Web 3.0 (Ethereum) is happening, and most people have no idea what it even is.

[MJ DeMarco]

Never invest money in shit you don't understand.

+100K.

I should mention that every financial scam is predicated on a complicated formula that the average person doesn't understand ... "We issue short term promissory notes at 14% interest for interoceanic transportation inventories for multinational conglomerates who need mezzanine float for their operations."

OK. In other words, it's a scam.

I'm not saying this is a scam, but the confusing methodology is what sets the stage for adapt players to make a lot of cash, at someone elses expense.

I can tell you right now that I won't be making any money in this -- but I won't be losing money either. And I'm fine with that.

 

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[parkerscott]

Blockchain technology has been around since 2009. When most people think about blockchains, they think about bitcoin, a slow, expensive antiquated technology that is hard to scale, and is not innovating. Every now and again you will hear about bitcoin reaching new all time highs, yet nothing has really changed with the technology in years.

Then there are alt coins. Coins things like litecoin or dogecoin that are basically carbon copies of bitcoin, and coins like monero that are similar to bitcoin, but have a few extra bells and whistles.

There is one platform however that you will be hearing a lot more about in the future that is really going to change the way we do things. If you haven't heard about ethereum already, luckily you are hearing about it now. Ethereum is a programmable blockchain, and this makes it a very robust platform. Due to the blockchains ledger system, and ethereums programability, smart contracts are able to be created, along with a ton of other cool things.

What does this all mean? Trustless systems can be created that completely cut out middle men. Micropayments. Royalties paid for time listened to music or watching a video, etc etc.

There are thousands of developers in this space, and lots of big household business names are trying to implement the ethereum blockchain into their business. So what exactly is there for you to gain? Well you can become an investor or better yet, you can create distributed applications in this space, and reap the benefits that come along with it. I have made a lot of money in this space, and I believe it is going to continue to grow.

 

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[Coalission]

Everyone here is going to use Ethereum in the future, whether you like it or not, because your bank will be using it. Just like the internet started off weird and scammy sounding:

Ethereum is a protocol, not meant to be an "investment", but it has a token tied to it that has value so people will find arbitrage wherever they can. Imagine if SMTP had a token tied to it back in the day, I'm sure a lot of the older folks here would have said the same thing about that "complicated scam". Most people still don't know what SMTP, or HTTP, or Ethereum, etc. is nor do they care. I mean we already have good ol' fashioned stamp and letters, who's gonna use that "Email" thingie anyway, look how complicated it is:

Meanwhile, governments, banks, and forward-thinking people keep making the right moves ahead of time while your average Joe always wonders why the rich keep getting richer:

Big Business Giants From Microsoft to J.P. Morgan Are Getting Behind Ethereum
Ethereum Project Offers Censorship Resistant 'World Computer' for Developers - Breitbart
Microsoft, Intel, banks form Enterprise Ethereum blockchain alliance | ZDNet

I said the same thing months ago with Ethereum under $10, so my opinions aren't positive because the price is going up: Future predictions.

I just find it hard to believe after the internet happened, people still overlook nascent technologies because "it's too hard". There's this thing called Google. Or just wait until Visa processes your payments over blockchain so you don't have to worry about all the weird scary techy stuff happening behind the scenes to make it all work. Either way, it's coming and you WILL use it.

 

[Martinv678]

I'm glad Etherium is being spoken about here. When people ask me why it will change the internet I give them this analogy. Say I have a dog walking business and I tell you that I'll walk your little fluffy for 5 miles a day. Right now, I take your dog for a 2 mile walk and charge you for 5. You still pay me for 5 even though I haven't completed the work properly. If Fluffy had a collar on its neck that was connected to the Etherium network, the smart contract (on the blockchain) would determine how far I had walked the dog and would only release the money (ether) to me once the dog had been walked 5 miles.

Etherium (mainly smart contracts) will take change how the internet works, because money is only released when certain aspects are met. For coders on here now I believe you can smash it but creating agencies that develop smart contracts and sites built on Etherium for businesses, e.g in the law sector. Something like Airbnb could be replaced by a website where smart contracts are used. So once the person has stayed and are happy the money is released to the owner.

I think it's exciting. I could think of 100 business right now that would benefit from Etherium.

 

[SquatchMan]

Banks are using this technology. And this is huge.

Ignore the coin part of this for a second, those are irrelevant.

