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Author Topic: Ethereum - please explain?  (Read 654 times)

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Ethereum - please explain?
« on: October 09, 2017, 08:03:17 AM »

I've recently become very interested in this and want to know how to invest in it.. I've searched online and have read quite a few articles about it, however Im not tech savvy and get lost with all the tech talk.

I understand that without bitcoin there would be no Ethereum, however Im not interested in knowing about bitcoin because from what I have understood, Ethereum will be taking over bitcoin at some stage.

So far all I've been coming across on the net is bitcoin and Ethereum combined, which then starts to confuse me.


Can anyone please explain Ethereum in basic layman terms?

Thanks in advance.
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Re: Ethereum - please explain?
« Reply #1 on: October 09, 2017, 07:56:10 PM »

I've recently become very interested in this and want to know how to invest in it.. I've searched online and have read quite a few articles about it, however Im not tech savvy and get lost with all the tech talk.

I understand that without bitcoin there would be no Ethereum, however Im not interested in knowing about bitcoin because from what I have understood, Ethereum will be taking over bitcoin at some stage.

So far all I've been coming across on the net is bitcoin and Ethereum combined, which then starts to confuse me.


Can anyone please explain Ethereum in basic layman terms?

Thanks in advance.

My son was in it for a couple of months, then got out.  He never could explain it to my satisfaction.   :dontknow:
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Re: Ethereum - please explain?
« Reply #2 on: October 09, 2017, 09:00:57 PM »

I've recently become very interested in this and want to know how to invest in it.. I've searched online and have read quite a few articles about it, however Im not tech savvy and get lost with all the tech talk.

I understand that without bitcoin there would be no Ethereum, however Im not interested in knowing about bitcoin because from what I have understood, Ethereum will be taking over bitcoin at some stage.

So far all I've been coming across on the net is bitcoin and Ethereum combined, which then starts to confuse me.


Can anyone please explain Ethereum in basic layman terms?

Thanks in advance.

Ethereum is bigger blockchain capable of coding inclusions such as smart contracts... it's Hulk if BTC is Dr. Banner.

But keep in mind that BTC users/owners are very brand loyal at this point...

Best multi wallet for both is probably Jaxx.io....

Be sure to back up with a twelve word recovery password.
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Re: Ethereum - please explain?
« Reply #3 on: October 10, 2017, 05:00:10 AM »

Ethereum is bigger blockchain capable of coding inclusions such as smart contracts... it's Hulk if BTC is Dr. Banner.

But keep in mind that BTC users/owners are very brand loyal at this point...

Best multi wallet for both is probably Jaxx.io....

Be sure to back up with a twelve word recovery password.

Thanks, so many questions..

Ok, so I need to join something like coinbase first?

Is that a good one to go with or are there better ones?

Am I assuming correctly that coinbase is a like a digital bank?

Once I join coinbase or something similar, do I then get this
" wallet " or do I need to get a " wallet " before I join ?

- clearly a rookie.

If possible can you give me an ABC step guide with what I would have to do?
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Re: Ethereum - please explain?
« Reply #4 on: October 10, 2017, 06:07:13 AM »

Thanks, so many questions..

Ok, so I need to join something like coinbase first?

Is that a good one to go with or are there better ones?

Am I assuming correctly that coinbase is a like a digital bank?

Once I join coinbase or something similar, do I then get this
" wallet " or do I need to get a " wallet " before I join ?

- clearly a rookie.

If possible can you give me an ABC step guide with what I would have to do?

To get in easily, you must first purchase Bitcoin (BTC). That's straightfoward enough in Australia but you'll generally have to show various ID or at least your drivers licence to sign up for. Coinjar is Australia based but if you can avoid using any exchange, do so. They're middle men taking profits off you. With BTC you can convert to whatever else you want, especially Ether (number 2).

I recommended Jaxx.io wallet for your phone or computer because they support over a dozen different altcoins and you can exchange through the App via Shapeshift online, an online exchange which doesn't require registration. You can do it on the fly from your phone although the confirmation times can range from minutes to hours/days depending on type of coin and the fee which again ranges from pennies to 7-8 dollars, depending on the coin and the period of the day, week, block chain saturation.

(They also can be contacted for delays or errors and do fix up loss of sums... personally speaking).

The best option is to find somebody offline or off exchange to sell you an altcoin... thus bypassing the crap and ID requirements.

Download Jaxx... give me your ETH receive address as shown upper and lower case letters and numbers intact (very important.... the way it's shown), and I'll send you 5 bucks worth of Ether to experiment with in your wallet.

I'd send the same in BTC except the fees for BTC would eat up most if not all of the 5 bucks.
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Re: Ethereum - please explain?
« Reply #5 on: October 10, 2017, 06:10:37 AM »

Incidentally.... coincap.io is a rough guide of trending prices and market cap. If you've got a banker in the family they might be able to have a squiz...
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Re: Ethereum - please explain?
« Reply #6 on: October 10, 2017, 09:50:30 AM »

It's almost midnight here, and I need to process what you have posted...think about it all with a clearer mind...no doubt I'll have more questions.

Thank you for taking the time to reply..
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Re: Ethereum - please explain?
« Reply #7 on: October 13, 2017, 05:58:29 AM »

Quote
Download Jaxx... give me your ETH receive address as shown upper and lower case letters and numbers intact (very important.... the way it's shown), and I'll send you 5 bucks worth of Ether to experiment with in your wallet.

