The Magnificent Ethereum Machine
7 years ago in #ethereum by kyriacos (71)
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I second the Howl's Moving Castle reference. Incidentally, the Ethereum Moving Castle's most used contract is the ENS, the Ethereum Name Service, similar to DNS/Name Registry on the open internet. The ENS had managed 100,000 Vickery auctions so far. Very cool to see smart contracts in the wild. Next biggest contact use case is likely to be SmartPool.io -- fully decentralized mining pools coordinated by smart contracts. Fun times to see the Ethereum vision slowly materialize.
Actually this is one of the things I'm most excited about whether it is done on ethereum or something else (I believe namecoin was trying something similar).
You need people to care, not just technology that works. One of my keenest learnings in the last 6yrs I've spent in this space is that even for technology that is a trust solution, like blockchain is, you are still very much dependent on people -- they need to care, they need to agree with you (via Nakamoto or PoS or other forms of consensus) and you need more than just yourself and cool technology.
Very true. That is why now I try to invest in people.
we shall see :)
Indeed, brother, indeed. How lucky are we to be in the middle of all this!
I consider myself to be extremely lucky really. Even if I am sarcastic in the drawing above, I am still invested in the technology. I believe it can change everything really. People in the future will wonder how we could live without it.
We will see. Even if blockchain makes the world a little better, I'll be pleased. It's on people like you and people like me to push it through and keep it on track for positive change. Cheers, brother.
I agree with you @kyriacos! I'm invested in it too and plan to increase my position in it over time. I look at it as similar to the beginning of the internet, only this time everyone can invest in it. Some of the ICOs will likely not amount to very much but some of them will, and those are likely to be huge. Exciting times, indeed!
I feel the same way, people are building and launching ICOs like there is no tomorrow. But no one has actually achieved anything yet, they promise your the world though. Give me your money and I will give you this shiny new token/coin that doesn't do anything, except being shiny and new.
Yeah, overblown promises over an overcomplicated and overpriced platform. (so far)
Haha great piece. For some reason I see some irony in the post. Not sure if you did it on purpose or because I just got home and I'm still drunk.
Anyways it seems like so many peoples see ethereum as this big complicated piece of technology but they have no idea what it does. However what the community has been spreading is mainly ICO this and ICO that. All I see are "invest in this ICO and you'll make lots of money!" They seem to get sidetracked by money rather than paying attention to the actual technology behind the ICO.
I don't know maybe I'm still drunk and overanalyzing this. Or maybe that's what the piece of art is intended for!
The post is full of irony indeed. I am glad someone picked it up :)
I am looking up at EEA to come up with enterprise success stories .. Smart dubai has made some bold announcements.
For ETH to hit thousands, smart contracts adoption is key. Or will the hype just carry it ? Bitcoin is a household name without any of these. Is there enough room for the second ??
Only time will tell!!!
The most elegant machinery doesn't always win the marketing battle, so who knows where Ethereum is going, but I get your point.
aghmmm...look at dat base ...aghmm
Yes, I noticed it looks a bit like the early versions of Windows.
:)
hahaha nice one! Tokens sold in ICOs have "temporary" value at the moment, in the sense that they have value just because people believe they have value and invest in them. The real "stable" value will be assigned when the technologies that these tokens support start to be applied in practice. For the ones that fail to do that, the temporary value they have now will be lost at some point.
yeap!
All tokens have temporary value which is based upon belief or even faith - this applies to all modern currencies be it crypto or paper/fiat. The only difference between those you call "temporary" and those you call "stable" is the value of Faith Intensity Index ;-)
lol, that's true. But if you view them as shares for a new technology, then their value is bound to grow as the technology applications grow. It will be more about efficiency than faith. Right now the opposite happens, people invest in ICOs for the sake of investing in ICOs, because they heard you can make money, its a trend. The trend can go down just as it went up if there is nothing to back it up...
It is still about faith, just the faith gets stronger with higher perceived usability of given token and perceived usability depends on practical applications of actual technology, but those practical applications require believers in their practicality. So it is just about faith :-)
They have created a monster with many heads!
I think many people don't realize that ethereum is still developing and to expect it to be used for everything before it is complete is foolish. New technology takes time to implement. Laughed at the comic though, sarcastically witty. ;)
I understand. I think it has potential as well. But right now, this is really what it represents.
Reminds me of Hauru's moving castle :)
hahaha yes!
This post received a 33% upvote from @randowhale thanks to @kyriacos! For more information, click here!
