I have to ditto this - ether is not primarily a transaction-oriented crypto-currency. While you can technically use it for transactions or as a store of value, there are alternatives out there that exceed it on both counts.
ETH is really a medium to facilitate smart contracts and dapps, with ETH the fuel used to power their use on the 'virtual computer'. Any trading/speculation and use for transactions will play a secondary role.
Supply of ETH tokens is not unlimited. 5 ETH reward per block until Proof of Stake is implemented.
"they are only set up to make money" ... what does that even mean?
The amount of developers who are actively working within the Ethereum ecosystem demonstrates its value and potential.
The value proposition of ETH is different from that of BTC or LTC. Its like comparing a gold coin to a gallon of gasoline and saying the gasoline is worthless because it can't buy things.
Agree with blakemiles84 here. There is a post by Vitalik indicating that POW will be limited and ETH transition to POS. In short it says mining will be difficult and system will transition to POS. Read below:
"As it turns out, with the change in the difficulty adjustment algorithm brought about in the last hardfork, the ice age will come very slowly indeed. Originally, the maximum amount by which the difficulty could adjust was 1/2048x, and so given a natural mining difficulty of ~2**45 (where it is now), after around block 3500000, it would go up faster than it goes down, and the protocol would quickly freeze. Now, difficulty can adjust down faster than that if the block time is slow enough, and so even after this point there is an equilibrium. At block 3.5m (1 year from now), we would have an equilibrium block time of 25s for 100k blocks (~1 month); then we would see 35s for 100k more blocks (now ~1.4 months); then ~55s for ~2.2 months, then ~95s for ~3.8 months, and so forth until we get ~655s for ~26 months (ie. slightly worse than bitcoin), and only after that does the protocol break because of the cap of ~99/2048 downward adjustment, and that final doom does not take place until 2021 (though it certainly gets very annoying by the second half of 2017)." https://www.reddit.com/r/ethereum/comments/4iozgf/in_around_14_month_the_difficulty_bomb_will_make/
Ethereum utilizes their token in order to pay for actions or computation on the network. This is what gives it value (much like a currency).
Inflationary Currencies are not Inherently Evil
Although the currency will continue to inflate by small amounts every year. This will be a far cry from the inflation we are used to seeing (and thus believe are evil). No one person or small group will have control on how much this inflation is. We will not have a FED that just prints more USD.
Ethereum and Steemit are both Independently Awesome Decentralized Systems
Both seem to have some really cool use cases and I do not see them directly competing with eachother (yet). At some point in the future there could be a social dapp that comes from Ethereum, but I would not expect it to pickup much steem (hehe) unless it sets itself apart from the same model.
ETH is not deflationary, but that does not make it garbage. Its not intended to be a store of value, it's intended to be fuel for projects.
"Steemit might be better than ETH" that's more apples and oranges IMO. I like both!
I have to ditto this - ether is not primarily a transaction-oriented crypto-currency. While you can technically use it for transactions or as a store of value, there are alternatives out there that exceed it on both counts.
ETH is really a medium to facilitate smart contracts and dapps, with ETH the fuel used to power their use on the 'virtual computer'. Any trading/speculation and use for transactions will play a secondary role.
yeah at least I just wanted to get an opinion in this case, thanks
Supply of ETH tokens is not unlimited. 5 ETH reward per block until Proof of Stake is implemented.
"they are only set up to make money" ... what does that even mean?
The amount of developers who are actively working within the Ethereum ecosystem demonstrates its value and potential.
The value proposition of ETH is different from that of BTC or LTC. Its like comparing a gold coin to a gallon of gasoline and saying the gasoline is worthless because it can't buy things.
give me a little information if ethereum not set up to make money :)
Agree with blakemiles84 here. There is a post by Vitalik indicating that POW will be limited and ETH transition to POS. In short it says mining will be difficult and system will transition to POS. Read below:
"As it turns out, with the change in the difficulty adjustment algorithm brought about in the last hardfork, the ice age will come very slowly indeed. Originally, the maximum amount by which the difficulty could adjust was 1/2048x, and so given a natural mining difficulty of ~2**45 (where it is now), after around block 3500000, it would go up faster than it goes down, and the protocol would quickly freeze. Now, difficulty can adjust down faster than that if the block time is slow enough, and so even after this point there is an equilibrium. At block 3.5m (1 year from now), we would have an equilibrium block time of 25s for 100k blocks (~1 month); then we would see 35s for 100k more blocks (now ~1.4 months); then ~55s for ~2.2 months, then ~95s for ~3.8 months, and so forth until we get ~655s for ~26 months (ie. slightly worse than bitcoin), and only after that does the protocol break because of the cap of ~99/2048 downward adjustment, and that final doom does not take place until 2021 (though it certainly gets very annoying by the second half of 2017)."
https://www.reddit.com/r/ethereum/comments/4iozgf/in_around_14_month_the_difficulty_bomb_will_make/
I'll put in my 2 cents.
Ethereum is a Decentralized Network
Ethereum utilizes their token in order to pay for actions or computation on the network. This is what gives it value (much like a currency).
Inflationary Currencies are not Inherently Evil
Although the currency will continue to inflate by small amounts every year. This will be a far cry from the inflation we are used to seeing (and thus believe are evil). No one person or small group will have control on how much this inflation is. We will not have a FED that just prints more USD.
Ethereum and Steemit are both Independently Awesome Decentralized Systems
Both seem to have some really cool use cases and I do not see them directly competing with eachother (yet). At some point in the future there could be a social dapp that comes from Ethereum, but I would not expect it to pickup much steem (hehe) unless it sets itself apart from the same model.
Upvoted you