Counterparty using Ethereum Code

Investor

So.... help a brother out here. What effect on the potential value of Ethers will Counterparty's action have? If the code for Ethereum is open source, wouldn't it be wise for the other alt coins to port it? Is there any value in Ethereum creating an alt coin and porting Ethereum to it immediately? I'm a bit self centered. I would prefer to profit from a gain in value for Ethers.

GeorgeHallam

Hi there @investor, I hope you are well.

It's also worth taking a look at Vitalik's latest blogpost .

As usual it's a great read, but it also offers some much needed perspective on recent events and why ethereum choose to implement itself the way it has

Meher

You have to read the Ethereum whitepaper Page 11

https://www.ethereum.org/pdfs/EthereumWhitePaper.pdf

paragraph starting with "The Bitcoin-based approach". It's the answer to this whole episode, written a year ago!

I don't own any ether, and neither am associated with the project. If I did, I would not worry on this count at all.

Second, if Ethereum can make PoS work, it is way ahead of the pack. PoW has many problems hidden out of sight and these will be apparent as time passes.

The real comparison in informational commodity cryptographic money space could end up being:

PoS coin with smart contracting vs. PoW coin with smart contracting

racer8

Is it more of a threat if another currency uses ethereum code natively in it's own blockchain?

GeorgeHallam

It would depend how well that blockchain is geared to hosting Ethereum smart contracts.

The blockchain that will give the best user experience and be most efficient at running Ethereum code will always be the Ethereum blockchain simply because they were designed to be compatible and work together.

Here lies the issue with trying to run a ported version of Ethereum on top of the Bitcoin blockchain - it was never designed to iterated in such a way, which may lead to some severe issues further down the line.

StephanTual

There's also a nice summary by Joseph Lubin over here: http://www.reddit.com/r/Bitcoin/comments/2m30j6/counterparty_recreates_ethereum_on_bitcoin/cm0o1rf