It certainly feels a little like a bubble, like the .com bubble. pets.com groceries.com etc. put a .COM on something and it was instant short lived value. The ICO's kind of feel the same at the moment. Is there true value and potential in blockchain? Yes for sure. Are the current iterations going to be the leaders in 10 or 15 years? Probably not. Am I still investing here? Indeed! Best of luck all.
I share the same sentiment.
So it begs the question, what are you investing in? scatter approach? ICO's on the ethereum blockchain? potcoin ( i love the name.)
everything. diversify as much as you can.
eth has lots of weakspots
it has all the troubles of btc atm
high fees, congested network
also its unlimited cap make it so vulnerable to whales/political ambition
and vitalik being the mastermind, even with good intent, is not decentralized lol
putin can try talk to nakamoto
i dont see this being a neccesarily good thing
vitalik saved the DAO investors once
for the greater good
but one guy deciding what is best and which way to go defeat cryptos purpose
maybe putin told him that eth goes this or that way or the will kill his family, not very likely it happened but i guess you see the point
ouh and at these prices it is absolutely impractible to use for its original intent
Imagine if another service takes over these ico things..like antshares
I'm interested to know what your view is on Ethereum @kyriacos? are you a supporter of the project?
I drew this to express my (current) view
Care to elaborate then, its a nicely thought out drawing for sure, but can't really make out if you actually support this project or not sorry.
Right now ethereum is an overpriced complicated machine that does a very simple thing. It also has a very weak foundation and everything can tumble over at any minute. Nonetheless, it looks cool.
Basically what I see happening is people and corporations "buying" into the idea of blockchain. Ethereum, with a more centralized approach, which may be needed, is currently winning. But it is extremely vulnerable to competition in a new technology that has had major MAJOR setbacks in the past. Like I posted earlier, it feels like the .com bubble only now it is ICO's.
What feels different is that this truly does have the power to distribute value, wealth and ideas even further than before.
I think we are still quite far away from a bubble. Maybe close to half a trillion we can start talking about one.
Haha i should have refreshed the comments before guessing into the blue.
Thanks @kyriacos, I got most of that from your detailed drawing, I'm going to guess by this response that you aren't a supporter then? or are you just keeping some coins on the side in case it doesn't "tumble over"? I mean just because it could tumble over at any minute doesn't mean it's going to? trying to work out if you have invested or decided not to invest out of principle coz I'm of the latter opinion but keep getting reminded by friends that I'm just paranoid.
Oh no. I am invested. I am might be totally wrong too. I don't claim to understand ethereum. I am just being ironically satirical due to the unreasonable hype
Ok fair enough, thanks. the unreasonable hype is a result of the immense marketing budget this project has... "Fake News", all stakeholders have a vested interest in propagating that hype even further, this is playing on the FOMO tactic and I suspect there is layers of corruption on Ethereum yet to be discovered, I doubt we'll ever see it hit below $100 again and that would be purely a result of stubborn holders but yeah ETH is going to keep this trend and creep up to the value of BTC or it's gonna crash badly overnight. perhaps I should just be thinking of riding this hype train and place some safety stop orders so it doesn't crash while I'm asleep. haha
I will try to read something into it.
To not be in danger of a imminent collapse @kyriacos advises to first improve the fundamentals and scaleability before we build a ICO-tower of babel on ethereum.
Thanks, I think you interpreted the drawing spot on, I was mostly prodding to understand where he stands as an investor, I probably could have been clearer. :)
Ethereum is good but right now it is out of reach for investment for people like me, it is too expensive now, i missed at when at the beginning of the year it was very low, i think Russia is the main reason why this crypto jumped this rapidly... by showing interest in adopting this system in Russia, should i invest in it right now, will it go up in the near future or is it coming down...
You do realise that you can puchase a small amount of ether (wei) to invest. i.e YOu can invest $10 day the same way you could invest $10 yesterday or last year.
Thats exactly it, Ethereum is seeing some major success but the people involved in this project are the kind of people we trying to avoid in the FIAT world, seeing people like Putin, JP Morgan, Intel and Microsoft get there fingers in this pie just tells me we'd be going in circles if we let ethereum take hold of position 1 on the market, on the other hand that's exactly what ethereum was designed for, large global companies so the fact that it's working speaks volumes in itself.
Congratulations @kyriacos!
Your post was mentioned in my hit parade in the following category:
Ethereum has a lot of troubling attributes; unlimited supply of coins, undefined use case and questions regarding the immutability of transactions.
