Bitcoin Forum

So the DAO is getting drained as we speak. 150 million investment into crypto gone just like that.

So how will this effect the bitcoin price?

As you can see , those three coins who came from nowhere and bypassed all other altcoins are going down. They are simply a pure manipulation ..and here is how they went down in the last 24 hours :

https://i.imgur.com/uGLJewD.png

I don't want to laugh at their misfortune, but that is exactly why I don't like altcoins. They are too unstable, too unpredictable and too risky.
It is sad that people instead of focusing on making the best digital currency even better want to waste time and effort on possible pump and dump altcoin schemes.

More Info about this case here: https://www.cryptocoinsnews.com/ether-price-plumets-ethereum-dao-may-be-hacked/ (https://www.cryptocoinsnews.com/ether-price-plumets-ethereum-dao-may-be-hacked/)

This is majorly serious shit..... Eth might not recover if  there is a holes in their code that can lose $150 million dollars in an hour....

Still unclear  what happened

Is it the DAO or eth that got drained?

just look at that massive btc dump bringing the price from $770-$780 to very low $700's. i don't think the panic has ended yet. i think we might very well see the price dive below $700 today or tomorrow.

Eth will recover for sure.  But, they will see many similar attack vectors in the future just like this one.  The quick way to learn about these is to lose $50 million in an actual attack.  After a day or two of hard work, the patch is done.  But, Eth is going to have many more attacks in its future.  But at the end of the day it is totally going to blow bitcoin out of the water. 


$50 Million - that sure is a big bounty. 

Wait so if I understand correctly DAO is an organization that has $150m at its disposal to invest in Ethereum-based projects and some hacker managed to drain $50m out of the organization's wallets? Is there a vulnerability in the Ethereum network or something went wrong with the DAO's security maintenance? I have been out of the Ethereum loop for a while and now I am reading that the DAO operators are helpless at figuring out the hack this is hilarious. Here is the address with the hacked ETH: http://etherscan.io/address/0x304a554a310c7e546dfe434669c62820b7d83490

I think this is just the effect of bitcoin its in demand in other exchange site or almost all exchange site i think its in demand and more investors are now converting in bitcoin because they believe that bitcoin price will increase more.. thats why ethereum and DAO are decreasing..

etheruem is a scam i was always thinking about it as a scam, from the moment vitalik dumped his 1M worth in ethereum, i would not invest a penny in that thing, the fact that it is worth 1B is ridiculous, that money should be in bitcoin

could not agree more. vitalik dumping 1m was the thing that got me to go the other way.

WOW, this is huge!

Why is this affecting all other markets and not only Ether/Ethereum markets?

I'm the only one who thinks this is pure manipulation ? how can you guys tell that this is not another "we got hacked" scenario ?

That was what I'm thinking too. Even lisk was down 14% at some point.

Many uninformed holders are having a panick attacked hence they dump all their altcoins? Almost all coins in Poloniex are in blood bath.

Because the entire Ethereum team is shitting bricks trying to stop it.  It is not a scam.  It is a major hack attack.  First of many to come.

Good time to buy lisk lol

True, but it got knocked down more than Ethereum! Now recovered more.
If it had happened with LISK, I think they could have tried to just kill the sidechain.

Found this "but so far it seams that hackers ETH are locked in that child DAO contract and can't just be sent anywhere else and dumped"
So, looks like the Hacker just created a scare.

In the mean-time Vitalik has tried to get all trading to stop. This is not what is supposed to happen in a decentralized system, nobody should have that much authority.

https://i.imgur.com/bhLluho.png

if you have money in a shit "decentralized system", would you prefer to lose all your funds or accepting that someone can stop the tradings and returning your funds back ? :)

Subjective bias is invalid in this argument. In other words, ETH is not decentralized. The hacker is the lesser evil here.

Bitcoin is also not decentralized.  G.Maxwell and Blockstream own it by way of consent from some skinny feeble Chinese miners who amassed way too much power in one place.  Bitcoin is even more fucked that ETH.  At least ETH has a cooperating team building great shit.  Bitcoin has awesome in-fighting and zero progress over about two years.

It's only until he rolls back the chain, then it'll be us bitcoin holders' turn to start panicking (https://web.archive.org/web/20150810141857/http://bitcoinmoney.com/post/53207712103/your-bitcoins-are-not-safe-at-alt-coin-exchanges). :-\

Why do all the OP starting new threads on the DAO exploit mention Ethereum? - there are no exploits or attacks ongoing with Etherium.

