4 ms·

CheapETH: A Fun Ethereum Testnet

29 points by nickysielicki 6y ago

TruthWillHurt 6y ago
GiveMeYourMoneyETH (creator keeps 10% of all coins)
- nickysielicki 6y ago
  https://cheapeth.org/whalegate.html https://cheapeth.org/whalegate.html It's a testnet. I think it's sad that the speculation around cryptocurrency has gotten to be so strong that a testnet project where you can play around with smart contracts, posted to a dev forum, is criticized on the merits of being something dumb to speculate on. No shit! That's kind of the point.
  - babyshake 6y ago
    There is far more than a zero percent chance that there ends up being a speculative mania over this cheapETH.
    - tgsovlerkhgsel 6y ago
      Most importantly, the authors are actively trying to trigger one.
  - tgsovlerkhgsel 6y ago
    From the linked site: "You'll also be able to buy cheapETH in the crowd sale, 1 ETH for 1000 cheapETH." That's not a testnet.
  - hitboxr 6y ago
    It's not just a testnet though, the creators of the fork are actively encouraging people to get the coin listed on exchanges (while keeping their 25m coin premine in a personal wallet). See: https://www.reddit.com/r/cheapETH/comments/lkzkso/george_hotz_who_wrote_the_geth_fork_to_create/gnqyg4t/ https://www.reddit.com/r/cheapETH/comments/lkzkso/george_hot...
    - hitboxr 6y ago
      addendum: I was on the fence about this project before and was willing to give the founders the benefit of the doubt, but after posting the above comment I was banned from the cheapETH discord and given the following explanation: https://i.imgur.com/Sor6TLi.png https://i.imgur.com/Sor6TLi.png The concept is a good idea in theory but the founders here are clearly completely incompetent. Steer well clear imo.
phyalow 6y ago
Whats wrong with the Koven or Ropsten testnets?
- nickysielicki 6y ago
  I think the argument is that a lack of any value inhibits (or warps) emergent behavior. When money is completely free, people do things they wouldn't otherwise do. If you're trying to see whether a contract has a bug, you might want to try it on a real testnet. If you want to see how game theory plays out, a cheaper ethereum net (where everyone still has some skin in the game) is more interesting.
hi5eyes 6y ago
georgehotz was so wasted/hyped when he was playing with this on his stream
- xiphias2 6y ago
  he’s always like that :) He’s done more fun things though on his steam
lumpa 6y ago
Is it a testnet or not? How does it relate to the accusations being made here: https://news.ycombinator.com/item?id=26175655 https://news.ycombinator.com/item?id=26175655 ?
- somjeed 6y ago
  He could argue it's for experimentation/faucet. I doubt this goes anywhere, but still shady. This dude has a massive ego and gives off charlatan vibes edit:seems he is trying to actively to list this on exchanges, so yeah if he does that he has lost all respect in my eyes
  - hitboxr 6y ago
    It's already on a (very shady and mostly illegal) exchange with absolutely no KYC/AML compliance: https://exchange.centex.io/exchange/CTH-ETH https://exchange.centex.io/exchange/CTH-ETH
space_rock 6y ago
This is not a testnet. ICOs pretending to be something they are not. They will latch onto anything to get legitimacy. Taking down whatever these things attach themselves to. Now "Testnet" is going to get confused with thing. What security laws is this crowd sale violating being a centralised project with founders?
Tepix 6y ago
CheapETH will be easy to attack with a 51% attack. If you want to play with Ethereum tech at low fees and still be secure, check out the EVM (Ethereum virtual machine) part of Avalanche on the C chain.
vkoskiv 6y ago
I'm one of the people who totally missed the 25M coin patch when getting into the cheapETH community. After we got banned from their discord for discussing this, I wrote this short explainer about the situation last night: https://www.deveth.org/background.html https://www.deveth.org/background.html
- civildude 6y ago
  @geohot erased all his comments on the discord, its hilarious XD
  - vkoskiv 6y ago
    Also restricted commenting to collaborators. Conveniently, the devETH fork chose not to limit commenting on this commit. How kind of them! https://github.com/devethorg/go-ethereum/commit/412c38434d8d88840452c090e738a672139a73d4 https://github.com/devethorg/go-ethereum/commit/412c38434d8d...

