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Ethereum, The prescient augur of exchange.

rogerglewis March 15, 2016 5 Comments

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Ethereum, The prescient augur of exchange.

Bitcoin has opened the eyes of the world to the inefficiencies of the Banking System. PayPal did something similar before hand and Online banking has been with us for a while. But I am excited about something which is much, much, more than just making transfers of money or on line payments.

Bitcoin was conceived as more than just a Crypto Currency it is built on Block Chain Technology and at its heart there is a vast potential for independent verification of ownership systems. As a currency Bitcoin tokens in the possession of the customer are confirmed and then the transfer of the tokens value is made in return for ownership of whatever the Bitcoin owner exchanges the token say, A coffee, a Massage , unblocking a toilet perhaps and so on . When you sell a house or some shares the solicitor or the stockbroker confirm that the House is owned by you or, the shares are registered in your name. The change of ownership will be recorded where it officially needs to be recorded. Similarly if you sell a car The form needs to be sent off and the insurance confirmed both with the insurer but also with the people who hand out speeding fines or collect road fund license taxes. This administration and maintenance of the public or private record of the responsible party or the owner of the rights and responsibilities of stuff in general requires trusted if often despised Agents and Middle men. In many cases this service is as expensive as bank fees and useful savings and improved security can be engineered in the block chain platform. Indeed this is precisely what has been delivered by Ethereum. Ethereum augers the end of the privileged middle man, an end to government and Corporate sponsored ”money for old rope”, you might say.

The block Chain cuts out the middle man and Ethereum provides a Platform upon which any two people or combinations of people or organisations, wishing to exchange a promise and record the event, can do so. Any party can confirm independently that what they claim happened, happened. The claim can be verified via an always available, secure, independent and democratically diversified network with common ownership. Eureka , Free at last!

The register or, ledger or, record of transaction, is recorded as an electronic handshake. That electronic handshake can be witnessed in perpetuity, confirming the agreement that any two entities have previously confirmed electronically. That Chain of promises is stored forever in a network of Computers and servers that will confirm which digital Who?, agreed what?, with another Digital Who? and when. The ”Digital”, Who? is an important feature for potential anonymity. Escrow; a deferred transfer of something based upon confirmation that some other promised event has taken place and been confirmed at some other future date, is also catered for.

Max Kaiser talks Ethereum With Dan Hassan of Robin Hood Minor Asset Management (starts at 12.52 mins )

Bit-coin is a part of the functionality of Ether the Ethereum exchange medium.In a way Bitcoin provides both liquidity and stability to Ether in much the same way envisaged by Nu Bits and Peer Coin.

Ethereum is more democratic and decentralised though than its (for the moment), larger brethren. It has been designed with the benefit of seeing how Bitcoin developed and with Bitcoin investment. In a sense the two are competitive in one space and complimentary in and to all the other Blockchain Spaces. The benefit of hindsight leads to a greater potential of prescient features to avoid the faults in Bit Coin that some people , including me , find disagreeable. Peer Coin, ( https://www.peercoin.net/whitepaper ) and its associated brethren, Nu Bits,( there is a common developer and advocate behind both ) ( https://nubits.com/about/white-paper ), both set out many of the potentials not exploited by Bit Coin and resolves some of the problems real and potential in Bitcoin. With its proof of stake as well as proof of work hybrid.Peer Coin also offers Minting as well as mining, yet uses the same encryption Algorithm, SHA 256, as Bitcoin. Bizarrely SHA 256 is patented by the NSA ( Go Figure), There is something fundamentally UN-libertarian about the NSA, can we all put our finger on that and catch a distinct whiff of Irony, I always do.
This Video is from the Channel of chronos who advocates and explains peer coin and is a very good teacher about the block-chain should any reader here wish to learn more.

http://www.coinwarz.com/cryptocurrency/coins/peercoin

I decided I would not Invest in Bitcoin, I had been studying it very closely for about a year but ultimately felt it was not what I was looking for in line with my own political stance with respect to Monetary reform and provision of Credit and liquidity into democratic debt free community economies. Ethereum does not present the same political reservations to me (YMMV) and I have decided that this is Where I will invest heavily , Never would I put all my Eggs in one Basket but Ethereum will be the largest hedging play External to my own direct business ventures most of which will and are planned to be in the Crypto Currency, complimentary currency, P2P and B2 B crowd funding field across various asset classes. You can find out some of my own past and future deeds and intentions for Tychastic Investment Group at the link to my public LinkedIn profile below the logo.

