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Topic: [ANN] Ethereum: Welcome to the Beginning - page 876. (Read 2007090 times)

legendary
Activity: 2212
Merit: 1038
Gotta love the army of statist shills that have shown up to demand the thieves (Romanians suspected) be allowed to keep the money they've stolen. Personally I'd like to see the millions they made shorting ETH after the theft taken away in addition to the HF.
hero member
Activity: 578
Merit: 508
Any hardfork that invalidates transactions destroys reputation and trust. Period. These two concepts are the cornerstone if you are trying to break into the financial big league.

If anther contract has a flaw tomorrow, who plays God that will decide who lives and who dies?

I tend to not agree on the whole " reputation " and " trust " negative shove on things.

ALL I SEE - Is positive turn on things presented in front of us.

They would be cleaning up their " reputation" by stopping a hacker from stealing the communities coins.

They would be also building the " trust " of the community, proving they wont let the bad guys get away with junk like this.

You seem to just be assuming this and that Jc12345.

Not clear and focused thoughts my man.

Cheers,

MasterTrader777

Unfortunately it is not about what you think (or I for that matter) but what the world's businesses, financial systems and markets think.

The world's financial system is built on trust and robustness and reputation is the name of the game. Things that threaten the integrity and stability of the financial system is frowned upon. The system hates uncertainty and will avoid it like the plague. Business wants to know that if a transaction is done and a contract is created, irrespective of if it is a good transaction or a bad, that the "system" cannot be manipulated to change that. A robust financial system will have controls in place to be able to stop a transaction from happening or to block funds before it is too late. If the money is gone though then it is gone, unless there are other ways to recover it through law enforcement or if the hacker can be convinced to pay it back. If a theft in a financial system exposes a flaw, then improve the system going forward to prevent it from re-occurring which is fine. If you get caught with your pants down, take one for the team and the system moves on with integrity, trust and robustness intact.

Even if one argues it is a good thing that people get their money back, it is not the best in the bigger scheme of things. Once mega business sees that the past can be changed, they will lose trust in the system. Remember that a party takes a position based on inforamtion at hand. If they want to take a serious position to the one side they need strong assurances that underlying things will not happen that pushes the outcome to the other side. Otherwise they will just take positions that sits on the fence or move elsewhere.

If eth wants to compete with the mega word financial systems and markets, then the DAO funds is a drop in the ocean. it is not worth it to sacrifice the war to win a battle. I dont think it can be clearer and more focused than that.

If you don't mind, let's take a real world example of your line of thought: the SWIFT system is getting hacked. The latest hack cost a Bangladesh bank $81 mil. "During 2016, dozens of banks have been hit through the SWIFT network, and lost hundreds of millions of dollars. The attackers have repeatedly overcome local security measures to get into the SWIFT system, then made money orders through the banks' SWIFT account, and sent millions to fraudulent accounts." (Wikipedia)

I don't see reputational or stock price damage to banks.

In fact one could argue that ETH could be superior to SWIFT because an $140 mil transfer to crooks can be selectively hardforked away, whereas under SWIFT, the money is gone.

I find all this whining about the DAO hack to be hypocritical in the extreme because SWIFT is currently an active hack target transferring trillions. If 0.001% of the negative effort directed against the DAO and ETH was channeled towards bandaiding the SWIFT system of money transfer, maybe this contra ETH blah blah could being doing something useful.

So to be polite, your line of reasoning is lame.

legendary
Activity: 1638
Merit: 1013
Any hardfork that invalidates transactions destroys reputation and trust. Period. These two concepts are the cornerstone if you are trying to break into the financial big league.

If anther contract has a flaw tomorrow, who plays God that will decide who lives and who dies?

If the stolen fund is not recovered, people will also not trust the Ethereum. So it is better to take the money back.

No you are wrong there.

The system needs to be fixed either way and it is acceptable for systems to have errors and loopholes. Errors can be fixed. By recovering the funds a much bigger issue is added which is that the dev team gives the message to the big financial system and big business that they are willing to change history and meddle with the blockchain and at any time in future based on a decision by someone Huh, person x, their transactions that they trusted could be changed. Business will then evaluate this message and chances are high that they will just stick to traditional systems and methods to do their business since they cannot trust the blockshain/dev team anymore.

