
Ethereum price goes up nearly 50 percent in under a week - campbelltown
https://coinmarketcap.com/currencies/ethereum/
======
iMuzz
The recent price movement could be attributed to the formation of Enterprise
Ethereum Alliance[0].

Here's a description from the website for what the EEA aims to do.

> "The Enterprise Ethereum Alliance connects Fortune 500 enterprises,
> startups, academics, and technology vendors with Ethereum subject matter
> experts. Together, we will learn from and build upon the only smart contract
> supporting blockchain currently running in real-world production – Ethereum
> – to define enterprise-grade software capable of handling the most complex,
> highly demanding applications at the speed of business."

Some big names that are a part of the Alliance include Microsoft, Intel, J.P.
Morgan, and Accenture. The rest are on the site!

[0]> [http://entethalliance.org/](http://entethalliance.org/)

~~~
kbody
Unless the formation of Enterprise Ethereum Alliance supports about 10 or so
other cryptocurrencies[1], then the formation is not really the reason.

Imo the Bitcoin ETF rejection produced a knee-jerk reaction and caused a lot
of potential (in-case-of-approved-ETF) Bitcoin investors to diversify for now
with other cryptos as well, then or at the same time cryptotraders started
pumping more.

A lot of altcoins are in a crazy pump-and-dump cycles at the moment, so be
cautious.

As for Ethereum, no one in their right mind would base something so crucial on
such risky and proven-damaging language/platform. Print all the press releases
you want to present yourself innovative etc., but it's a rotten foundation if
you care about security and reliability. At least I hope we will see some
evolution on that side instead of dirty-patching security issues.

[1] [http://coinmarketcap.com/](http://coinmarketcap.com/)

~~~
reddytowns
> As for Ethereum, no one in their right mind would base something so crucial
> on such risky and proven-damaging language/platform. Print all the press
> releases you want to present yourself innovative etc., but it's a rotten
> foundation if you care about security and reliability. At least I hope we
> will see some evolution on that side instead of dirty-patching security
> issues.

This is a bold statement to proclaim while providing no evidence. It's the
second largest cryptocurrency in the world, for Christsakes!

~~~
kbody
Just from the DAO hack, you can learn a lot of things of how Ethereum works as
a project and a company: \- Ethereum's design (turing completeness etc.)
doesn't enable formal verification of code/contracts \- Months before the
hack, Ethereum had paid for security audits, in the report the way the DAO
hack was done was described, yet Ethereum failed to do anything about. \- It's
up to the decision of Ethereum's corporation (a.k.a Ethereum Foundation) to
decide if they don't like one transaction or contract to make a hardfork, they
broke one of their selling points of code is law.

On a sidenote, the 3rd largest cryptocurrency is a instant/premined scam[1]
and the 5th largest is a super-centralized system that you can barely call
cryptocurrency. So marketcap doesn't prove much.

[1]: [http://daia.group/2017/03/13/review-
dash-2/](http://daia.group/2017/03/13/review-dash-2/)

~~~
reddytowns
Regardless if the ethereum language is turing complete or not, you can still
formally verify individual contracts. You can't determine whether every
contract will halt or not, but that is a separate issue. The DAO contract
should have been formally verified, and this was an oversight of the creators
and as well as the participants to not demand this.

Also, the DAO is separate from Ethereum. It's a contract running on ethereum,
not ethereum itself.

You are being very hyperbolic with your criticism.

------
latenightcoding
Ethereum brought a lot of geeky fun to my life, it's a great hobby for those
interested in cryptocurrencies, distributed systems, compilers and so on. But,
it was just that, a hobby. 90% of the people I met in Ethereum meetups and
hackathons didn't really understand what Ethereum is, most big companies that
invest in Ethereum just do it because they don't want to miss "the next big
thing", not because Ethereum solves any of their problems.

After the hard fork I stopped going to these meetups and hackathons.

~~~
ferologics
I especially dislike the "let's make spotify, but on blockchain" approach the
community has. They simply don't get that people won't switch over to their
solution just because it's running ethereum blockchain.

~~~
OJFord
Are you kidding? Who doesn't want an Uber for the Blockchain, where they can
enter into a smart contract with their driver before getting into the
vehicle?!

~~~
flippyhead
I don't specifically want that. I don't not want it either.

