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RE: Storj Ethereum Token nearly sold out!!!
All these new cryptos are building on Ethereum Network, like Aragon which sold $25 million in 15 minutes.. Will Ethereum benefit from them? thanks
All these new cryptos are building on Ethereum Network, like Aragon which sold $25 million in 15 minutes.. Will Ethereum benefit from them? thanks
My guess is no. IMO Counterparty, OMNI/Mastercoin, and the ilk didn't bring anything to Bitcoin. Plus, in the case of those colored coins on Bitcoin, they only consume a tiny fraction of a bitcoin. I don't know which is more valuable, the tiny amount of Mastercoin or the Bitcoin dust in my wallet, but neither probably contributed to $2000BTC
But Ethereum is different than BTC right? Every time developer build something on the Ethereum network it require gas which will use up ether, which will drives up demands for ether in terms will drives up prices, No?
IMO, and this has been my opinion for a very long time, I told people when ethereum was coming out, that Ethereum is powerful, and will make people a lot of money.
However the one caveat I felt was that the blockchain was vulnerable, and the peer research on the programming language was poorly understood. We saw the vulnerability in the split of Ethereum classic, and I still think we may see some major money lost to not well understood bugs in the contract code. There are a lot of complicated things going on in the contract code and there are almost certainly still perhaps unknown major bugs.
Additionally as someone who programs and conducts business, I would be very concerned that the contracts I programmed would have a vulnerability that I could have not foreseen. People could then take legal action for the loss, which creates a huge amount of risk. I would need to have a giant insurance policy to pay something like that off. Finding a giant insurance policy for something like that is extremely hard to find.
If there is a major disaster, like a major bug that causes huge losses, they will just hard fork, again. There will be more Ethereum chains, which will cause confusion and fear in using it in the future. The other option is you have a tiny bug and are now personally responsible, for how ever much is deemed to little to correct via hard fork.
I think these are major hurdles for Ethereum to overcome, and we still need to see how it plays out in court cases, for people held responsible for bugs compromising other peoples money.
Good points. But I believe the companies building these smart contracts already understand the risk of bugs and glitches and just like credit card fraud losses... They will set aside funds to make up for the legal fees.
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