'This ETh - Dao news is big today even on  exchange trollbox. What really happened? Hope they will fully recover after this "attack"? While bitcoin is fast rising, here we are monitoring this coins. Hope will not result into too much loses.

Because there are rumours that it will be "fixed" by rolling back Ethereum's blockchain, which would be Very Bad.

Diagnosis: Litecoin bagholder.

FFTY

u should probably check the news ...........eth/dao took a beating aboput 2hrs ago worth about 50 mil usd

I have checked the news and I understand that as Eths biggest smart contract DAO is dragging on price of ETH. However when starting new threads on DAO hack it is disingenuous to talk of an Eth hack.

Not that I have any ETH - but an ETH catastrophe would set the ALTs back years - even if it is caused by market sentiment due to the DAO issue and not any inherent problem with Eth itself.

they maybe able to hard fork so the hacker can not spend the funds ive just read ..........
maybe all hope is not lost yet .......but still a nervous time for DAO/ETH users all the same...
some threads on reddit say the DAO is still being drained ...........

Gulden is the only real project I see but in crypto it's only scams and ponzi schemes that get pushed. This is why the central bank fiat system will still win even with it's flaws because the people pushing these alt scams are worse then the central banksters.

Anyways if Gulden ends up failing I will just keep the btc I have and rather invest in physical Gold and Silver.

more details : http://www.financemagnates.com/cryptocurrency/trading/the-dao-falls-victim-to-cyber-attack-leading-ethereum-to-crash-over-20/

looks like DAO is going to simply open for withdrawals thats it. Or is that just fud?

No. As soon as they do something like that, it proves that the statement of this coin being beyond the influence of 'governments' and whatnot was a lie.

If by simply you mean doing a change that is the equivalent to coin control (which is frowned upon) in a decentralized system (which isn't decentralized anymore), then yes.

It won't help the bitcoin price. Bitcoin needs other coins to remain high and then sold into bitcoin. Also, any mention of hacking puts off members of the general public off all cryptos.

btc UP because money does need to go somewhere when the air is being let out from ETH

Remember when bitcoin hard forked multiple times because someone created 9 billion bitcoins?  Oh you don't? That's because you're a pesky noob

There are high volume btc/eth markets that have been see sawing the price of both coins. If eth goes down bitcoin often goes up because of those markets. If eth hard forks those eth locked in the DAO will get released around about the bitcoin block halving date. If they get dumped for bitcoin it could pump bitcoin much higher.

False analogy. Stop defending altcoin which don't deserve defending. In this specific hack, no additional coins were created (which was the case with Bitcoin), neither were the specifications altered. Read:
https://ip.bitcointalk.org/?u=http%3A%2F%2Fi.imgur.com%2FLZB1EFI.png&t=565&c=-MQP6AI2g7aaCA

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Resorting to ad hominem when you don't have proper arguments?

Methinks people that saw a safe haven in eth and it's dao tokens, may want to rethink that strategy ATM. Btc is king of the roost for the moment, eth just blew it for a while with this.

Amen. This is directed governance. To hell with a distributed, anonymous version of this.

BTC is 7 years old, decentralized and never had a rollback because of stolen coins, never had satoshi acting like a dictator frozing funds on an exchange to avoid panic selling.

ETH is fucked beyond salvation, only 1 year after.

Hahaha you're... you're crazy, man. I like you, but you're crazy..

https://s-media-cache-ak0.pinimg.com/736x/3d/64/2a/3d642ad759bfe373bc24029dda482d9f.jpg

Eth is fucked.  Proof-of-Vitalik centralized fail, scam, ipo, its all facts.  All principles go out the door when you reverse transactions from theft. They should take the hit in the market, and rebuild like the system was designed for. Don't reverse transactions and tarnish the entire meaning of crypto. hahaha fail.
Fiat fail, fedcoin fail, hehehe

Indeed, this is looking really, really bad for ETH holders. Im so lucky I was able to sell my ETH right before Poloniex frozen them.

https://twitter.com/MandelDuck/status/743812807682973697

DAO will likely not recover from this , even eth is dropping like a stone
hopefully there is not more hacks they have not found out about yet .........