~~~
OJFord
Perhaps it wasn't clear, bit _I_ _was_ kidding :)

~~~
warkdarrior
Son, on the Internet you need to close your <sarcasm> tag.

------
wakkaflokka
I put a fair bit of money into ETH immediately when I saw the NYT article on
the announcement of the EEA. If I were to sell now, I will have made a very
good bit of money from it. I'm at a crossroads where, given the EEA and their
recent white paper about linking private blockchains the banks will
potentially be using, with the public blockchain, makes me think I should stay
in it.

On the other hand, the skepticism in this forum (albeit from people who are
far more knowledgeable about crypto currencies and markets than me) makes me
feel like I should 1) sell it all, or 2) sell only enough to recoup my initial
investment.

Either way, the money I put into it was just fun money and wouldn't hurt if I
lost it. It's a bit of a thrill to watch an asset appreciate in value that
much within such a small period of time. The ultimate question is when to
realize the gain or the loss.

Humans have a distinct disposition wherein we tend to sell gaining assets
earlier than we sell losing ones (the disposition effect), even in
circumstances where it's detrimental to us. Is this playing out in my mind
right now?

~~~
DennisP
Commenters here were deeply skeptical of Ethereum during its crowdsale too.
People who bought in and held anyway made a 100x gain, so far.

Personally I develop smart contracts on Ethereum for a living, and business is
good. The ecosystem is developing fast.

~~~
jcfrei
I didn't know you could already do this for a living. Care to share what kinds
of smart contracts?

~~~
DennisP
I do partly new development, partly security audits for clients' code.
Projects so far include an Ethereum-backed debit card, a gambling system, a
currency backed by hours of labor, and ICOs ("initial coin offerings").

All my work so far is on startup projects for the public chain, but there's
also corporate work for the EEA's private chain efforts. They said there's a
severe shortage of skilled people.

I've gotten two other full-time job offers and one for ongoing freelance,
without really promoting myself at all. I'm just active in the community and
blog a little.

------
sarayevo
The underlying technology here is far superior to that of bitcoin (for those
who don't know, ethereum is a blockchain with a turing-complete programming
language built on top of it and enables decentralized code execution) and the
development ecosystem is much more vibrant and promising.

We haven't seen the last of this.

~~~
merlincorey
> The underlying technology here is far superior to that of bitcoin

Opinion

> ethereum is a blockchain with a turing-complete programming language built
> on top of it and enables decentralized code execution

Fact -- but double edged sword (my opinion, of course).

I have personally been skeptical of ETH for years as their team have been
promising the moon for a variety of use cases.

For me, the biggest blow to ETH is the revelation that "the code is NOT law".
This is in contrast to the line they were pushing for years that the code IS
law. Then someone found a bug in the first major DAO and the code was quickly
changed.

So much for that. If you think that is gonna be the last issue along these
lines, I've got a bridge to sell you, too.

~~~
SomeStupidPoint
I'm personally waiting on an ETH successor with non-Turing-complete,
verifiable code.

There's no reason that smart contracts require Turing completeness (no real
world program requires it, for that matter), and software theorem proving will
be required for me to take smart contracts seriously. We need to be able to
prove things about the contract execution for it to be safe to trust "code as
contract".

Im not as upset about the hardfork as many people, though. Social constructs
should be changable by politics, not indelible and absolute. That's not what
they were selling, but all the same, what they were selling was dystopian
nonsense where humans are chained to machines, not their masters. It's a
feature not bug of social constructs to be changeable through politics. What
matters is the political process to do so.

~~~
merlincorey
I think this is a great response, especially because I agree with the first
part, and the second part gave me more to think about.

> I'm personally waiting on an ETH successor with non-Turing-complete,
> verifiable code.

Absolutely! My premise is that with turing completeness comes more chances for
shooting in the foot.

> Im not as upset about the hardfork as many people, though. Social constructs
> should be changable by politics, not indelible and absolute. That's not what
> they were selling, but all the same, what they were selling was dystopian
> nonsense where humans are chained to machines, not their masters. It's a
> feature not bug of social constructs to be changeable through politics. What
> matters is the political process to do so.

This is great insight. I think for me, personally, the problem I have is that
it seems like there isn't much politics involved at all... a completely
centralized and small group made a decision and the great majority of users
followed right along (as we would expect them to).

This is not quite how it is (or was anyway) sold to people as a concept.

