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Ether is more like oil - it is a fuel source used to power smart contracts, token sales, and autonomous organizations.
by ShabbosGoy 9y ago
Ether is more like oil - it is a fuel source used to power smart contracts, token sales, and autonomous organizations.
- ailideex 9y agoThis analogy is not accurate.
- joshschreuder 9y agoWhat analogy would you use?
- DennisP 9y agoIt's the money you spend at the gas station to buy your fuel. The fuel is burned, the money is not.
- nathan_f77 9y ago"gas" is actually a common term used in the Ethereum community. [1] [2] [1] https://ethereum.stackexchange.com/questions/3/what-is-meant-by-the-term-gas https://ethereum.stackexchange.com/questions/3/what-is-meant... [2] https://www.ethereum.org/token https://www.ethereum.org/token
- DennisP 9y agoYes but ETH and gas are not the same thing. You use ETH to buy your gas. The gas is burned up in use. ETH is paid to the miners, who can use it to pay their expenses.
- peculiar 9y agoEther is not like oil at all. You only somewhat need ETH. Nothing stops you from using ETC. Or starting your own fork (either private or public). Your contracts will work there just fine. On the other hand, it is not likely you can deploy some magic oil machine in your closet with almost 0 investments and start producing $5c / barrel oil.
- calafrax 9y agoYeah, just like oil, except completely useless.
- libertine 9y agoNo... it's not like oil, or steel, or gold imo. There's no way an economy can be defined by something of no practical value.
- istorical 9y agoExcept that oil is scarce to due to the laws of nature and that gives it it's price, whereas ether is artificially scarce. You could make a new piece of software called Blether that provided the exact same service and you could instantly 'double' the supply. Whereas with oil, you can't 'magic' your way into more of the resource by deploying some code.