Topic: . (Read 799 times)

Maybe.. but wrong topic

Anyway.. i agree with your sentiment here.
The OP here should note that there is usually a figure head making decisions for the coin holding the Github keys.

Someone always has keys to the house

@criminologyprof However, about hardforks in general; Hardforks are major updates that cannot be done unless the community supports them, because if half the community supports and half doesn't support ( update ) you end up with 2 chains. Hardfork is the only way to implement major updates, otherwise you're stuck with a rigid software piece that cannot evolve and eventually becomes obsolete as technology ( see bitcoin and it's scaling problems, 2-3$ cost per transaction, etc )
1. First official version was frontier.
2. Second official version is homestead, after the frontier hardfork.
3. Third official version will be metropolis, after the hardfork of homestead.
4. 4TH version will be serenity, the last major update of etherem.
5. However, these are the official steps and given teh fact that this is research, hardforks may be required in between the official releases.

If you don't hardfork, you can't evolve.

@CriminologyProf

This is what happened:
1. dao was hacked because of a flaw in the code that could be exploited by a hacker ( DAO devs dont work for the ethereum foundation )

2. The community was asked about how to proceed forward, several times were made polls about that. The majority decided not to let the hacker get away with the money. When the votes were casted, between 85-95% voted against hacker, depending on voting place.

3. Ethereum foundation provided an alternative for the community to chose and said they would support whatever path they chose.

4. EF, given the response of the community, provided us an update that was exactly the same as the curent chain back then, with the difference that the hacker didn't had any money, anymore.

5. Everyone waited to see the actual response of the community, given the fact that obviously not everyone voted. But the majority obviously chose the right thing to do, and updated the client and the hacker was striped off his money. The transaction history was left intact, nothing was changed.

5.5 Even though the vote said there were few that didn't want to update, they went with the update anyway because there was no incentive not to.

5.5 But some rich investors decided to make alot of money so they pulled this move; They switched mining on the old chain ( after they officially supported the update ) and added it on poloniex exchange.

5.5 They ( probably )sold their ether at the full price, and given the fact that they were big investors ( chandler guo and barry silbert ) obviously the price dropped. Then they started pumping the token on the abandoned chain, calling it ethereum classic. They had every economic incentive to do so because with the split, they also had both ether and the abandoned ether.

5.5 Mining is an operation that is all about income/profit/electricity cost. So as a result of the pump, some people switched mining on the abandoned chain, because now it had value ( because it was added to poloniex and the pump ) and because the mining power was low (it had very low mining support ), it was very profitable, even though it had a much lower price than the official version.

5.5 So, what was the reason for this ? Well it's simple; if you have 1 asset that get's splitted into 2 because of manipulation, you have 1 full price and 1 worth peanuts / nothing. So these manipulators sold the asset at full price, then they wanted to trick people into believing that every miner / investor is changing their mind and they actually want to stay on the abandoned chain where the hacker had millions and they had the same number of ether as a result of the split.

5.5 So they attempted to trick some people into believing that the abandoned ether is actually the official one in an attempt at flippening the price and the mining power.

5.5 They implied that the ethereum foundation would support them too because they claimed it to be the officially suported chain by the community. They had every economic incentive to do so, that would have increased the price of ether abandoned/classic in the flippening act.

5.5 But then ethereum foundation through vitalik buterin said they that the community already decided the path forward so they would not follow even tho these 2 manipulators managed to fool the community with their pump in price (chandler guo and sillbert).

6. Then everything was settled, the manipulation fell on it's face. However, they probably still made alot of money out of  this because they had the ether to begin with, from the split, so they only made money.

@spoet there are no f-ing Google coins.
G-bucks, maybe, google tends to fumble things.

----

EITMLI5

deepshit ceo says, "This is worth BILLION dollars"
everyone says "WOW"
it gets hacked.
opppps!

.... "Hey Butters", says deepshit ceo
"Could you hard fork the network so ... well you know"

Butters says, "Sure I work for Goldman, that's what we are all about"

Butters pats him on the back.  Forks the chain.

ETC is born.

Cuz' somebody got fuck'd.  

https://encrypted.google.com/search?hl=en&safe=off&q=Crypto+currency+fork


Or..

http://www.investopedia.com/terms/h/hard-fork.asp


Google it
Then buy Google ICO coins for $870 each

Yes.  Etc doesn't want to ever change its main path from its original beginning.  Good or bad.

Altcoin B and C both share the history of A up until the fork.
But what you have with etherium is only A and B. A is the original with no fork. B contains A up until the fork, then it splits off.

Miners are mining both roads, so both coins keep going

.