~~~
computerwizard
Checkout Byteball. I think it has a strong future and the technology is novel.
[https://Byteball.org](https://Byteball.org)

~~~
chm
They advertise a "fair" distribution. Note that

    
    
        98% of all bytes and blackbytes will be distributed to
        current Bitcoin holders who bother to prove their
        Bitcoin balances during at least one of distribution
        rounds.
    

and that

    
    
        Then the number of bytes and blackbytes you receive in
        each round will be proportional to the balance of your
        Bitcoin address in the snapshot block of that round.
    

So the rich get richer, again. This is not "fair" in the sense that I thought
they meant ;)

------
pmorici
A lot of things have happened in the crypto currency world over the past three
months. A lot of people attribute ETH's breakout to the EEA announcement or
the ETF rejection. Those things while I'm sure they had some effect are
unlikely the underlying driver of the recent price move.

The current ETH price trend started in February. The other thing that happened
in Feb. is that ETH's transaction volume started to rise after being
essentially flat for the year prior. [0] The rise in ETH transactions roughly
coincided with Bitcoin's blocks being consistently full and large backlogs in
the Bitcoin transaction mem pool. [1] You can also look at Bitcoin's
transaction volume graph and see that it's transaction volume has been growing
throughout the year long bull market it is currently in. [2] ETH's price on
the other hand was flat until February when it started to benefit from
congestion in Bitcoin. Make of that what you will.

[0] [https://etherscan.io/chart/tx](https://etherscan.io/chart/tx)

[1] [https://blockchain.info/charts/mempool-
size?timespan=1year](https://blockchain.info/charts/mempool-
size?timespan=1year)

[2]
[https://blockchain.info/charts/n-transactions?timespan=all](https://blockchain.info/charts/n-transactions?timespan=all)

[3]
[https://etherscan.io/chart/etherprice](https://etherscan.io/chart/etherprice)

------
antocv
Turing complete smart contracts are a problem, we will make mistakes, The DAO
showed. Programmers can not make perfect software, formal logic is too hard
and too expensive.

Instead, you can use a cryptocurrency which supports declarative smart
contracts, which a lay-person could read, write and understand.

Declarative smart contracts, over at
[https://byteball.org/](https://byteball.org/)

~~~
schmichael
Using bytes as the unit of currency is awful. That's like releasing a car
whose dashboard displays speed in liters.

~~~
Y_Y
Incidentally, the SI unit of fuel efficiency is 1/m^2, the "per-square-metre",
not this miles per gallon crap.

~~~
K0SM0S
Miles is a unit of measure, ultimately _meters_ in the SI. A gallon is a
volume, _liters_ in the SI, or more fundamentally a fraction of _cube-meters_
(m^3).

m / m^3 = 1/m^2

Which is the unit for fuel efficiency. It's expressed in imperial units but
it's physically sound, not 'crap'. ;)

In other parts of the world you'll see this expressed as "liters per 100km"
usually.

~~~
Y_Y
Maybe my tongue-in-cheekness wasn't clear, sorry.

MPG is more pervasive than you might think. Even in metric, European Ireland
it's the typical unit, despite speeds being in km/h and fuel being sold by the
litre.

Since you seem to be interested, let me also add that litres are only accepted
by, not part of, the SI. Also the SI spellings are "metre" and "litre".

~~~
K0SM0S
Ha sorry I indeed failed to catch your irony... My bad too, then.

I'm actually quite interested in the fact that any equation can be "sanity
checked" by solving it for units only (without values). It's always handy to
make sure I didn't forget some exponent here or there. And knowing extended
units as a composition of fundamentals (some variation of mksa) is kind of
entertaining intellectually.(e.g. Newton = m.kg/s^2, which really makes sense
when you think about it). Going down to Planck units and their significance in
this universe (discrete spacetime manifold? Is reality ultimately non-
continuous?), and here I am wishing our conventional units (of time, distance,
all) were integer multiples (e.g. Decimal exponents) of Planck units. But I'm
digressing, aren't I.

As far as fuel and efficiency goes, I'm not much of a car person. I didn't
know that mpg was used outside the US, that's an interesting historical
artefact.