By letting bygones be bygones, the dev team accepts that a flaw was discovered that will be fixed - it is still bad but the lesser of two evils as the blockchain still has integrity. Chances are good that there will be more flaws discovered like any other computer system.
sr. member
Activity: 797
Merit: 251
Will be there also an ANN Ethereum: Welcome to the End topic?  Grin
full member
Activity: 336
Merit: 102
Get Ready to Make money.
sr. member
Activity: 332
Merit: 250
Any hardfork that invalidates transactions destroys reputation and trust. Period. These two concepts are the cornerstone if you are trying to break into the financial big league.

If anther contract has a flaw tomorrow, who plays God that will decide who lives and who dies?

If the stolen fund is not recovered, people will also not trust the Ethereum. So it is better to take the money back.
legendary
Activity: 1638
Merit: 1013
Any hardfork that invalidates transactions destroys reputation and trust. Period. These two concepts are the cornerstone if you are trying to break into the financial big league.

If anther contract has a flaw tomorrow, who plays God that will decide who lives and who dies?

I tend to not agree on the whole " reputation " and " trust " negative shove on things.

ALL I SEE - Is positive turn on things presented in front of us.

They would be cleaning up their " reputation" by stopping a hacker from stealing the communities coins.

They would be also building the " trust " of the community, proving they wont let the bad guys get away with junk like this.

You seem to just be assuming this and that Jc12345.

Not clear and focused thoughts my man.

Cheers,

MasterTrader777

Unfortunately it is not about what you think (or I for that matter) but what the world's businesses, financial systems and markets think.

The world's financial system is built on trust and robustness and reputation is the name of the game. Things that threaten the integrity and stability of the financial system is frowned upon. The system hates uncertainty and will avoid it like the plague. Business wants to know that if a transaction is done and a contract is created, irrespective of if it is a good transaction or a bad, that the "system" cannot be manipulated to change that. A robust financial system will have controls in place to be able to stop a transaction from happening or to block funds before it is too late. If the money is gone though then it is gone, unless there are other ways to recover it through law enforcement or if the hacker can be convinced to pay it back. If a theft in a financial system exposes a flaw, then improve the system going forward to prevent it from re-occurring which is fine. If you get caught with your pants down, take one for the team and the system moves on with integrity, trust and robustness intact.

Even if one argues it is a good thing that people get their money back, it is not the best in the bigger scheme of things. Once mega business sees that the past can be changed, they will lose trust in the system. Remember that a party takes a position based on inforamtion at hand. If they want to take a serious position to the one side they need strong assurances that underlying things will not happen that pushes the outcome to the other side. Otherwise they will just take positions that sits on the fence or move elsewhere.

If eth wants to compete with the mega word financial systems and markets, then the DAO funds is a drop in the ocean. it is not worth it to sacrifice the war to win a battle. I dont think it can be clearer and more focused than that.
legendary
Activity: 2856
Merit: 1075
”,JD Finance is responsible for “ABS Cloud Service based on Blockchain” and “Digital Asset Registration and Transfer”.There are also other research subjects, such as “Blockchain invoice management topics bill” and “Ethereum light wallet” led by HUNDSUN TECHNOLOGIES INC, “Blockchain technology’s applications in banking financial tools” led by China Merchants Bank Nekwork Technology(Shenzhen)Co.,Ltd.The host Mr. Ma and the secretariat of FBSC have reviewed all those subjects during the second session.
https://www.finextra.com/pressarticle/65125/chinese-financial-firms-form-blockchain-consortium/wholesale
Chinese financial firms form blockchain consortium
15 hours ago 
Source: Financial Blockchain Shenzhen Consortium

After fork and before Devcon2...ETH will be on Houbi and Okcoin
legendary
Activity: 1092
Merit: 1000
Any hardfork that invalidates transactions destroys reputation and trust. Period. These two concepts are the cornerstone if you are trying to break into the financial big league.

If anther contract has a flaw tomorrow, who plays God that will decide who lives and who dies?

I tend to not agree on the whole " reputation " and " trust " negative shove on things.

ALL I SEE - Is positive turn on things presented in front of us.

They would be cleaning up their " reputation" by stopping a hacker from stealing the communities coins.