Now instead of using big and inefficient IBM mainframes from the 1970s that use the COBOL programming language (the very first programming language... it was written in 1953). Banks are switching to a more efficient method of transfer.

This more efficient method is called the blockchain.

Which you probably will say, so what? I don't care what my bank does as long as I can get money to go to da club.

And that's where I say. You should care. Let me explain.

Contrary to popular belief, there was a time before the internet and computers. In this time the bank would write the transactions on a piece of paper and then send it to a central bank every few days.

As you can imagine, this process was very inefficient and susceptible to fraud.

In the 1960s there was a solution thanks to a company called International Business Machines (IBM). The solution was called the the mainframe computer.

Now the local bank branch could sent the transaction/balance over telephone lines to this mainframe computer.

This mainframe computer stored the banks ledger. This ledger has all the transactions, account balances, etc.

Now with this mainframe, when you want some money to go da club you can just walk into any bank. The bank asks the mainframe, "How much money does spyt have in his account?" And it gets an answer.

No paper ledger.

Somewhere down the road some nerds working for Uncle Sam and IBM figured out a way to reduce the size of these mainframe computers.

They were pretty bad. You couldn't do much with them and the screens were awful.

The computers got better. The screens got better.

Some person decided to connect these home computers together with telephone lines.

Now people could use their computers to connect to different servers and view information on the servers (web sites).

Now in 2017 the banks are realizing these IBM mainframes that are 30 or even 40 years old written with a programming language that is 64 years old are rather inefficient. They are currently looking at better ways to record their ledger.

This efficient way is the blockchain.

....

That story is missing a lot of info on computers, GUIs, and the internet. It should still give you a general gist of why the banks using the blockchain is huge.

It starts with companies/governments with lots of money to spend developing ways to make their life more profitable. This is where we're at with the blockchain.

Companies will form to make the tech cheaper and simpler to use with the hopes of selling it to the general public (think Microsoft and Apple).

Then more companies will form to capitalize on this cheaper technology (Google, AOL, etc.)

I believe we might be a little far out from blockchain technology companies forming.

I still have zero doubt in my mind that the blockchain will be the next tech revolution.

The only question is when will the revolution occur?

Edit: Full disclosure. I'm do not, and never have, owned any crypto currency.

 

[Van Halen]

1) Never invest money in shit you don't understand. I don't F*cking understand how that shit works.

2) Web 3.0 is going to be the internet of things.

But good luck to ya'll that mess around with this stuff.

Not this muppet... he "reads" books in 10 minutes by skimming through, taking notes and makes videos on how to become a millionaire, yet he isn't a millionaire. I can tell straight away he doesn't really know what he's talking about, I'm more confused on what Ethereum is after watching the video than before it. The soul purpose for creating the video was to be the top at youtube when you search "what is ethereum", so the notes and research was rushed/hashed together just to pump the video out.

“If you can't explain it to a six year old, you don't understand it yourself.”

 

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[MidwestLandlord]

One of the stupidest ideas ever. How would people first get a vote/ballot to begin with? What if someone else went on your computer and voted for you without your permission?
...
Horrible idea. With no checks and balances your neighborhood kid will just keep spamming rides. Nothing to determine price or where to pick you up at. Uber will have driverless cars in the future so the whole idea is flawed to begin with.
...
There are very few issues with historical proof of who wrote what. It tries to fix a problem that doesn't exist. Also ethereum is too slow.
...
You're wrong. The blockchain is having longer and longer confirmation times.

Caveman #1: "I have made fire! We should teach everyone! This will benefit everybody!"

Caveman #2: "That will never work! It takes too long to get hot! It uses too much wood! The leather skin blankets we have now keep us warm already!"

Caveman #1: "You're right. It was a stupid idea"

The human race dies out.

The end.

(I have no idea what 90% of this stuff even is. I do know however... that creativity, problem solving, and flexible thinking are vital to entrepreneurial success, and your post has NONE of that)

 

[100k]

1) Never invest money in things you don't understand. I don't understand how that shit works.

2) Web 3.0 is going to be the internet of things.

But good luck to ya'll that mess around with this stuff.

 

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[Bellini]

FINALLY - I found an article that simply explains these things (Blockchain, Miners, Forks, DAO, etc) The author uses normal language that the average person can understand, so I hope it helps someone else here. Now at least I feel like I have a grasp on the concepts and how it all works.

Bitcoin / Ethereum / TheDAO / Hacks Explained
By Robert Graham of Errata Security

The writer also talks about the risks and susceptibility for corruption. I'd be interested in hearing what some of you guys think of those things.