------
anothercomment
If there was a hard fork, shouldn't they report numbers for both versions? Or
which version went up by 50%?

~~~
james_niro
The new version the old version is at $1.60 +-

------
crypt1d
The altcoin trading market went berserk after the ETF decision, so there is
likely some correlation. I guess a lot of money was made off the volatility
around that time, so it had to go somewhere.

P.S. as I write this, poloniex went down.

------
codingmyway
I see two reasons for this:

1) Bitcoin transaction fees increasing and ETH being the main alternative
available on Coinbase, even though ETH is not meant to be a currency, more
like AWS credits, and its supply isn't fixed so isn't a good store of value.

2) Everyone was holding onto their BTC in case the ETF decision lead to a
surge of new money into bitcon. Now that is off the table they are seeking
bigger returns in alts.

Also new money is being pulling in by Dash hyping their version to those who
missed out on the bitcoin bull and since Dash is nothing special now people
have the idea that any other alt could be next.

------
AroundTheBlock_
I'll get the dumb stuff out of the way.

No, the hard fork for TheDAO did not sacrifice our principles.

No it wasn't a centralized bailout.

Yes, there were SOME shady things that went down, but all very minor. It was a
very confusing time for all.

Yes, the website says "unstoppable uncensorable contracts" and we stopped one.
Congratulations. Let me direct you to Ethereum Classic. You can't complain
about a hard fork when you have a community that upholds the original version.
Go complain there. The rest of us are moving forward and helping develop a
technology that will ultimately be fully decentralized and uncensorable. In
the meantime, our community respects our centralized development team that is
super awesome and competent and are committed to changing the world.

Best analogy I can come up with is Elon Musk trying to develop automated
driving cars, and a few people tragically get killed along the way due to it.
That doesnt mean automated driving cars are bad, or that development of the
technology should cease.

Here's a great list of upcoming projects

[https://www.reddit.com/r/ethereum/comments/5slji5/its_all_sl...](https://www.reddit.com/r/ethereum/comments/5slji5/its_all_slowly_starting_to_come_together/)

~~~
koolba
> No, the hard fork for TheDAO did not sacrifice our principles.

> No it wasn't a centralized bailout.

> Yes, there were SOME shady things that went down, but all very minor. It was
> a very confusing time for all.

> Yes, the website says "unstoppable uncensorable contracts" and we stopped
> one. Congratulations. Let me direct you to Ethereum Classic. You can't
> complain about a hard fork when you have a community that upholds the
> original version. Go complain there. The rest of us are moving forward and
> helping develop a technology that will ultimately be fully decentralized and
> uncensorable. In the meantime, our community respects our centralized
> development team that is super awesome and competent and are committed to
> changing the world.

What's to prevent a similar situation in the future and why should anyone
believe that to hold?

> Best analogy I can come up with is Elon Musk trying to develop automated
> driving cars, and a few people tragically get killed along the way due to
> it. That doesnt mean automated driving cars are bad, or that development of
> the technology should cease.

In your analogy the company set up by Musk would get sued and possibly shut
down. It wouldn't stop the concept itself from being developed or promoted by
others and doesn't speak to the concept itself. I'm not saying Ethereum should
have "given up" but sacrificing the core point of transactions not being able
to be backed out is pretty damning.

~~~
AroundTheBlock_
"What's to prevent a similar situation in the future and why should anyone
believe that to hold?"

Ask yourself if this was a centralized hard fork ordered by up high, or as
users we chose to opt in to this change. Clearly we opted in, because Ethereum
Classic exists for those who so wish. Therefore, the Ethereum Foundation did
not "force" me to do anything that I didn't agree to.

Yes in my example Musk might have gotten sued (although really? is he at risk
of that right now? I doubt it.), but a mistake early on in development should
not hinder the advancement of the technology.

If you are going to say smart contracts are useful, but we should abandon the
Ethereum blockchain, then BY ALL MEANS please go to Ethereum Classic. You'll
be welcome there with open arms. But the main Ethereum community clearly
prioritizes pragmatism, as do the majority of the world. We're not idealists.
We're actually trying to put out a meaningful technology to help people. So
you can throw Musk in jail or let him get back to work on saving lives.

~~~
koolba
> Ask yourself if this was a centralized hard fork ordered by up high, or as
> users we chose to opt in to this change. Clearly we opted in, because
> Ethereum Classic exists for those who so wish. Therefore, the Ethereum
> Foundation did not "force" me to do anything that I didn't agree to.

The analogy to the legal system is that mob rule supersedes (digital) contract
law and property rights.

If people want to go down that path they're free to do so but I'm not a fan.

> Yes in my example Musk might have gotten sued (although really? is he at
> risk of that right now? I doubt it.), but a mistake early on in development
> should not hinder the advancement of the technology.

> If you are going to say smart contracts are useful, but we should abandon
> the Ethereum blockchain, then BY ALL MEANS please go to Ethereum Classic.
> You'll be welcome there with open arms. But the main Ethereum community
> clearly prioritizes pragmatism, as do the majority of the world. We're not
> idealists. We're actually trying to put out a meaningful technology to help
> people.