https://se.linkedin.com/in/roger-lewis-48175211

One can buy or one can mine Ether as one can with most crypto currencies and whilst It is very easy to set up a mining operation with CPU or GPU processing ( AMD based not NVIDA ). I prefer the convenience and economy of mining with Genesis Mining. I have set up a Mining Contract with Genesis Mining to mine my own Ether. If you click on this link and enter this code you will qualify for a 3% discount through my membership of the Genesis Affiliate Program. As a mere speculation some may prefer simply to buy Ether , Bitcoin or indeed Peer Coin, check out the coinwarz link, there’s plenty of sport to be had, ( money to be won and lost ), if speculation is your bag. This is a race with a very wide field indeed and the sweepstakes potential is breathtaking. Ether is my Tip though and why I am writing this blog.


Link To Ethereum Mining or other crypto mining

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This is what Genesis Mining have to say about Ether.

Ethereum – The World Computer!

Category / Altcoin / Bitcoin / Cloudmining Industry / Featured posts Published on 09.03.2016.

Price for Ether has skyrocketed in the last couple of weeks, bringing the total market cap to USD 800 mn. Ether is now the second largest cryptocurrency after Bitcoin and its market cap is bigger than all other alternative Cryptocurrencies combined. There is a lot of excitement about the new cryptocurrency and its possible applications!

What is Ether and why is everyone so excited about it?

Ether is the currency of the “Ethereum” platform, which was launched in July 2015. The crypto has a number of features that make it different from, or even superior to, Bitcoin:

1. Bitcoin transactions need on average 10 min to get a confirmation, while Ethereum block time is 17 secs. So transactions are more than 30 times faster, thanks to Ethereum’s Ghost Protocol!

The Bitcoin network only allows to move around one type of “token”, namely “Bitcoin” (the currency). In contrast, Ethereum allows you to build your own currency on top of the platform. For example, it would be possible to create any type of company shares within Ethereum, or to represent the possession of any kind of object (such as a car).

Simple contracts/programs can be implemented in Bitcoin. Ethereum takes this to a whole new level! Any type of smart contract or decentralized application can be created and enforced(!) in Ethereum. This is all in a distributed, trustless, and censorship-resistant way!

“Smart contracts” or “decentralized apps” open a whole realm of new possibilities, like decentralized prediction markets (e.g. “Augur“), transparent voting and democracy, trustless crowdfunding, and more.

Running a decentralized apps (“dapps”) requires gas. The more complex the code is, the more gas is needed to run it. The gas to run a dapp is called “Ether”. If you think of Bitcoin as gold, then think of Ether as the oil of the new economy.

Ether can be mined by running an algorithm called Ethash. The algorithm is built in a way that ASIC chips (specialized hardware) is difficult to do. Additionally, Ether mining will be over in about a year from now on. Therefore, everyone mines with a GPU that encourages decentralized mining (compared to the highly centralized mining found in Bitcoin).

Furthermore, Ethereum has a great team of developers that push the possibilities further with every new software release. We are excited about the vision and the possibilities of building the world’s first World Computer!

Interested to learn more about Ethereum? Take a look at our infographic!´´ENDS.

How profitable could Ether Be.

Here is the Ether mining profitability Calculator, There are no guarantees but as a future long term play Ethereum ticks all the boxes for me that need to be ticked. Make up your own mind.

http://ethereum-mining-calculator.com/

@$10 to 1ETH 100% profit 1yr All other things Equal see Genesis Mining 3% off voucher read article do the math http://letthemconfectsweeterlies.blogspot.se/2016/03/ethereum-prescient-augur-of-excahnge.html

This tweet is based upon my own calculation s for a 20MH/s Genesis mining contract which cost me around 850 dollars after discount if the price of ETH goes up or down through the year the equivalent trading cash out to dollars or other Fiat Currency will obviously vary Mining rather than buying ether at todays price is a good way of smoothing out the investment so far my contract hjas yielded me just under 2 ETH in 3 days not for everyone but I think its a good investment on the upside and thedownside is of course very real although I expect ETH price to remain stable around 10 dollars whilst early earners of ETH convert some of their ETH reserves into FIAT so good luck to those guys, do your own research and there seems very little downside in mining via your own computer which is fun and will offer potentially better rewards depending on your GPU power and Electricity costs.