 

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[GlobalWealth]

Bitcoin is the term that we already associate with cryptocurrency, it's already established in the collective subconscious. It already won.

.

Yeah. That's what Netscape said too.



Sent from my VTR-L29 using Tapatalk

 

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[Yashar]

Learned about Ethereum by reading this thread and additionally did my own research and the whole thing sounds amazing to me.

For anyone who does not understand:

 

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[MJ DeMarco]

I saw a graphic today on all the "big wigs" in the financial industry (Dimon, El-Erian, et. al.) who are all calling Crypto stuff a scam, the "next Enron."

All of these individuals who are making these statements have made BILLIONS in the traditional financial system.

Not withstanding my general lack of knowledge on the technology, this fact alone that the mainstream shills of the financial system are against it leads me to believe it's more legit than fad/scam/trend.

When something new is emerging, it's always interesting to note the most vocal critics, who they are, what institutions they represent, and what they stand to possibly win/lose.

When Jamie Dimon is crucifying and laughing at it, that doesn't make me skeptical of the tech/currency; only the opposite, it gives CREDIBILITY to the whole thing and makes me want to investigate further.

TLDR:The more big bankers and Fed types who speak out against this, the more credible it makes it seem, kinda like "horse and buggy" providers screaming from the pulpit "People people! The automobile is a just a fad!"

At this point, I'm really interested in watching the two parties duke it out and see how it unfolds. The problem is, the big bankers tend to have government (the ultimate f*cksters on economics) on their side.

 

[Coalission]

Does it exist in a way that is welcoming to the same people it will rely on to scale, etc.

That's fair, my point is that early technology isn't always welcoming at first, and that doesn't necessarily give you an idea of its potential scale.

Right now most of the action is at the protocol level, so while it's hard to imagine Grandma using cryptocurrencies, the way it was hard to imagine her typing in IP addresses and setting up servers to connect to the internet, eventually other companies emerge that build on top of the protocol and make onboarding easier, the way AOL made TCP/IP easier, Gmail makes SMTP easier, domain names make HTTP easier, etc. People use all of these technologies everyday without even knowing what they are or how they work.

Back then there was no way to invest in protocols, you had to wait until a company built on top of it and then hope they stand the test of time, some did, some didn't, and you get the dot-com boom and bust. Yet despite that bubble, the internet still stands today because technology rarely goes backwards. Once the cat's out of the bag, it's out. So now people are investing in the protocol, without having to gamble on a single company doing it right or not.

Here's an example of people in need "using" Ethereum without even knowing it:
A Branch of the UN Just Launched Its First Large-Scale Ethereum Test - CoinDesk

Yes, THAT United Nations.

 

[G-Man]

Thought I'd weigh in on this Ethereum debate:

 

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[MJ DeMarco]

What are some technologies you have a positive outlook on?

Better yet, what of anything does @fhs8 have a positive outlook on?

 

[parkerscott]

How much money have you invested into ethereum?

Lots, and I have made 1000% + returns. The real money is in ethereum applications, and that is what I plan on working on here shortly.

 

[parkerscott]

Im still laughing at how outright dismissive some people are about this, without even doing any research or listening.

Luckily Coallision has been able to answer a lot of questions.

Its funny seeing things like "Nobody is going to adopt this technology when cash is easier"

The main focus in not really as a currency, and people are already using ethereum, and do not realize it.

Innogy Charges New Electric Car Fleet Using Ethereum Blockchain

You have hundreds of car charging stations across germany using ethereum and your average layperson has no idea.

Then you have things like teslas running through toll booths and water meters on ethereum.

-

Its fine if yall want to be skeptical, and ask questions, but it seems like there has been a ton of flak. This space could be pretty big, and there is not a lot of competition in the dapp space. Most of yall should be pretty forward thinking, and wont even take a minute to look into developing a dapp. There are plenty of applications that you could potentially create that could be the next billion dollar giant.

 

[Coalission]

When something new is emerging, it's always interesting to note the most vocal critics, who they are, what institutions they represent, and what they stand to possibly win/lose.

When Jamie Dimon is crucifying and laughing at it, that doesn't make me skeptical of the tech/currency; only the opposite, it gives CREDIBILITY to the whole thing and makes me want to investigate further.

 

[Coalission]

2) Web 3.0 is going to be the internet of things.

