I can’t speak on the technical side of Ethereum, but I will speak my opinion as best I can
First and foremost. I say nay to Ethereum. I read through the white paper, I watched the videos, I pawed through their available forums. This is one of those things I personally have a, “sick to my stomach” feel about. I don’t like the sound of it. There seem to be flags waving that just say, “this is a bad idea”. Not limited to just the crowd funding and as of current - (apparently) no proper paper work. Near 100% risk to early funders, no real risk for the Dev’s. If it tanks right out of the gate they potentially retire millionaires immediately. I know any of these points could be argued, but I am not here for that. Just trying to take what I’ve read and form some logical thoughts about this. I hate HATE HATE hype trains. People get so excited and they don’t watch for any signs.
Other points… They keep speaking towards anonymity and the near untraceable. How does this help build on Crypto’s future? If we want to integrate local shops, small stores, hell… Lets shoot bigger, Target, Walmart, the big guys that move around lots of money. Obviously full transparency is part of Crypto, security has to be another part, but if we use a Cloak and Dagger system, who the hell would want to be a part of it? This has GOT to be completely customer friendly, it has to be secure, it has to create/complete transactions quickly. I’m not a programmer, I can’t even read the source code without questioning my sanity, so this is laid out like a potential customer/buyer might see this when being told about it. In the short term, maybe Ethereum is super fast/efficient, what about down the road? A single block chain. The “potential” to use shares/votes to ‘nudge’ the chain in specific directions. What about down the road? That chain may start as a tiny dot in space and time, but it will grow, and grow like a nasty, nasty cancer when it does. The power required to keep this going would require miners of insane proportions, I would guess. The block chain is going to have programs tacked into it, contracts, potentially websites of good, OR bad nature. They talk about CC transactions in 15-30 seconds. I can’t see it, nor can I see those big companies trusting a system like this that is just being ridden by potential criminals, black markets, “Silk Road 2.0”, Child Porn… The list is endless.
I know any of those final points could be countered in saying, “Yeah, Bitcoin has some of that already”. Do we REALLY want to support a system that has THAT much potential for criminal activity? I, for one, do not. And the future of main market, in my eyes, is not with Ethereum.
Please don’t tell me, “Then don’t invest”. I know that. I know there is risks with Crypto, but this one is huge, and shady.
And, unless I TOTALLY misunderstand some of this. Ethereum wants to “wrap” around the existing Crypto-universe, (()per say()). So… Decentralized centralized decentralization? That and the potential for exorbitant fees around any corner.
I’m more concerned about the future of Peercoin, and coins like it that look towards the future. And hopefully one that can include things like a Soda Machine, Redbox, my local grocery store. That is my hope for it. Otherwise it just remains a virtual stock market and that is nearly all it remains.
Questions and comments please!