Slash Boxes

SoylentNews is people

posted by martyb on Saturday November 05 2016, @04:56PM   Printer-friendly
from the ether-is-ephemeral? dept.

[Ed note: According to Wikipedia, Ethereum "... is a public blockchain-based distributed computing platform, featuring smart contract functionality. It provides a decentralized virtual machine, the Ethereum Virtual Machine, that can execute peer-to-peer contracts using a cryptocurrency called ether."]

I've been experimenting with digital currencies over the past few months. As of today, I give up on Ethereum. After the DAO mess, and the hard-fork, the block chain has become huge. I tried a fresh resync today, and gave up after it reached more than 70GB; restarted with --fast (which uses an abbreviated format), and it has been running for hours. Ethereum has apparently become unusable unless you trust an online service, which kind of defeats the point.

On a related note: It is now possible to get a refund from The DAO [The Decentralized Autonomous Organization -Ed.] I received an informative email from the BTC/ETH broker I use, explaining how to do this. In a nutshell:

  1. Visit This will take you to a page called "Withdraw DAO"
  2. Locate your wallet - you will have to give the service access (if you don't trust them, create a new wallet). Mist users: Your wallet is a "keystore file", you can locate it under Accounts:Backup:Accounts.
  3. You will then have to provide your password, to unlock your wallet.
  4. Select Withdraw DAO for ETH

If you bought The DAO near the end, when you were paying a premium, you can repeat the process in the tab "Withdraw extraBalance" to reclaim the premium that you paid. You can also repeat the process, to withdraw into the ETC hard-fork. I went through all of this today, and it was a surprisingly easy process.

Then - since synchronization appears to be impossible - you can use that same online service to get rid of your ETH:

  1. Go to your broker, and tell them you want to buy BTC with ETH.
  2. Go to MyEtherWallet, select "Send Ether and Tokens", and complete the payment in ETH.
  3. Note: You may want to leave 0.05 ETH or so in your wallet, if you think you might want to try ETH again someday. This would pay for "gas" for some future transaction.

Meanwhile, I've not only done all of that, but also submitted this story, and the ETH "fast" synchronization still isn't finished. Bye bye Ethereum...

P.S. I have no connection to except as a happy customer.

Original Submission

This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 2) by Scruffy Beard 2 on Saturday November 05 2016, @06:54PM

    by Scruffy Beard 2 (6030) on Saturday November 05 2016, @06:54PM (#422897)

    Now, I have to go troll Bitcointalk for my appropriate "told-you-so" post.

    Coloured coins were never going to work. They defeat the whole purpose of money, which is to be fungible.

    Starting Score:    1  point
    Karma-Bonus Modifier   +1  

    Total Score:   2  
  • (Score: 0) by Anonymous Coward on Saturday November 05 2016, @07:32PM

    by Anonymous Coward on Saturday November 05 2016, @07:32PM (#422902)

    And yet there are other things people want to do as part of exchanging value. Just because one thing has always been one way does not mean something new can not also do new things too.

  • (Score: 2) by RamiK on Saturday November 05 2016, @10:34PM

    by RamiK (1813) on Saturday November 05 2016, @10:34PM (#422934)

    And yet, by the end of the 19th \ early 20th century there were some 20 foreign banks operating dozens of branches in China cities and ports all buying and selling different notes using different rates. Even in the same city, you'd see the likes of Chartered buying and selling at different rates the same currencies.

    Overall, so long as you can get one rate with a small exchange, but a better rate with a big exchange, the commoditization of currency will always challenge fungibility.

    • (Score: 1) by Scruffy Beard 2 on Sunday November 06 2016, @05:10AM

      by Scruffy Beard 2 (6030) on Sunday November 06 2016, @05:10AM (#423023)

      You missed my point.

      If a currency is not fungible, it is no longer a currency: it is a collectible.

      It may be valuable, but it is not as easy to exchange as something that is fungible.