Funny you say that, because blockchain will be the underpinning of IoT when value transfer is needed, unless you think your refrigerator will have its own Paypal account.

IBM knows: IBM Watson IoT - Private Blockchain

Your post is gold, bro! Yet I think they still won't understand, because they don't want to understand.

Well, it's like with any emerging technology. You have the fanatical early adopters, and the crabby naysayers. Only time can prove you right or wrong, and some people just don't give a shit either way. Some people still believe autonomous vehicles are a fad and they will never set foot in one. Some people to this day refuse to buy a smartphone because they are too "complicated". Some people use drones to experience new technology, other people sit on their porch and use them as target practice. Technology advances regardless, some people roll with it, some people don't.

Perfect way to illustrate it:

Jeff Bezos launched Amazon.com that same year.

 

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[MJ DeMarco]

Seeing @arcola is incapable of dealing with facts and/or logic, he has been removed from this conversation. Now we don't have to hear about how everyone is a dickhead and retarded for speculating on cypto and the associated technologies.

I didn't think Jscott had 50k because I didn't think anyone who would put up 50k in cash for 45k in bitcoin could be smart enough to make 50k in the first place.

Not that you haven't done a bad job earlier in this thread, this is where you really prove that you don't have a F*cking clue what you're talking about, much less WHO you are talking about.

 

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[GlobalWealth]

This is not Web 3.0. In fact there was never a Web 2.0. The term arose from website development company marketing BS.

I didn't bother watching the video because I didn't want to waste my time. If I won't do it then neither will consumers.

I'll list a couple of reasons why it won't be mainstream.

1. Lack of chargeback ability.
2. If your account is hacked or password stolen then you lose all your money.
3. You have to use money to deposit into an account to get Ether.
4. EVM is useless and stupid. Not going to be easy to implement.
5. It will cost money to do transactions/hold money.
6. Not FDIC insured.
7. In the US if a merchants accept credit cards they cannot give discount/surcharges by law in a lot of US states for not using credit cards so the consumer sees no benefit.
8. Most people use credit cards because they are in debt and have no money to put in a separate account for Ether.
9. There's 100s of blockchain currencies out there. No reason to accept just one and this would cause deflation.
10. US inflation is expected to be very low as well as other developed countries. Just look at 10yr and 30yr bonds. If you think hyperinflation is coming then you're an idiot.
11. Lots of volatility since cyptocurrency is not backed by anything. US currency is backed by jail time if you don't pay taxes.
12. Lack of places to convert the currency to goods/services. It's hard to find any place that accepts bitcoin. Good luck finding a place that accepts ether.
13. It doesn't fix a big issue.
14. Litigation costs. Since the consumer is unable to do a chargeback there will be increased costs defending against civil cases. Especially across state lines due to long arm statutes.
15. Lack of reputation. Putting money in ether is like sending your money off to some offshore company.
16. Banned in China and other countries.

Definitely the most amusing reply so far.

Do still ride a horse to work or play Atari 2600?

Hahahaha

Sent from my VTR-L29 using Tapatalk

 

[MJ DeMarco]

I have not dived into all the vids/linkage, but the information provided (on both sides) is astounding.

Anyone who wants to know more can find it linked here.

Thread moved to GOLD.

 

[Coalission]

Pending approval by @fhs8 and @masterneme, Dubai is planning to be the world's first blockchain city:

Dubai Plans to be the World's First Blockchain City - CryptoCoinsNews

What's the hold up guys? Governments, banks, scientists and corporate entities are just waiting for your go-ahead. Literally tens of thousands of engineers and geniuses are on the edge of their seats waiting on your word.

 

[MJ DeMarco]

Stock promoters push stocks all day on message boards.

I noticed the same thing.

The chest-thumping is because of vested financial interests. This goes beyond the human urge to be right.

So the discussion is like a flame war about stocks -- AAPL is going to 200! No, AAPL is going to 100! We see the same thing with MLM -- you're wrong and you should join the revolution! If you don't join, you're an idiot! And you're no entrepreneur! And because you're wrong, I'll be rich!

As such, the resulting conversation has been quite informative -- not just with respect to the technology, but with respect to psychology and how people will defend (or promote) opinions based on a prediction where they have skin in the game.

My stomach hurts from all the popcorn.

 

[parkerscott]

This is not Web 3.0. In fact there was never a Web 2.0. The term arose from website development company marketing BS.

I didn't bother watching the video because I didn't want to waste my time. If I won't do it then neither will consumers.

