Thanks, Michael. From the Ethereum website, "We are going to create a digital token. Tokens in the ethereum ecosystem can represent any fungible tradable good: coins, loyalty points, gold certificates, IOUs, in game items, etc. Since all tokens implement some basic features in a standard way, this also means that your token will be instantly compatible with the ethereum wallet and any other client or contract that uses the same standards."
What am I missing when I read this to mean that a created token can be used in any Ethereum compatable wallet?
Agree that terms like “central bank” are problematic - It is one of the topics I am hoping to talk through. Central bank was created with the dual purpose of maintaining ‘max employment’ and controlling inflation… that would not be the purpose in this case. Also from the Ethereum website: “Centralized Administrator: All dapps are fully decentralized by default, but that doesn’t mean they can’t have some sort of central manager, if you want them to. Maybe you want the ability to mint more coins, maybe you want to ban some people from using your currency. You can add any of those features, but the catch is that you can only add them at the beginning, so all the token holders will always know exactly the rules of the game before they decide to own one. For that to happen, you need a central controller of currency. This could be a simple account, but could also be a contract and therefore the decision on creating more tokens will depend on the contract: if it’s a democratic organization that can be up to vote, or maybe it can be just a way to limit the power of the token owner.” What’s a better way to talk about this? OR a better way to do it? I know I’m missing something here and I think you’re helping me get at it! Thanks.
I looked at waves as you suggested. I like it! I wonder about the smart contracts being “non-turing-complete” - any insight into the limitations? Ethereum is ‘turing complete’ which is pretty appealing. But, I am operating with pretty limited understanding!
should we move this out of the introduction thread into cryptocurrency thread or something? we’re getting into it beyond a simple intro!