A little art fast.......
Topic: CRITICAL UPDATE Re: DAO Vulnerability (Read 1534 times)
1 Billion USD down the toilet isn't good for marketing crypto
The money isn't lost. It's only transfered.
It depends on the thoughts of the miners. If the miners decide to freeze the funds and do a reversal, the money is not lost.
1 Billion USD down the toilet isn't good for marketing crypto
The money isn't lost. It's only transfered.
So the hard fork to recover the ETH means Ethereum is not decentralized. It is a top-down controlled fiat system.
that's what it looks like, disappointing moment for crypto, vitalik is making a big mistake with this one ...
Well, what was he supposed to do - that was a massive amount of dumpable ETH that DAO thief was (still is!) accumulating
Exactly, what would you do in this case? I am going to leave it to Buterin to figure this one out. Someone does not want ETH to go where it is inevitably headed. This is going to be an interesting weekend...but again, please submit your proposals of a solution since you know.
This response by Ethereum is completely against their stated ethos, but compared to letting scammers run off with $50 million, probably worth it.
Decentralized technology and decentralized governance are two very different things. There's no question that Ethereum is based on decentralized technology, but their response to this incident (taking away someone's money by reversing a bunch of transactions) proves that Ethereum isn't decentralized in the same way that Bitcoin is - I cannot imagine the Bitcoin core team reversing a bunch of transactions to a particular Bitcoin address in response to a bitcoin scam.
Decentralized technology and decentralized governance are two very different things. There's no question that Ethereum is based on decentralized technology, but their response to this incident (taking away someone's money by reversing a bunch of transactions) proves that Ethereum isn't decentralized in the same way that Bitcoin is - I cannot imagine the Bitcoin core team reversing a bunch of transactions to a particular Bitcoin address in response to a bitcoin scam.
The amount of coins stolen by the thief will be invalidated. There will be no loss to the DAO owners according to the developers.
But the ETH holders who have nothing to do with DAO could suffer huge potential downsides like loss of confidence (Hard Forks), moral hazard.
Plus dilution as people dump ETH and say bye to crypto - including all the new blood that was drawn into the DAO/ETH these past few weeks.
ETH looked "clean" compared to tarnished BTC. That was a huge part of its brand/premium. Well, now? Not so much...
The amount of coins stolen by the thief will be invalidated. There will be no loss to the DAO owners according to the developers.
!??!?!
The WORST thing they could do.. I'm sorry lads, but that is really VERY bad. Anyone could be next.. don't piss the ETH devs off.
'Too Big To Fail'.. in our own back yard..
The amount of coins stolen by the thief will be invalidated. There will be no loss to the DAO owners according to the developers.
But the ETH holders who have nothing to do with DAO could suffer huge potential downsides like loss of confidence (Hard Forks), moral hazard.
If I were a non DAO bagholding ETH bagholder I would be pretty pissed if ETH did this.
So the hard fork to recover the ETH means Ethereum is not decentralized. It is a top-down controlled fiat system.
that's what it looks like, disappointing moment for crypto, vitalik is making a big mistake with this one ...
Well, what as he supposed to do - that was a massive amount of dumpable ETH that DAO thief was (still is!) accumulating
The amount of coins stolen by the thief will be invalidated. There will be no loss to the DAO owners according to the developers.
So the hard fork to recover the ETH means Ethereum is not decentralized. It is a top-down controlled fiat system.
that's what it looks like, disappointing moment for crypto, vitalik is making a big mistake with this one ...
Well, what was he supposed to do - that was a massive amount of dumpable ETH that DAO thief was (still is!) accumulating
So the hard fork to recover the ETH means Ethereum is not decentralized. It is a top-down controlled fiat system.
I don't know if "top-down controlled" is the right description, its more like a democracy where the majority can vote to strip the minority of its rights.
Democracy is a top-down structure because it is a winner-take-all power vacuum.
So the hard fork to recover the ETH means Ethereum is not decentralized. It is a top-down controlled fiat system.
I don't know if "top-down controlled" is the right description, its more like a democracy where the majority can vote to strip the minority of its rights.
nobody voted, VB just decided this around his
If you do not agree with him, you do not download/run the new code and use the old code to validate the hacked eth.
So the hard fork to recover the ETH means Ethereum is not decentralized. It is a top-down controlled fiat system.
that's what it looks like, disappointing moment for crypto, vitalik is making a big mistake with this one ...
Let him do it, because after that ETH will be worth not even 1 sathoshi.
1 Billion USD down the toilet isn't good for marketing crypto
Don't be a moron.. somebody who hacked ETH hates it and loves Bitcoin...
the hacker loves money ... Vitalik shouldn't play like a dictator here, let the code chips fall where they may, you CAN'T have a decentralised crypto if one guy and his buddies can do a hard fork & roll back when they deem it ok.
So the hard fork to recover the ETH means Ethereum is not decentralized. It is a top-down controlled fiat system.
that's what it looks like, disappointing moment for crypto, vitalik is making a big mistake with this one ...
Let him do it, because after that ETH will be worth not even 1 sathoshi.
1 Billion USD down the toilet isn't good for marketing crypto
So the hard fork to recover the ETH means Ethereum is not decentralized. It is a top-down controlled fiat system.
I don't know if "top-down controlled" is the right description, its more like a democracy where the majority can vote to strip the minority of its rights.
nobody voted, VB just decided this around his
So the hard fork to recover the ETH means Ethereum is not decentralized. It is a top-down controlled fiat system.
that's what it looks like, disappointing moment for crypto, vitalik is making a big mistake with this one ...
Sorry, but this has nothing to do with decentralization. It's like saying: "We could, if we wanted to... but we are going to ask the community first to see if they agree"
AT isn't a ledger - I was comparing smart contract systems (i.e. "apples and apples").
That's true
The amount of money involved in the DAO/ETH has attracted high level hackers.
The same can't be said for NXT/Burst : therefore, we can't conclude easily their smart contract features are more safe.
The same can't be said for NXT/Burst : therefore, we can't conclude easily their smart contract features are more safe.
AT doesn't run on Nxt (it runs on Qora and Burst), and sure I do accept your point, but I am pretty confident that the design (being much simpler) does not have any similar flaws (the Crowdfund AT is about as minimal as such a thing could ever get).
I would also be happy to take a "bet" in regards to being able to hack one of the existing ATs that have been created by the CIYAM team (we literally spent months testing each one we created).
And in the meantime, Ripple has been successfully operating a distributed ledger for over five years now. A ledger that has supported an unlimited block size and five second confirmation times from the beginning: https://ripple.com/
AT isn't a ledger - I was comparing smart contract systems (i.e. "apples and apples").
(but if you want to add AT to Ripple then you are welcome to do so)
The same can't be said for NXT/Burst : therefore, we can't conclude easily their smart contract features are more safe.
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