CheapETH: A Fun Ethereum Testnet | Hacker News Reader

CheapETH: A Fun Ethereum Testnet

cheapeth.org

29 pointsnickysielicki19 comments

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

@geohot erased all his comments on the discord, its hilarious XD

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/412c38434d8d...

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?

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

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

It's already on a (very shady and mostly illegal) exchange with absolutely no KYC/AML compliance: https://exchange.centex.io/exchange/CTH-ETH

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.

GiveMeYourMoneyETH

(creator keeps 10% of all coins)

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.

There is far more than a zero percent chance that there ends up being a speculative mania over this cheapETH.

Most importantly, the authors are actively trying to trigger one.

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.

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_hot...

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

The concept is a good idea in theory but the founders here are clearly completely incompetent. Steer well clear imo.

Whats wrong with the Koven or Ropsten testnets?

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.

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

he’s always like that :)

He’s done more fun things though on his steam

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