Eating the loss doesn't stop you from developing better software. Heck, I'd
say that it's a pretty good way to prevent things in the future by giving
people a real incentive to _prevent_ bugs in the first place. If it's socially
acceptable to roll back the clock because somebody wrote a dumb smart contract
then it's a sign that writing dumb smart contracts is socially acceptable.

> So you can throw Musk in jail or let him get back to work on saving lives.

That's a false dichotomy. In the analogy Musk doesn't go to jail unless he
willfully released something that he knew could kill people or otherwise
programmed the cars to drive on the sidewalk.

In ETH's case they could have absorbed the loss, hardened the systems, and
moved on. Honestly it would have added a lot more credibility to the whole
endeavor by showing that they were willing to put their (ETH) money where
their mouths are.

~~~
splintercell
> The analogy to the legal system is that mob rule supersedes (digital)
> contract law and property rights.

Imagine if you and I wrote a contract, and in the contract, there is a typo
which says that I will pay you $5 gazillion for an iPhone, then that doesn't
mean that the courts must enforce it. Clearly, it doesn't follow the 'intent'
of the parties.

Now, what if the other side truly signed the contract because they thought
that their iPhone was being bought for 5 gazillion dollars, well this is why
we don't "JUST" communicate via the contract. We communicate and perform
negotiations via other human channels and the legal contract is a formalized
expression of our communication.

Same thing goes with smart contracts. I don't intend to use Smart Contracts
because the missing 11th commandment said: "Thou shalt obey the Legal/Smart
Contracts to the word". I want to use Smart Contracts because they would be an
extension of legal contracts taken to the decentralized + technology domain.

Literally, nobody put their money in the DAO because they thought that if a
person puts in $1000 in the DAO then he should be able to take out $10 million
if he is clever enough.

Lemme put it this way, had the hard fork not happened, but nearly 90% of the
Ethereum holders quit Ethereum after that and joined say Lisk or some other
smart contract platform, (which meant that the hacker's bounty would have been
decimated, would you still say that 'mob rule has superceded the contract law
and property rights'?

~~~
DannyBee
"Clearly, it doesn't follow the 'intent' of the parties."

And who is deciding what that intent? Right now, the mob, so the parent is
right :)

Your analogies to courts defeats the entire argument against that.

Courts were, in fact, set up as deciders of that thing called "law".

If code is law, so to speak, you don't need them. There is no intent.

~~~
splintercell
> And who is deciding what that intent? Right now, the mob, so the parent is
> right :)

Considering we can decide to abolish the constitution in America (or in any
country) any time, does that mean we don't have a constitutional republic in
America? Technically we can never say that we have a system X which is not Mob
rule because the mob can always abolish it.

Literally speaking, there is no such thing as 'code is law' because in your
definition there is no such thing as law, because anything which can be
modified by the mob is not law and everything can be modified or abolished by
the mob.

~~~
DannyBee
"Considering we can decide to abolish the constitution in America (or in any
country) any time, does that mean we don't have a constitutional republic in
America?"

The former is not correct, so the latter is nonsense. The constitution has no
provision for abolishing it, the same as it does not have a provision allowing
secession.

There is actually even caselaw on this, and it's very clear that it is about a
perpetual union.

"Technically we can never say that we have a system X which is not Mob rule
because the mob can always abolish it." That is 100% not what has happened
here. In the constitutional system, there is a process for amending the
constitution. it is not mob rule, or anything close to it. it is possible for
basically 100% of the people to be against or for a thing, and them be unable
to make it happen directly. (even if they call a constitutional convention,
they send representatives, not a mob, etc)

In the other other case, the rules are 100% made up by whoever has the largest
mob, directly. That is mob rule.

------
zengr
Its because of Barry Silbert's Ether trust.
[https://www.bloomberg.com/news/articles/2017-03-09/bitcoin-t...](https://www.bloomberg.com/news/articles/2017-03-09/bitcoin-
trust-s-silbert-to-launch-classic-ether-fund-this-month)

------
ecesena
It also did 3x since Feb 1st.

I used this spike to cash out half of my ETH bought in July, which basically
gave me back in $ my initial investment.

Interestingly, since July, roughly speaking both ETH and BTC doubled their
prices. I was expecting ETH to go up, but I wasn't expecting BTC to be equally
strong.

------
NurAzhar
ethereum = yahoo

tezos = google

choose