29 points by nickysielicki 6y ago

TruthWillHurt 6y ago

GiveMeYourMoneyETH (creator keeps 10% of all coins)

nickysielicki 6y ago
https://cheapeth.org/whalegate.html https://cheapeth.org/whalegate.html It's a testnet. I think it's sad that the speculation around cryptocurrency has gotten to be so strong that a testnet project where you can play around with smart contracts, posted to a dev forum, is criticized on the merits of being something dumb to speculate on. No shit! That's kind of the point.
- babyshake 6y ago
  There is far more than a zero percent chance that there ends up being a speculative mania over this cheapETH.
  - tgsovlerkhgsel 6y ago
    Most importantly, the authors are actively trying to trigger one.
- tgsovlerkhgsel 6y ago
  From the linked site: "You'll also be able to buy cheapETH in the crowd sale, 1 ETH for 1000 cheapETH." That's not a testnet.
- hitboxr 6y ago
  It's not just a testnet though, the creators of the fork are actively encouraging people to get the coin listed on exchanges (while keeping their 25m coin premine in a personal wallet). See: https://www.reddit.com/r/cheapETH/comments/lkzkso/george_hotz_who_wrote_the_geth_fork_to_create/gnqyg4t/ https://www.reddit.com/r/cheapETH/comments/lkzkso/george_hot...
  - hitboxr 6y ago
    addendum: I was on the fence about this project before and was willing to give the founders the benefit of the doubt, but after posting the above comment I was banned from the cheapETH discord and given the following explanation: https://i.imgur.com/Sor6TLi.png https://i.imgur.com/Sor6TLi.png The concept is a good idea in theory but the founders here are clearly completely incompetent. Steer well clear imo.

phyalow 6y ago

Whats wrong with the Koven or Ropsten testnets?

nickysielicki 6y ago
I think the argument is that a lack of any value inhibits (or warps) emergent behavior. When money is completely free, people do things they wouldn't otherwise do. If you're trying to see whether a contract has a bug, you might want to try it on a real testnet. If you want to see how game theory plays out, a cheaper ethereum net (where everyone still has some skin in the game) is more interesting.

hi5eyes 6y ago

georgehotz was so wasted/hyped when he was playing with this on his stream

xiphias2 6y ago
he’s always like that :) He’s done more fun things though on his steam

lumpa 6y ago

Is it a testnet or not? How does it relate to the accusations being made here: https://news.ycombinator.com/item?id=26175655 https://news.ycombinator.com/item?id=26175655 ?

somjeed 6y ago
He could argue it's for experimentation/faucet. I doubt this goes anywhere, but still shady. This dude has a massive ego and gives off charlatan vibes edit:seems he is trying to actively to list this on exchanges, so yeah if he does that he has lost all respect in my eyes
- hitboxr 6y ago
  It's already on a (very shady and mostly illegal) exchange with absolutely no KYC/AML compliance: https://exchange.centex.io/exchange/CTH-ETH https://exchange.centex.io/exchange/CTH-ETH

space_rock 6y ago

This is not a testnet. ICOs pretending to be something they are not. They will latch onto anything to get legitimacy. Taking down whatever these things attach themselves to. Now "Testnet" is going to get confused with thing. What security laws is this crowd sale violating being a centralised project with founders?

Tepix 6y ago

CheapETH will be easy to attack with a 51% attack. If you want to play with Ethereum tech at low fees and still be secure, check out the EVM (Ethereum virtual machine) part of Avalanche on the C chain.

vkoskiv 6y ago

I'm one of the people who totally missed the 25M coin patch when getting into the cheapETH community. After we got banned from their discord for discussing this, I wrote this short explainer about the situation last night: https://www.deveth.org/background.html https://www.deveth.org/background.html

civildude 6y ago
@geohot erased all his comments on the discord, its hilarious XD
- vkoskiv 6y ago
  Also restricted commenting to collaborators. Conveniently, the devETH fork chose not to limit commenting on this commit. How kind of them! https://github.com/devethorg/go-ethereum/commit/412c38434d8d88840452c090e738a672139a73d4 https://github.com/devethorg/go-ethereum/commit/412c38434d8d...