Bitcoin Forum

I'm not sure why people keep posting new threads to make fun with The DAO, Ethereum and Vitalik Buterin. We saw videos, memes and everything, but the truth is that personally this failure makes me angry. 11 days ago, I have launched a topic (https://bitcointalk.org/index.php?topic=1504662.0) where I have shared my concerns on what may happen, but what really happened is even worse. The Ethereum Foundation gathered over $270 million (ETH + DAO crowdsales = the price of both before the "attack"), but allowed this to happen. I'm not really blaming anyone for this, but come on, $270 MILLION for "something" with such omission in the code?! What about people who invested and those who bought at the peak? I'm sure that there are few more millions of $ lost in tradings.

What can ETH Foundation say to these people? "We're sorry", "Stay strong"?! I believe that Vitalik and company should reach to an agreement with the "attacker", take some of the "stolen" funds back, and pay the rest out of their pockets! You have to take some responsibility, though nobody is insured from mistakes, but ETH Foundation are the ones who gave 270 million promises to people.

Finally some common sense. You are absolutely correct in that there is nothing funny for anyone seriously wanting crypto to succeed in seeing the DAO fail. It discredits the whole community and makes crypto look to the common man not worth investing in.

Live by the sword, you die by the sword.  IPO coins are scams designed to enrich the coin issuer, and Ethereum is no exception.  They have no other purpose.  On top of being a scam, it's not even possible to create a decentralized network using proof of stake - they're permissioned ledgers.  R.I.P. you scammers will not be missed.

... and Ethereum is going to less than $10 as we speak.

No it does not.

Eth/DAO failing because of programming errors, Bitcoin failing because of future power cuts to chinese mining farms do not affect the crypto movement in the long run. Eth and Bitcoin flaws have been and will be fixed in other crypto and the show goes on.

All of you people constantly spamming your Eth propaganda were trying to scam others into buying it, and now you're mad you're losing money by knowingly participating in a scam and trying to deceive others into buying?  Numerous people in the Bitcoin world have told you it's a scam.  I've made about 20 threads saying so myself.  Gavin Andresen, Gmaxwell, Luke Jr, Fluffypony, Bob McElrath, etc all said the same thing.  Did it not seem suspicious to you that just about every single recognizable name in crypto who was not affiliated with Ethereum considered Ethereum a fraud?


Completely wrong.  Nobody has created any system better than PoW.  Why proof of stake is useless:

Are you blind? The reason I launched this topic is because I do care about the people. Personally I have never bought a single ETH or DAO. Make some researches before start to blame for no reason.

P.S. It seems that the "attacker" is offering 2000% gains: http://pastebin.com/9MRVDC9h (http://pastebin.com/9MRVDC9h)

I agree with the OP. It is a known flaw in the coding pointed out a few days ago, but nothing was done to prevent it.

You won't get as many investors if it's seen as a risky investment. Crypto needs slow steady increases not boom and bust.

Haha me neither, but r0ach somehow has a gut feeling anybody who ever mentions Eth is a Eth shill and supporter. I am waiting for Eth to go to $5, it's too expensive now after all this drama. Between $5 and $3 will be a good buying opportunity. Too bad I missed the train when it was around a dollar but one should be nuts to buy it this high.

Crypto doesn't need many investors who are dumb to buy too high and particularly buy what they don't understand.

How much has been stolen vs. the marketcap of eth? Is it really enough to crash the market? And wouldn't dumping all the stolen loot on the market in a short time span seem like the worst possible idea to a thief who is hoping for a maximum return on his efforts?

So attacker is scared of the hard fork.

I have the feeling that the attacker could sue them for this. :D He just got the coins by using the code and if they make a hard fork it would be like stealing the funds. :)

I don't think it's funny, it's savvy. A coder found an exploit and took advantage of it. Let's stop this good samaritan bullshit, if you had 3M ether you would travel, do anything you wanted really. You wouldn't have an aristocratic sense to return it, lol.

I would return them...

I agree, there isn't anything funny about this whole situation as we are talking about a lot of money and some people would be out of pocket.  I know we all say only put in what you can afford to lose but even so it is a kick in the guts when something like this happens.

It is quite disturbing so early on in the DAO this was noticed and taken advantage of, hopefully lesson learned and in future things will be tested fully or even bounties set to see if anyone can find loopholes etc.

Who can he sue? The miners will be the people doing the forks, they are around the world. Can he sue them in every country?

You are a good one :) I'm Christian, and they might have gotten some of them back. Not all. A lesson needs to be learned here, by everyone involved in this DAO business.

Exactly 3,641,694.2418985067 ether were "stolen" and they are still sitting in this address (https://live.ether.camp/account/304a554a310c7e546dfe434669c62820b7d83490). The amount in fiat was roughly $78.3 million (because the price of ETH back then was $21.50), not $50Mn like most of the people are saying.

