I am going to start a new series where I post a short video (approx 10 mins or shorter) each Sunday about cryptocurrencies. Today's video is about how Ethereum works. Even for a newbie like me, I understood what a Merkle Tree is and how it relates to blockchains. Hope you enjoy this short video.
Dogecoin has been a tear recently. By my count, it's had over 500% return in the past couple weeks -- my perspective is that this is a sign that the crypto community is still very nascent and reminiscent of the internet in the 1990's. There's a lot of potential in crypto and also a lot of speculation; except that this phenomenon is happening on a global scale with very little barriers to adoption. I think there is more hype coming and the peak is yet to come.
I've been trying to understand what is a smart contract. According to the GitHub post, the ELI5 version is that you're basically paying a bunch of computers on a network to process a piece of code that you send to it. I think you can think of it similar to Amazon's AWS but runs on more basic code. The costs to run a smart contract varies with the price of gas, which is paid in ETH.
And closes at $328 so a 31% pop on day 1.
Brian has written some pretty good blog posts that are worth your time.
And for posterity, here is Brian's plea to HN seeking a co-founder.
Just a reminder that this company generated EBITDA of $1.1 billion last quarter.
Anyone want to guess what they close at the end of the day, week, month? I'm not sure what the stock price will be so let's guess in percentage terms. Here's my guess for day/week/month closes vs offer price: +20%, +30%, +45%.