Topic: ETH = Game Over - page 18. (Read 40482 times)

It depends the reason to change an immutabile blockchain/public ledger, in this case imho it was not necessary because it wasn't a protocol bug that could be destroy the entire ethereum platform and since it's basically a chargeback to recover the money of the people who invested .. I'm more and more contrary.


Take a look to this:

 - http://elaineou.com/2016/07/20/bitcoin-improvement-proposal-hard-fork-to-return-stolen-silk-road-bitcoin-to-ross-ulbricht/

That would be hilarious, but it shows the dangers of hardforking and changing the immutable ledger.

It causes confusion in investors and nobody will know what to believe. The consensus will decide anyway.

Ther more they hardfork Vitalikum the stronger classic will be imo. I think classic will be around for a while and there is even the possibility of it becoming the dominant chain one day in the future.

From what I've read, and correct me if I'm wrong: nothing was fixed.

The underlying issues are still present, because its a fundamental flaw in ethereum.

So any similar contract could still be hacked in the future. The devs promise a false sense of security.

I wonder if a hardfork every week will affect ETH, what would the investors think about it then?

I agree with OP. Because the DAO is being hacked. So it is possible to hack again. Thats the trust of trader will be gone to ether. But maybe hardfork will save eth. We dont even know what will happen in the next month

DAO has been hacked/exploited, and Ethereum is rapidly losing trust in their developers, as they want to introduce an ETH hardfork to reverse the hack. What a wonderful decentralized currency where a few people decide what happens and the entire network is subjugated to the decisions of a few. Not to mention Ethereum already has big blockchain, soon ethereum will turn into a centralized bank , if it doesnt die before that.

Here are a few important things:

1) 20 second block timer with maximum blocksize = 89 Kb, that means that the blockchain will grow in the future 375 Mb /day.

The ETH blockchain in 2 years will be bigger by 264 Gb +-

The ETH nodes will start dissapearing pretty quickly with that size, because the reindexing and all other operations you need to perform when you download and update a node, will take far too long for anyone to bother.

Soon only a few datacenters will be able to operate ETH.

2) The development is wreckless, they spend more time on going to PR events than to actually engineer the code well, first wallet softwares were buggy as hell, took years to sync, which is fair because bitcoin was buggy also at first. However instead of promoting a buggy as hell client, they should have focused on development first and then marketing.

3) Ethereum is too complex, and the more complex something is, the more attack surfaces it has. An ideal cryptocurrency has to be simple and secure. And ETH has many more 0 day bugs that we dont know of yet, so this wont be the last hack. It came out far too fast because of PR pressure. The devs should have stayed 1 more year reviewing and researching the code and make the coin secure in that time, before pushing it out to the public.

4) It's already centralized as hell, the devs can just reverse transactions like this. Sure reversing a hack is obviously good right ?, but the road to Hell is also paved with good intentions. Abusing power comes in small increments. First they only reverse hacks, and then later you find out that everyone will become censored.

5) Turing complete is never secure. Malware will always find a small hole to exploit if the code is not isolated. It doesnt even fit into the decentralization philosophy. How can you have decentralized code when all dapps are runing on the same interface? Any 0 day exploit will be discovered in the future and it can risk all DAPPS, thats not a secure foundation to build a house castle, it's quicksand! Bitcoin & sidechains are much more safe and isolated, than ETH dapps!

---

---

I really think people should just switch over to NXT, because it's far more decentralized and it has better developers. When last time a hack happened in NXT, the developers didnt reversed the transaction. Because in the NXT community the decentralization, transparency and fungibility is the number one priority, that supercedes everything else. The police can catch the hacker with any other method and recover the funds, but the decentralization is sacred.

Highly doubtful. This was an unprecedented situation and the community responded with consensus. It illustrates how strong the community is to pull together. Rather this than take a chance on some unsupported classic chain.

And the so called new 'main' chain is open to hardforking whenever the miners dont like something.

Imagine if the top mining pools just decides to hardfork whenever they want, these stupid ETH investors will just eat anything.

Have some dignity folks. How can ETH investors trust the network?

And the so called new 'main' chain is open to hardforking whenever the miners dont like something.

Imagine if the top mining pools just decides to hardfork whenever they want, these stupid ETH investors will just eat anything.

Have some dignity folks. How can ETH investors trust the network?

But classic chain is open to replay attacks. Gud luck with that one.

So ethereum got hardforked, what is your opinion? This is mine:



Also there are 2 chains now hilariously, Ethereum and EthereumClassic , WTF?

Ethereum exists on both chains, and the Classic chain looks like could gain legitimacy as well.

---

Not to mention the trust and immutability is now permanently damaged.

In my eyes it is, i simply cannot trust a currency that can be manipulated at will, its no different than fiat.

We should avoid this at all cost in bitcoin.

there was no contract. There was an exploit you numbnuts.

heh. that ain't exactly a ringing endorsement. just goes to show that we're still firmly stuck in amateur hour. i'm intrigued to see what's gonna happen.

my favorite quotes from that thread -

"Build unstoppable applications

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference."

"... Except if we really don't like the outcome of the contract. Then we'll launch a hardfork campaign."

Honestly what votes? Those on carbonvote.com  , the 65% of miners who voted NO on ethpool.org and etherminer.org ?
It's clearly that the HF will happen today but honestly they are mostly doing this to recover the funds of theDao investors and imho to avoid any future legal issues .

It's definitely a bail-out

https://www.reddit.com/r/ethereum/comments/4tn0s3/bitfinex_cso_i_wish_i_never_listed_this_piece_of/

"I wish I never listed this piece of shit coin" - Bitfinex

https://www.reddit.com/r/ethereum/comments/4tn0s3/bitfinex_cso_i_wish_i_never_listed_this_piece_of/

"I wish I never listed this piece of shit coin" - Bitfinex

I think the 65% of the miners who voted no should go to another pool which does not support the hard fork.