What do you think will be the faith of Ethereum wallet holders in time to come?

cdb1690

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Quote from: sinner on November 19, 2017, 06:11:11 AM

after the recent parity multisig freeze, the price went up.. i dont think anybody cares

hackers face an interesting dilemma: if they steal too much ETH, ETH will hard fork.

I was surprised about this as well. It was a lot of money, but in the end only 151 accounts were affected and half of those accounts had less then 1 ETH balance at the time of "hack". Most regular users don't use multisig contracts to store Ether or ERC tokens. In fact most regular users probably don't even know, what multisig smart contract is.

Yasman

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Quote from: btct22 on November 18, 2017, 06:29:24 AM

I think LISK will do better than ETH in the long term. There's obvious security problems with the smart contract language that ETH uses.

If the architect of the language can't write a secure contract, how can anyone else?

Not gonna happen. Ethereum has more rep and it could bring in more people to use their system...it's a boulder. Lisk is just a small rock in the water.

kryptqnick

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Quote from: btct22 on November 18, 2017, 06:29:24 AM

I think LISK will do better than ETH in the long term. There's obvious security problems with the smart contract language that ETH uses.

If the architect of the language can't write a secure contract, how can anyone else?

Security problem is out there indeed. I guess there is still no decision on this last eth bug on parity yet. Nevertheless, ethereum is getting improved with time and people trust it as a platform despite all of the problems with it as a coin. ICOs can make eth pumped regularly even if other factors will be against it. Lisk, on the other hand, might be not such a bad platform and yet always remain in the shadows, because it has lower market capitalization.

cdb1690

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Quote from: Donaldturp on November 21, 2017, 06:07:03 PM

What is this too much here? If one steals millions of dollars, ETH won't make hard fork, I bet on this. We saw this many times this summer, and ETH never made a hard fork in such events.

And I want to ask, are the vulnerabilities of those wallets are because of ethereum itself or third party wallet providers such as parity and MEW?

This was a bug in implementation of multisignature smart contracts developed by Parity Technologies and not a bug in Ethereum itself. The problem was that Parity multsig contracts actually didn't have any function that would allow users to withdraw their funds. Withdrawal function along with all other state modifying functions were defined in one separate library contract and all the other multisig contracts just forwarded all function calls to that library contract. And some newbie managed to accidentally hack and delete this library contract making all other Parity multisig contracts unusable and all funds permanently locked as you can't withdraw funds from a smart contract unless it has a function that would allow you to do. And of course you cannot change a code of deployed smart contract.

Donaldturp

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Quote from: sinner on November 19, 2017, 06:11:11 AM

Quote from: colvis on November 18, 2017, 12:02:21 AM

What do you really think will be the faith of Ethereum wallet holders in time to come? the rate at which the wallet is being penetrated by hackers and making away with our investment is really increasing every day.
if this continues what do you think will be the faith of the wallet holders in time to come?

after the recent parity multisig freeze, the price went up.. i dont think anybody cares

hackers face an interesting dilemma: if they steal too much ETH, ETH will hard fork.

What is this too much here? If one steals millions of dollars, ETH won't make hard fork, I bet on this. We saw this many times this summer, and ETH never made a hard fork in such events.

And I want to ask, are the vulnerabilities of those wallets are because of ethereum itself or third party wallet providers such as parity and MEW?

colvis

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Quote from: tdeannova on November 19, 2017, 06:43:17 AM

Quote from: colvis on November 18, 2017, 12:02:21 AM

What do you really think will be the faith of Ethereum wallet holders in time to come? the rate at which the wallet is being penetrated by hackers and making away with our investment is really increasing every day.
if this continues what do you think will be the faith of the wallet holders in time to come?

Will be more people who will be interested and use ethereum in the future, this is obvious because many projects are using this platform. Network and the price was quite stable.

I think this problem is not caused from ethereum, what happens now is a phishing attack. Where the site look 100% similar to myetherwallet and we enter there with private key, then also the thief copy our private key and send all tokens to another address.
I am not defending ethereum, but ethereum is one of the best platforms. I hope they will soon find a solution to eradicate the current phishing attacks.

Note: before entering into myetherwallet, we must carefully and check the address of the site correctly, if one different letter it is wrong. do not click the suspicious links we get from slack or email.

you know assuming there is a google authenticator in that platform funds can not been move like that easily without the knowledge of the wallet owner confirming the transfer order.

Ethereum developers should just work hard and find a way to rectify this issue, because most people are being victimize almost every blessed day.

cdb1690

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Quote from: BitcoinHodler on November 19, 2017, 08:02:28 AM

i understand that but the underlying platform is allowing smart contracts to be created with vulnerabilities and easily exploitable bugs like we have seen multiple times and it is not just limited to wallets, there has been lots of other issues too.

You're right, but that's the price one has to pay for having Turing complete programming language. In this regard, using primitive programming languages for blockchain's scripts is actually an important security advantage. Though to be completely fair, you can mess up Bitcoin scripts big time as well, especially if you play with non-standard P2SH redeem scripts. If you mistakenly write an invalid redeem script and generate a P2SH address from that script's hash, nobody will ever be able to spend funds from that address.

BitcoinHodler

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Quote from: cdb1690 on November 18, 2017, 07:00:32 AM

Quote from: BitcoinHodler on November 18, 2017, 06:41:34 AM

it seems like there are a lot of vulnerabilities in the wallet software written by the ethereum development team and they are being found and exploited. this will damage the public view of the whole project a lot but fortunately for the ETH traders, nobody uses these wallets, most of them keep their coins on exchanges ready to go... this is why i believe the price didn't tank hard!

there are a lot of other issues with ethereum too. it is not just these wallet hacks, the platform itself is a bad one with lots of exploitable holes...

