Topic: ETH = Game Over - page 27. (Read 40482 times)

ETH is down and maybe out. But let's stop kidding ourselves. We all know all that these cryptocurrencies are just a bunch of cryptolottery tickets.  All that fancy schmancy coding just to operate a lottery.

There are still another 500+ cryptocurrencies left. Anybody who loses money in these lotteries had it coming. Gamblers need to learn that the odds favor the house, not the gambler. And if you don't know who the house is, it's probably not you.

This stuttering "genius" is your leader? Vitalik was clearly flustered by the question. Must listen to this! And look at the body language of Gavin Wood and the other guy on the podium.

Only refering to current successfull hack on DAO network is enough for eth price to fall half and imagine what will be market sentiment after they see second successfull hack made today https://www.reddit.com/r/ethtrader/comments/4ot3vi/warning_another_successful_attack_recursive_split/

This could drop price of ethereum to ground, even softfork seems not be enough to stop all of this hacked eth becoming tradable.

Where did you get that video? It shows as hidden so I didn't see it in andreas's youtube channel.
Interesting, will look at it while i walk in the treadmill later, its two fucking hours long tho, it will take 2 days.

Anyway, Vitalik suffers from delusions of grandeur, this is clear by the fact that he wanted to work under turing complete system even tho he was advised that it was a mistake by a lot of people. It's better to admit limitations and work around those limitations trying to get a robust system, that is why everyone should be all in on BTC since its the best we have on crypto thus far, everything else is highly experimental.

Acting as a judge without any legal protection for being an arbitrator!

It's ETH problem too. Who created ETH? Vitalik Buterin. Who panicked and start acting like a central banker trying to stop all trade of ETH to stop people from panic selling ? Vitalik Buterin. Therefore, this sets an ugly precedent and makes the creator of ETH someone that you can't trust.

Its not just a mistake . The whole concept is flawed and DOA! Those that understand security realize this. This is just the start of "hacks".

We all make mistakes. This mistake costs quite high. I hope Vitalik and other programmers will learn a good lesson.

 "I am 99.999% certain this is bug free."

https://www.youtube.com/watch?v=cahj4WJtp20&feature=youtu.be&t=42m52s

The Naive hubris is very dangerous within Vitalik.

"Some popular services, ones with 100s of thousands of dollars flowing through them, are distressingly bad (as in "everyone loses all their money" bad) with no way to mitigate, by design."

This one takes the ignorance and idiocy of the sheople to yet another level ("donkeys" in this particular case).

I responded to your linked post as quoted above:

Published on may 18th


http://vessenes.com/ethereum-contracts-are-going-to-be-candy-for-hackers/

It isn't "tarnished forever" if the problem is confined to where it originated. That was the whole point of a "Turing Complete" scripting language - to isolate one contract from another and from the underlying platform itself as I've explained here and in previous posts in that thread.

I couldn't agree more. It's a long term zero whose short term scandal and investigation - there will be an investigation - is going to hurt Altcoins in general, perhaps even hastening the ultimate demise of many.

Evolving into what? Bitcoin wont change the blocksize because its the only variable that gives it stability.


But ETH doesnt have a hardcap except Gas, so the fees would rise much faster on ETH than on bitcoin. And if they lower it, then the blockchain will grow even faster, so no technology can catch up to it later.


Just because bugs werent detected that deosnt mean they arent there. There are most likely many more hundreds of 0 day bugs in it waiting to be discovered.


Dont compare it to ripple. I`m pretty sure they called to action all nodes and exchanges to tell them what to do.

Now they might not obey them ,but still its a command & control currency.

BitcoinXT had barely any legitimacy, the ETH devs obviously have a lot in ETH.





Ok so it was temporary, i can accept that, so i will remove this point from the OP.

Still not the best course of action in my opinion, but at least it was short lived.

I understand the urgency and the heat of action, but still this was a command & control approach.



It was the trust that was broken, the trust in devs, the trust in their skills and the trust in their decentralization promises. That causes more damage than just the missing ethereum.

I am 5 minutes in, and it looks good, but "2 hours 15 minutes" of precious time to hear details about a ride on the Titanic?
Thanks, but...  Maybe I can find 5 more minutes.

Edit: I'm 20 minutes in and it is a good discussion, thanks.

I don't think language design can fix "reentrancy-safety". The problem is Turing-completeness which is unbounded recursion. That is not something you can entirely solve with the language design.

If your smart block chain project doesn't know how to explain what I am talking about here, then you should not be investing because they probably don't really know what they are doing. They think they can just slap on a programming language to a block chain. Sorry! The problem is fundamentally insoluble and any breakthrough will have to be a paradigm-shift!


I had already explained why that Reddit post is incorrect:

a) All blockchain software is evolving, just like bitcoin may needs to change block-size soon. Any blockchain could come up with the future option to only require most nodes to verify history for a minimum of x years, while other full 'archive nodes' get extra reward.
b)Storage gets cheaper per Tb daily. 'Farmers' (/'MAID/STORJ/SIA Miners')  may soon be putting together rigs with 20 SSD cached 16Tb Harddrives


c) Wreckless? Prove it.  On Github about  2200 Bitcoin Bugs were documented to be fixed and  1300 for Ethereum.  Few other crypto economy projects have 150-500 bugs fixed while most are below 150 - so is TheDAO! (only 37 yet)
d) Was Bitcoin too complex x years ago?  how many?
e)they spill "0 day bugs"?  
f)What happened was a TheDAO Bug, a slip-of-the-pen/eye kind of bug.
 
g) Centralized, how exactly? More than Ripple?
h) They are not deciding it nor are they able to.
They are only taking their responsibility to inform the public about the options that the public has. And these are obvious options that could apply to many other Blockchains (Crypto currencies) too and at any time.
i) not even the bitcoinXT propsal killed bitcoin, did it?
j) It was a temporary idea during evaluating the incident.  They made sure to cancel this request within 2 hours, since it was not necessary.
https://www.reddit.com/r/ethereum/comments/4oif2x/dao_attack_exchanges_please_pause_eth_and_dao/
Exchanges did not or hardly react on this.
k) There are more possible solution and mild ones. This is mainly about a TheDAO bugh - the only thing serious is that the subject of discussion also hold ~4.5% of Ethereums market capitalization = ~3 month worth of Ethereum's mining production = inflation  
(- Still  Rather tiny compared to the speed Etherum was rising in the last two years despite inflation.)
Yes:) but who gave you the idea they would want to be lazy for the next weeks?
Good luck!

I don't understand how people invested in a coin coded by a 20 something year old who made up his own coding language.

Coding genius? Seriously? There's thousands of kids around the world who are "coding geniuses", a lot of them start in their teens and is a hobby. I for one, learned coding in different languages when I was in my teens but have stopped short of my 20s and enjoyed life instead. It's not that hard, it just takes a bored teenager with some sense.

this is ETH right now:

http://imgur.com/bRIfKae