I'll list a couple of reasons why it won't be mainstream.

1. Lack of chargeback ability.
2. If your account is hacked or password stolen then you lose all your money.
3. You have to use money to deposit into an account to get Ether.
4. EVM is useless and stupid. Not going to be easy to implement.
5. It will cost money to do transactions/hold money.
6. Not FDIC insured.
7. In the US if a merchants accept credit cards they cannot give discount/surcharges by law in a lot of US states for not using credit cards so the consumer sees no benefit.
8. Most people use credit cards because they are in debt and have no money to put in a separate account for Ether.
9. There's 100s of blockchain currencies out there. No reason to accept just one and this would cause deflation.
10. US inflation is expected to be very low as well as other developed countries. Just look at 10yr and 30yr bonds. If you think hyperinflation is coming then you're an idiot.
11. Lots of volatility since cyptocurrency is not backed by anything. US currency is backed by jail time if you don't pay taxes.
12. Lack of places to convert the currency to goods/services. It's hard to find any place that accepts bitcoin. Good luck finding a place that accepts ether.
13. It doesn't fix a big issue.
14. Litigation costs. Since the consumer is unable to do a chargeback there will be increased costs defending against civil cases. Especially across state lines due to long arm statutes.
15. Lack of reputation. Putting money in ether is like sending your money off to some offshore company.
16. Banned in China and other countries.

So you spent the time writing that up, but wont read the thread? This isnt some bitcoin crypto anarchy type deal. Your average layperson is going to have no idea they are using ethereum similar in the sense that your average layperson has no idea what an ip address is.

You can go ahead and dismiss it all you want, but the writing is on the wall.

 

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[GlobalWealth]

I see it from both sides -- I have angel investments in two companies that are building ETH-based applications and I own a decent amount of ETH.

The point of my comment is that I'm surprised that so many people who consider themselves entrepreneurs are so disinterested (and even outright antagonistic) to a technology that has the potential to revolutionize a range of industries and an even wider range of verticals within those industries.

I assume either people aren't interested in a ground-floor opportunity in what could reasonably be a potentially trillion-dollar industry or people are just too lazy to make the effort to learn a new technology in order to open up that kind of opportunity. Given that so many people around here talk about how difficult it is to come up with good ideas, I'm assuming it's not the former; which leads me to believe it's the latter.

And that surprises me.

This is also my sentiment.

I'm very surprised that so many so-called forward thinking entrepreneurs see so close minded.

It reminds me of the Robert Kiyosaki rant about how online business is a waste of time and foolish.

Of course many people may not have the time or inclination to do the research but dismissing a world changing technology as useless is just ignorant.

Sent from my VTR-L29 using Tapatalk

 

[Coalission]

I literally know nothing about crypto

No shit.

 

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[Argue]

 

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[MJ DeMarco]

Saw this graphic on Reddit and thought of this thread.

But there is a difference, those entities CONTROL their content, offerings, etc.

So if you create CONTENT Facebook doesn't like, Facebook will censor it and kill your account.

If you send Bitcoin to another party, there is no 3rd party authoritarian who can say, "Hey, we don't like this transaction! Didn't your recipient speak ill-feelings about Bernie Sanders two years ago? No deal!"

 

[million$$$smile]

@GoGetter24

There is no reason anyone would want a computer in their home.
Ken Olsen 1977
Founder, Digital Equipment Corp.

We will never make a 32-bit operating system.
– Bill Gates, 1989

Spam will be a thing of the past in two years’ time.
– Bill Gates, 2004

Next Christmas the iPod will be dead, finished, gone, kaput.
– Sir Alan Sugar, 2005
Founder, Amstrad. Member of house of Lords, England

"I predict the Internet will soon go spectacularly supernova and in 1996 catastrophically collapse." -- Robert Metcalfe, founder of 3Com, inventor of Ethernet, 1995.

"I think there is a world market for maybe five computers." -- Thomas Watson, chairman of IBM, 1943

"The subscription model of buying music is bankrupt. I think you could make available the Second Coming in a subscription model, and it might not be successful." -- Steve Jobs, in Rolling Stone, Dec. 3, 2003

"Apple is already dead." -- Nathan Myhrvold, former Microsoft CTO, 1997

"There is practically no chance communications space satellites will be used to provide better telephone, telegraph, television, or radio service inside the United States." -- T. Craven, FCC commissioner, 1961

ad nauseam...