Also JP Morgan investment and support is a "Red Flag" for many.
Is anyone going to discuss this REVOLUTIONARY MARKET TAKEOVER? ETHEREUM IS TAKING OVER BITCOIN ?!
https://steemit.com/bitcoin/@alihbadr/is-anyone-going-to-discuss-this-revolutionary-market-takeover-ethereum-is-taking-over-bitcoin
Love it! Big potential, but delicate and unpredictable.
...and full of empty promises
I got in early and out high so I'm done for now.
I meant I love the post not etherium 😂
Is this an original concept art piece? If so, I'm absolutely impressed. Well done good sir!
yeap...well, I had some inspiration from past drawings. thank you
well done - somethingdiffernet - i am already following - good post
It's interesting how you manage to grasp a hole concept in one single picture and a couple of sentences, plus your "Blind guiding the blind" signature.
Full of sarcasm as someone commented there.
I dont know much about ethereum or ICOs by the way, ha, ha.
:)
This picture puts Ethereum into the right perspective. It really does. Have you also already generated tokens? I could need some help making my own. Thanks.
Nah, never tried to generate my own tokens
This definitely looks like Howl's moving Castle!
The artwork is fantastic!
I totally love it!!
Upvoted!!!
Kindly give my account a check if possible!
Thank you!!!
Followed!
it does look like Howl's moving Castle!
This is one of the better ICO whitepapers out there, resteemed
hahaha :D
Ethereum is a true beauty.
i disagree. ethereum contracts will face a lot of problems. there are many open questions...
Perfect!
Please do not tap the glass or the aquarium might topple over!
handle with dare
Picture Speaks
Great dude
gracias
hahaha nice ^^
made me smile :-) job done ^^
thank you mate
hahaha I get you and partly share your opinion. However, I am invested in ethereum at the same time. Why? Well right now I think it could be qualified as a bubble, since there are not many real-world applications right now, but right now you are not paying for that. Your are paying for the future potential. What do you think @kyriacos?
I think we all are Invested even a little bit. Right now we are buying an awesome car body with absolutely nothing inside. They are telling us though that the parts are coming soon.
Interesting drawing :)
thank you
I can almost see the machine humming. :) Very nice!
thank you
I am long on ETH. Opened at 321 and now it's 366. It's slow when compared to the beginning of this month but I'm not complaining.
well, good luck to you man.
I'm not worried whatever happens.. have stop losses in place. I missed mentioning that your drawing is amazing.
yeap. thank you man
I have also the seam fears about it, but let's enjoy the ride
bahaha, you always make such great stuff, that is comic strip brillaint!! I still need to get ahold of you about doing a logo for me! I am also hosting a postart challenge, and your contributions would be greatly appreciated if 25 SBD grand prize is worth it to you, I hope to offer more in the future but will have to see how steemians respond. I used your image from the first mascot contest I found. Hope you don't mind. I was hoping it would encourage people to come up with mascots that aren't whales or fish!
Aah-ha-ha-ha-ha, brilliant!
:)
Ethereum is a heavy potential currency from the very beginning. But for now, it would not be so great for investment purpose. There are a lot of other currencies out there which have the potential to outgrow even ethereum.
As I am a crypto trader, I do technical analysis of all potential growing cryptos. From my experience, ripple would be a great investment as of today, comparatively ethereum. Ethereum has lost its charm and now it'll become stagnant or it'll fall thats for sure. It's better to focus on Digibyte, Ripple, Nxt, Steem and Sia Coin than on Ethereum.
If anyone wants some trading tips, feel free to contact. I'll provide my knowledge for free.
@cryptonet im very new at crypto trading and i will appreciate any help
Of course I'll help for sure. Please refer to my steemit profile. I have just posted some of the cyptos tips you can read and understand.
@cryptonet I've also started to follow, and would love some help wherever you can provide it. I will check out your other posts now.
Ethereum is like android against IOS!
Wonderful art. Nice write up!
I don't understand Ethereum, and after analyzing your picture, I don't understand Ethereum.
i don't think anybody does.
For some reason, this artwork of yours produces me pleasure to my eyes. I love it!
thank you
Love it :)
glad you like it
Hahah. You know the truth.
the artist has done his part, now it's food for thought.I appreciate the effort. thank you
;)
lol.
nice
thank you
This is funny. I have noticed that Icos keep using eth for their sale. I hope that doesn't backfire one day.
Cool
ha ha, great!
haha nice one ! lets hope it doesn't fall! Followed!
Ethereum is cryptocurrency of promise