They would be also building the " trust " of the community, proving they wont let the bad guys get away with junk like this.

You seem to just be assuming this and that Jc12345.

Not clear and focused thoughts my man.

Cheers,

MasterTrader777
legendary
Activity: 2856
Merit: 1075


https://blog.colony.io/why-a-post-hard-fork-ethereum-will-be-more-valuable-abc35bbf6e98#.totpdos4h

What a great article, I hope the etherium developers and etherium community take this onboard. And will serve to help those who are unsure about how things stand and possible outcomes. And the far greater scope not stopping a theft like this would incur. For those with some understanding having a simple etherium fork is such an easy, clear and absolutely has to be done known fact.
agree m8
"There still seems to be confusion and misinformation about what an Ethereum hard fork actually means. Unlike Bitcoin, an Ethereum hard fork will not involve a wholesale rollback of the blockchain state. It will involve only a surgical strike to convert theDAO to a withdrawal only contract, allowing theDAO tokens to be redeemed for Ether. That’s it. It will not effect any other transaction history or balances."
This is what Andreas was talking about the other day.

https://www.reddit.com/r/ethereum/comments/4qjfaa/andreas_antonopoulos_i_think_were_gonna_see_a/
Andreas Antonopoulos: "I think we're gonna see a Hard Fork before July 15th"


yea
Andreas nails it at 59min
legendary
Activity: 1638
Merit: 1013
Any hardfork that invalidates transactions destroys reputation and trust. Period. These two concepts are the cornerstone if you are trying to break into the financial big league.

If anther contract has a flaw tomorrow, who plays God that will decide who lives and who dies?
full member
Activity: 236
Merit: 100


https://blog.colony.io/why-a-post-hard-fork-ethereum-will-be-more-valuable-abc35bbf6e98#.totpdos4h

What a great article, I hope the etherium developers and etherium community take this onboard. And will serve to help those who are unsure about how things stand and possible outcomes. And the far greater scope not stopping a theft like this would incur. For those with some understanding having a simple etherium fork is such an easy, clear and absolutely has to be done known fact.
legendary
Activity: 1456
Merit: 1000
so what will happen ?


coin will be returned to DAO's whale and whale will return the favor by pumping eth to 1000 usd  just to make a statement  Tongue
legendary
Activity: 1078
Merit: 1000
so what will happen ?
legendary
Activity: 2856
Merit: 1075
Awesome accumulation period   Smiley
So many strong hands above $12...impressive


legendary
Activity: 1694
Merit: 1002
Go Big or Go Home.....
Blablabla End of the world.. Blablabla.. *wanker*
full member
Activity: 135
Merit: 100
Good to see a lot of doom and gloom preachers and newb accounts. Usually means people trying to buy low before a pump. LOL

People saying that usually means they are desperate to unload and it's going a lot lower.

LOL. This coming from a Newb account. LOL... Such clear insight.. Roll Eyes

Ohh wait, this happened a few time sin the past in this very thread. Hmmmm.... History repeating itself.. Geee....


Newb schools Hero member.  Lol.  Fail.
full member
Activity: 135
Merit: 100
Good to see a lot of doom and gloom preachers and newb accounts. Usually means people trying to buy low before a pump. LOL

Well said.  Pump and dump preaching is bushleauge.  Any investor worth his or her weight would agree.
full member
Activity: 236
Merit: 100
Yeah, I agree it is not compelling, but it is the opening salvo.

Now you know why people where opposed to Hard Fork on the Ethereum Network.

ASIC hardware could be toast!

Should the code be changed in the Hard Fork to a more ASIC resistant code. 

Specialized hardware always leads to centralization. You have to update before the ASIC manufactures buy the development team.

The Ethereum PoW algorithm is supposed to be ASIC resistant. The cost of including memory is quite high.
legendary
Activity: 1311
Merit: 1000
Yeah, I agree it is not compelling, but it is the opening salvo.

Now you know why people where opposed to Hard Fork on the Ethereum Network.

ASIC hardware could be toast!

Should the code be changed in the Hard Fork to a more ASIC resistant code. 

Specialized hardware always leads to centralization. You have to update before the ASIC manufactures buy the development team.
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