which is a less obscure word. But I am interested what you think of when saying that! :)

[liondani]

In any case if we see that Ethereum smart contract works realy nice we can integrate it inside BitShares, replace POW by DPOS and launch BitShares Ethereum which honor AGS/PTS/ETH as 25/25/50 or 30/30/40.  :)

What if they like DPOS and they integrate it to ethereum?

We will have 2 same "products" from 2 different communitys...

So which one will survive? 

The project that will have more support...

The have allready collected 3619 BTC ($2,243,000) It seems they will have the most succesfull IPO...  ::)

[bitmeat]

Smart contracts are a very big deal. However I suspect there will be A LOT of issues around them.

In fact we have second mover advantage here - watch and learn, then collect feedback, improve and integrate.

[testz]

I really like the Turing completeness of eth but mining is a no go IMHO .. anyway as I don't plan to start yet another flamewar or that topic I stick to:

thanks for sharing :)

I read all about Ethereum IPO and my personal opinion that BitShares AGS IPO was much better.

What about this?: "It is very likely that alternative versions of Ethereum ("alt-etherea" or "forks") will be released as separate blockchains, and these chains will compete against the official Ethereum for value. Successfully purchasing ETH from the Genesis Sale only guarantees that you will receive ETH on the official network, not any forks."

In any case if we see that Ethereum smart contract works realy nice we can integrate it inside BitShares, replace POW by DPOS and launch BitShares Ethereum which honor AGS/PTS/ETH as 25/25/50 or 30/30/40.  :)

[bitmeat]

What's the best reason to invest in Ethereum?

Vitalik is a smart puppy.
Innovations.
Smart contracts for code and DApps on the chain.

What's the best reason not to invest in Ethereum?

Investment is only rewarded a small % of ether.
Inflation will eat profits away.
Mining.

[Tuck Fheman]

What's the best reason to invest in Ethereum?

What's the best reason not to invest in Ethereum?

[xeroc]

I really like the Turing completeness of eth but mining is a no go IMHO .. anyway as I don't plan to start yet another flamewar or that topic I stick to:

thanks for sharing :)

[charleshoskinson]

Ethereum has some powerful friends. That's one of the things that bothers me about them. Remember, they have been "self-funded" for some months now.

What you talking bout donkeypongiss? :)

[donkeypong]

They have already collected 1217 BTC ($754,000)  !!!

Ethereum has some powerful friends. That's one of the things that bothers me about them. Remember, they have been "self-funded" for some months now.

[liondani]

They have already collected 1217 BTC ($754,000)  !!!

[cass]

interesting - thx for sharing

[liondani]

Great plan!
Wait until BitSharesX get's liquid and the begin the ether sale...  8)