Ethereum multisignature wallets are smart contracts deployed on Ethereum blockchain. There's a big difference between standard wallet software that allows you to manage externally controlled accounts and a smart contract wallets. Bugs in the smart contracts do not imply that the underlying platform is not save as well.

i understand that but the underlying platform is allowing smart contracts to be created with vulnerabilities and easily exploitable bugs like we have seen multiple times and it is not just limited to wallets, there has been lots of other issues too.

tdeannova

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Quote from: colvis on November 18, 2017, 12:02:21 AM

What do you really think will be the faith of Ethereum wallet holders in time to come? the rate at which the wallet is being penetrated by hackers and making away with our investment is really increasing every day.
if this continues what do you think will be the faith of the wallet holders in time to come?

Will be more people who will be interested and use ethereum in the future, this is obvious because many projects are using this platform. Network and the price was quite stable.

I think this problem is not caused from ethereum, what happens now is a phishing attack. Where the site look 100% similar to myetherwallet and we enter there with private key, then also the thief copy our private key and send all tokens to another address.
I am not defending ethereum, but ethereum is one of the best platforms. I hope they will soon find a solution to eradicate the current phishing attacks.

Note: before entering into myetherwallet, we must carefully and check the address of the site correctly, if one different letter it is wrong. do not click the suspicious links we get from slack or email.

Jhon3438

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In time to come ethereum will boom if the architect language will manage well because hackers are always there penetrating the site thats why holders are scared because of it. And others are hoping to the ethereum platform because it is a good token that can compete btc as far as i know.

sinner

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Quote from: colvis on November 18, 2017, 12:02:21 AM

What do you really think will be the faith of Ethereum wallet holders in time to come? the rate at which the wallet is being penetrated by hackers and making away with our investment is really increasing every day.
if this continues what do you think will be the faith of the wallet holders in time to come?

after the recent parity multisig freeze, the price went up.. i dont think anybody cares

hackers face an interesting dilemma: if they steal too much ETH, ETH will hard fork.

SONG GEET

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If you are using paper wallet or hardware wallet for generating ethereum address pair than I don't think there is anyway for hackers to penetrate your wallet. I am using myetherwallet for more than year without any issue and never lost anything due to hack or vulnerability.

michellee

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Quote from: colvis on November 18, 2017, 12:02:21 AM

What do you really think will be the faith of Ethereum wallet holders in time to come? the rate at which the wallet is being penetrated by hackers and making away with our investment is really increasing every day.
if this continues what do you think will be the faith of the wallet holders in time to come?

maybe its about ethereum is a good coins and have solid community and teams although we know that the wallet is being penetrated by hackers but its not stop the teams to fix the problem. but if there more bad things that is happen with the ethereum itself, I am not sure that ethereum will be stay for a long time because the investor is only need the safest things in their investment. so if ethereum can not works for good then the investor will be move their money to another coins.

colvis

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I think the best thing for Ethereum developers have to do is to create an authentication in the wallet, before you will transfer any currency from your wallet you must first of all past through your e-mail to confirm it. if not the Ethereum wallet users will continue to grow at risk, which no one will want to risk his/her fund.

cryptonero

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If the Ethereum developers doesnt improve its wallet's security more people will dump their ETHs so the price will go down exponentially.

max6575

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the similar with the chance as releasing use of customs with the chains of token with the blockchain system,
the use might helps of developer to becomes part with the field of the limit with the spares of exhibition to deliver with the secure on administratives as improving stakes with the possession of authorization as the objectives on works with the collateral exchange of relation between partisan with the business on alt eth.

residivis

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it is also still a lot of users bitcoin this forum to find a very good solution and safe for the fore but for now there is no more info about this problem, I've heard to keep the wallet security we must use 2fa verification on email but I still do not understand how to program it until now.

cdb1690

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Quote from: BitcoinHodler on November 18, 2017, 06:41:34 AM

it seems like there are a lot of vulnerabilities in the wallet software written by the ethereum development team and they are being found and exploited. this will damage the public view of the whole project a lot but fortunately for the ETH traders, nobody uses these wallets, most of them keep their coins on exchanges ready to go... this is why i believe the price didn't tank hard!

there are a lot of other issues with ethereum too. it is not just these wallet hacks, the platform itself is a bad one with lots of exploitable holes...

Ethereum multisignature wallets are smart contracts deployed on Ethereum blockchain. There's a big difference between standard wallet software that allows you to manage externally controlled accounts and a smart contract wallets. Bugs in the smart contracts do not imply that the underlying platform is not save as well.

cryptopuma

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It will be more secured if Eth developers are serious about the compromised wallets.In the other hand if not it will be bloody as hell more people will lose their beloved funds.

BitcoinHodler

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it seems like there are a lot of vulnerabilities in the wallet software written by the ethereum development team and they are being found and exploited. this will damage the public view of the whole project a lot but fortunately for the ETH traders, nobody uses these wallets, most of them keep their coins on exchanges ready to go... this is why i believe the price didn't tank hard!

there are a lot of other issues with ethereum too. it is not just these wallet hacks, the platform itself is a bad one with lots of exploitable holes...

Topic: What do you think will be the faith of Ethereum wallet holders in time to come? (Read 399 times)