I believe that Ethereum should pay for that mistake, because they gathered hundreds of millions from the masses and now they want people to solve their problem.


It's simple... I could not live with myself and I believe that sooner or later people pay for their actions.

Let me tell you why it's funny.  If you ever click the speculation forum, there are full-time, paid, anti-bitcoin shills.  Accounts like alias "lambchop" have created literally over 500 spam accounts that just post all day long saying "Bitcoin is going to die.  Bitcoin ponzi scheme is over.  Blah blah blah".  These same shills (who probably work for people like Goldman Sachs and JP Morgan) were also spamming "Ethereum is the new Bitcoin" at the same time.

The banker shills took this one right up the ass.  They bought a bunch of Ethereum IPO scamtokens and got raped.  How do you think this piece of shit Ethereum got to a billion market cap while being a scam?  Bankers were bankrolling it.  So for all Eth shills, I salute you:

https://i.imgur.com/nn7NEuf.jpg

Eth is a scam with a artificial marketcap. Out of the 80 million or so coins in circulation 60 million are premined by pre-sale buyers and 12 million were premined by the eth devs. That mean 72 million or 90% of ethers coins are premined. This gets even worse when proof of stake kicks in because it means the network will pretty much be a dictatorship run by premined coins.

Eth has only one purpose - enrich the early adopters and the devs. Once all this boils over vitalik and his gang will be rich and all their supporters will be burned and will probably leave crypto for good. Some of them might come to their senses and buy bitcoins and litecoins but most people in eth are going to leave crypto for good with a sour taste in their mouth.

I congratulate the "hacker" for "stealing" the coins as he found a flaw and took the coins by finding a loophole in the code. The hacker should keep his coins and dump to teach the eth regime a lesson in overbragging and being cancer to the crypto community at large.

Disclaimer: I have stayed away from eth from day one and will never use their platform even if it reachs $100 a coin. For smart contracts i think rootstock or something built on top of litecoin is a better option. 

That lambchop dude still exists? Shit! He was going strong like 2 years ago, around neobees. I swear someone had to be paying that guy, no one has that much time to type forum responses unless they are getting paid. There just isn't a troll spirit bright enough to do all that talking for lulz. There HAD to be profit motive.

Maybe bitcoin killed his family when he was a child.. :(

The hacker will not get his stealing money according to the consensus in the miner community at the moment.

I enjoy eth holders anger. Get rich quick crowds make me nauseous. Same with that paycoin crowd not long ago. Just fucking burn and ride that cancer down to oblivion

I do not see much anger there. I just saw some people enjoy the big loss  of Ethereum and the DAO holders.

Mining pools are voting in TheDAO soft fork: http://ethpool.org/stats/votes (http://ethpool.org/stats/votes). Looks like the majority of the people are for the fork...

I listen that the Dao is attacked again today, is it really? it is true, why the team of the DAO and the ETH have not take action to clear bug? if it goes on ,the ETH will be game over.

Please keep laughing, but remember this...

The DAO is one of the largest crowdsales in history
https://en.wikipedia.org/wiki/List_of_highest_funded_crowdfunding_projects

It is one of the poster boys of the crypto industry

Yes, IPO scammers got burned, banker shills got shafted, idiot noobs got what they deserved, everybody laugh and make merry, bitcoin is the only currency etc etc etc

For weeks I was asking what this DAO is and nobody would answer. ETH wallet is a joke of technology. In fact, all crypto 2.0 wallets are the biggest joke of this industry but nobody is saying anything or taking these devs to task about their crappy technology. People are piling in regardless.

You are laughing while the whole crypto industry is going over the edge of a cliff. Go and laugh with the man down the street about what has happened here and ask him to give over his fiat for your new fancy digital currency that (as he sees it) is nothing more than drugs money for hidden internets. Nothing more than nerds and Russian gangsters trying to get rich. And now a nice big Russian cartel is holding the entire industry to ransom for millions of dollars. Yes, the whole industry. DO NOT FOOL YOURSELF and believe that our precious BTC will not be affected. Outside of this industry people DO NOT TRUST digital currencies. Do you blame them???

So, go and sit down and laugh with your mothers, fathers uncles and aunts who know nothing about crypto except for all the drugs and scams going on in this post modern gold rush. All they know is that nerds want their money in this big global Ponzi scheme. They're not idiots. Tell them that a Russian cartel stole $80m. Make them laugh with you at the foolishness of the investors in the industry (which you are also asking them to invest in!).

Yes, keep laughing. The bags you are all holding will surely be used as the future currency of this planet.

Keep laughing and waiting...

Yup... https://bitcointalk.org/index.php?topic=1504662.msg15152054#msg15152054

Should not have invested in ICO schemes for profit in the first place.

I DO laugh because they have it coming and had acted like assholes defending it all along.

