Several months ago I reposted an article about the troubles that Ethereum were facing. At the time I thought that it may still be possible to salvage something out of this generic turing complete smart contract platform. Well, I finally spent a some time to figure out how Ethereum works in order to convince myself about it’s technical merits. I had in the past spoken to its technical head Gavin Wood, and on occasion debated some economic issues with Vitalik on social forums but I had never really put in the time to learn about Ethereum myself, so refrained from making any critical opinions on it. After having done some preliminary research, I am of the opinion that it may be too late to save it. Too ambitious of goal(s), too complex a system to get it done, and too much money squandered on someone who has little business experience. [every miner runs every contract in the platform in strict order without any concurrency? How is this efficient? How can this scale?] And what we pay for in the loss of efficiency is … erm… censorship resistance? Additionally, I don’t see how a trust-less smart contract is practical, considering you always need a trusted third party to mediate disputes and settlement of the contract. (when we are talking about settlement in anything other than the native token).
This excellent article by Gideon Greenspan pretty much sums it up succinctly with a lot more background and supporting links than I can give. 😉