Tag Archives: ethereum

Adventures at the Boston Ethereum Meetup

Yesterday I had the pleasure of attending the ethereum meetup in Boston. There were a range of people there. There was a recent MBA, coders, former coders, and entrepreneurs. People attending would seem to be smart, and inquisitive. Ready to learn new things. Like myself, many people attended without having a full grasp on Ethereum’s implications. We all seemed to know different aspects of the topic so I believe the interaction was very productive for all.

The brains behind the project

One topic of discussion was speculation that Neal Koblitz and Nick Szabo are involved with ethereum. You may know that Neal Koblitz is the same Koblitz that the elliptic curve used in bitcoin is named after. The idea of a smart contract originated with Nick Szabo. It was suggested that there is a who’s who of cryptography, finance, and other subjects working on ethereum. My initial investigations into these claims verifies that Neal Koblitz and Ralph Merkle of Merkle trees are advisors to the ethereum project.

Proof of stake

There was discussion around Vitalik who is currently not sure if ethereum will implement proof of stake. Neocash Radio listeners may recall that proof of stake is when the proof of ownership is used to mine a block. The longer your coins have not been spent, the more stake you are considered to have. Proof of stake mining creates a different type of economy where ownership of coins can mean that more are issued to you. If proof of stake is implemented in ethereum then the initial purchase of ether would perhaps be more valuable as the ether will also be needed to mine. Proof of stake is implemented in peercoin. A economically opposite feature was implemented in freicoin.

Wow that’s AMAZING! What is it?

What surprised me is that many people at the meetup were still trying to figure out ethereum. This was the fourth meetup. I thought I was showing up late to the party. Apparently, there is still a lot to learn and understand. It felt like I was one of those blind people explaining what the elephant looks like, while other people were doing the same with other parts of the elephant. All and all, I learned. I would recommend that anyone with a curiosity attend one of these meetups. There was a real sense of being on the cusp of a revolution. Not a gunpowder and cannon revolution, something more along the lines of the industrial revolution.

Challenges and unanswered questions

I came with questions and I left with questions. I am concerned about how the decentralized network will process all of this information on a global scale. Right now bitcoin can only process 7 transactions a second. Contracts will be more demanding. Will the ethereum network be able to process all contracts that are thrown at it? How will it scale? I know that Vitalik has considered this problem, but I have not parsed the solution just yet. There are economic decisions that are being made that also raise concerns. The price of computations and fees are necessary to stop a denial of service attack and other reasons. The concern is that the prices need to be right ahead of time. If the price is too high then people won’t use ethereum. If the price is too low then the network could grind to a halt with too much activity. Also remember that the price is set in ether, a unit with no historical precedence. Hopefully all the good brains working on the project can effectively solve these issues.

Episode 66 – Venezuela the Federal Reserve and Ethereum

With interest rates at lows, stocks at highs and precious metals not going anywhere really, Darren discusses price fixing in Venezuela, the Federal Reserve, and the hope ethereum could engender.  Darren also points to the discussion of bitcoin’s scalability, as well as stresses exposed concerns about TOR network vulnerabilities.

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Episode 63 – Cold Storage Bitcoin and Argentina Default

Corrections for the Ethereum release: Etheirum is expected out the first quarter 2015. Darren talks about his experience with cold storage and bitcoin. Argentina defaults on bond holders. Overstock.com to pay employees bonuses in bitcoin. Litecoin and Dogecoin merged mining.


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Episode 62 – Gold Mine for BTC and Ether Pre-sale Concerns

Gold Mine being sold for 3200 BTC in Canada. U.S. Median Household wealth has gone down since 2003. Ethereum starts Ether Pre-sale and buyer beware. South Korea and India look to start policies similar to the United States. Ecuador bans bitcoin and looks to start their own currency. Barry Silbert leaves Second Market to focus on Bitcoin ventures. Bitcoin Space opens in Buenos Aires to gather enthusiasts.


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Episode 37 – Proliferation of Altcoins, Including Ethereum

Fox News interviews our very own Darren at the bitcoin meetup.  Dogecoin, is it really a thing?  Coinye being sued.  Overstock C.E.O. critical of Paul Krugman.  Is Overstock accepting bitcoin a turning point in bitcoin market evolution?  Bitcoin API from our BitPay allows your paycheck to be in bitcoin.  Ethereum is this the next step for cryptocurrencies.