From here?

https://jaxx.io/
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Re: Ethereum - please explain?
« Reply #8 on: October 13, 2017, 06:29:34 AM »

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Re: Ethereum - please explain?
« Reply #9 on: October 13, 2017, 07:15:29 AM »

Do I choose express or custom?

( I'm a rookie lol..I need to ask these things )
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Re: Ethereum - please explain?
« Reply #10 on: October 13, 2017, 07:23:46 AM »

I accepted express..

Then it's " please select wallets to activate "

Do I accept BTC and ETH?

What's ETC - Ethereum Classic? Should I accept that as well..and DSH - Dash..( I've read that Dash is good also ? )
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Re: Ethereum - please explain?
« Reply #11 on: October 13, 2017, 07:53:58 AM »

I've accepted all the above..

Can you please advise on how I can now purchase my own bitcoin/ ethereum?

I appreciate you offering to send me $5 worth, however how can I purchase these on my own..?
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Re: Ethereum - please explain?
« Reply #12 on: October 13, 2017, 09:17:15 AM »

Coinjar.com is one exchange you can join in Australia. Bitcoin only though. Many newsagents also support purchase through https://bitcoin.com.au/order?buy

Best option is to buy from a seller.
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Re: Ethereum - please explain?
« Reply #13 on: October 19, 2017, 01:15:11 AM »

Without getting too deep into technicalities, many ppl think that Ethereum is a scam which will collapse in the long term.

It is worth noting that 70 million of the current 95 million or so total Ethers are controlled by a select group of early investors and developers.

Think about that. 70 million Ethers is held by an inner circle and around 25 million by everyone else in the world. To me that is a huge red flag.

Ether is attractive to speculators in the short term because it is so much cheaper to buy than BTC but what happens to the market when the those people who are sitting on 70 million Ethers start to sell to cash out?

Supply > Demand = price drop

On that supply and demand topic, there is also the issue that much more Ethers are being created than BTC, ie, more supply. About 10 million ethers are created every year vs 16 million total Bitcoins which have been created in 8 years of existence. If the demand does not keep up, prices will fall. This may be why some ppl refer to it as a ponzi scheme. They will need to attract many new investors to support the prices.

The possibility of the US Security and Exchange Commission charging the ppl behind Ether (who hold those 70 million Ethers) for unlicensed and unregulated securities fraud also needs to be considered.

Bitcoin has its issues such as with speed and transactions costs but it is what most people think of when they of cryptocurrency. Especially in China which bodes well for demand.

My opinion, right now it is still okay to buy small amounts of Ether for the short term but I would get out after making a decent profit.

I have read a bit about Litecoin being the best long term replacement for BTC but I need to do more research about it before pouring my money into it.

For right now, the best long term crypto to hold is Bitcoin. Although that could also suffer if Ether collapses due to the negative publicity but long term it would likely recover and overcome.

Coinbase is a good place to start since they deal in all three cryptos.
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Re: Ethereum - please explain?
« Reply #14 on: October 19, 2017, 01:38:49 AM »

Do I accept BTC and ETH?

What's ETC - Ethereum Classic? Should I accept that as well..and DSH - Dash..( I've read that Dash is good also ? )

As suspect as ETH is, ETC is worse. It's crap. Don't bother with that.

https://steemit.com/ethereum/@crossroads/eth-vs-etc-what-matters-is-the-future

Have you ever heard of Dash? Know anyone who has? Do you know of any commercial establishments which accept it?

Me either.

Stick to what people have at least heard about and use in commercial establishments which is what drives demand and valuations.

The others are more likely to be pump and dumps to drive up prices so that early speculators can cash out their holdings before it collapses. If it has no or extremely limited commercial use (but valuation is going up for no apparent reason), that is a red flag.
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Re: Ethereum - please explain?
« Reply #15 on: October 19, 2017, 06:33:56 AM »

::)

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Re: Ethereum - please explain?
« Reply #16 on: October 20, 2017, 05:38:57 AM »

From what I've read, ethereum is starting to get back up from the corporate world...and I dunno... :dontknow: wouldn't it make sense to go with it, when the majority of the world already runs on corporate?
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Re: Ethereum - please explain?
« Reply #17 on: October 20, 2017, 06:44:58 AM »

From what I've read, ethereum is starting to get back up from the corporate world...and I dunno... :dontknow: wouldn't it make sense to go with it, when the majority of the world already runs on corporate?

I bought ether when it was about 11 bucks. Then ether forked between ETC and ETH later on. Same as BTC and the cash variant.

The trick is to buy a little of everything and hedge your bets.

You can always offload it (or in my case, mistakenly using Bitcoin the way it was intended for many years only to have the gravity of my past purchases - loss of earnings now - bitch slap me... I have a wool jacket bought with 200 bucks worth of BTC back in the day which I currently value at 6900 USD)...heh

Speculations are going to happen... best to have a little of everything (even XRP aka Ripple)...
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Re: Ethereum - please explain?
« Reply #18 on: October 21, 2017, 05:22:59 AM »

Thanks.
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Re: Ethereum - please explain?
« Reply #19 on: October 25, 2017, 10:09:26 AM »

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Symptoms of Narcissistic Personality Disorder
  • Grandiosity with expectations of superior treatment from others
  • Fixated on fantasies of power, success, intelligence, attractiveness, etc.
  • Self-perception of being unique, superior and associated with high-status people and institutions
  • Needing constant admiration from others
  • Sense of entitlement to special treatment and to obedience from others
  • Exploitative of others to achieve personal gain
  • Unwilling to empathize with others' feelings, wishes, or needs
  • Intensely envious of others and the belief that others are equally envious of them
  • Pompous and arrogant demeanor
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