This also will not affect much in Crypto.
Ethereum & DAO are NOT Crypto "Currencies" ..they are CRYPTO-SCAMS !

So Crypto-Currency supporters are laughing & saying "I told you so" sleazy pricks LOL
You deserve it..

NO we are all NOT worried it will stain Bitcoin or Alternative Currencies.

---

EDIT:

It's funny when you watch a thief get what is coming to him..
Or watch a Bully get beat up LOL

That is what WE IN HERE THINK. But what about the general public who you are wanting to use these 'currencies'?

Does this fiasco promote TRUST in the industry? Will they all be rushing in to give hackers and scammers the opportunity to steal THEIR money?

The miners are deciding if a thief will get his theft now. I saw voting about the forks in several pools at the momet.

If the miners decide to reverse this theft then maybe it will demonstrate that in this industry financial theft and fraud can be reversed through consensus.

Maybe there is a silver lining in all of this.

Let's all laugh with the New York Times. It's all so funny.

http://www.nytimes.com/2016/06/18/business/dealbook/hacker-may-have-removed-more-than-50-million-from-experimental-cybercurrency-project.html?_r=2

In the centralised system, this has been reversed many many times, the crminal proceeds have been returned to the victim before.

tl,dr

disagree with title. Had to laugh long and hard. Expecting more comedy later.

https://heatseekerzone.files.wordpress.com/2013/12/lmao-seriously-jpg.png

Day-O (The Banana Boat Song)

- https://www.youtube.com/watch?v=PMigXnXMhQ4

Then that means we've all been living in cloud cuckooland with that term 'decentralized', as crypto miners will always mean that cryptos are centralized through them.

I believe that there are a lot of "ordinary" people from the masses, which bought ETH and DAO at a higher prices. These people deserve our sympathy, because its bad in general to laugh on the other's misfortune....

EDIT: We must first build a better community in order to have a better "crypto-world". So stop with the hate at least in such circumstances...

This will never happen.

A good sentiment indeed ...

Still ... Beetlejuice, Beetlejuice, ... Day-o (Banana Boat Song)

- https://www.youtube.com/watch?v=AQXVHITd1N4

you can't build a better community with greedy people. e.g. almost everything here (btctalk) is about making profit.

It is extremely hard, but it's possible. Believe me, I know...

then tell me please about these communities. i would like to join one of them. because sometimes it is really annoying to see all the trading topics here. or maybe i am just reading the wrong subs.

It may sound like advertisement, and here is not the place (thread) to talk about that, but I am part of a team/community with 12 people from 10 different countries. I have them all on Facebook, Telegram and Twitter, and I can vouch for any of them. It took us more than 2 years, but it is possible.

If my prayers to Satan are answered there will be more loss.
I don't feel sorry for greedy scumbags who ruined crypto to begin with.
All these sleaze balls fucked up our scene by supporting shit for profit.
No i don't feel sorry for them no matter their level of stupidity or greed.
And sorry playing dumb is not going to cut it.

Turning this entire scene into a massive corrupt shitcoins scammy ICO fest
is far worse them a bunch of greedy faggots losing their money.
Fuck 'em !

Drown you little assholes.

I lick your tears and "get off" on your misery  8)

You fuck up the crypto scene then want me to feel sorry for you when karma bites you in the ass ?

Play dumb more innocent poor little ICO scam investards.

Could you describe the mistake you're talking about? What, exactly, did Etherium do wrong? Create a hammer that doesn't prevent you from smashing your thumb?
You might have a case with suck.it (or whatever, the The[lol]DAO creator), but how does Etherium play into this?
BTW, how can you possibly not think this is frikin' hilarious?

If these "masses" were trying to save kittens and feed stray puppies, you'd have somewhat of a point. In reality, these were ignorant opportunists, blinded by unchecked greed, who, in hopes of making an easy buck, "invested" in shit they didn't understand & got pwnt.
This is *exactly* how the free market works, exactly how the invisible hand punishes stupid people for doing stupid shit.
Stupid actions have bad consequences, that's how stupid people learn to not do stupid shit. Take away the punishment, and you break the feedback loop of aversion formation, Nature's own Pavlovian conditioning.

https://bitcointalk.org/index.php?topic=1361602.msg15291910#msg15291910

There's nothing funny about treating the blockchain like a business with centralized investors.

As long as you're aware that you will also share in those losses then it's all good.

Incorrect! Techno-anarchism is all about increasing degrees-of-freedom.

So you promulgate that TBTF lie and manipulation. Do you work for Goldman Sachs?

Say what you will. If crypto dies then every bag shall be a bag of shit.

Crypto won't die you pussy.

It will anneal and get stronger and more decentralized. The centralized clusterfucks will die (https://bitcointalk.org/index.php?topic=1518508.msg15286841#msg15286841).

Any way I could get a concise answer, without having to read through all the (possibly recursive) self-quoting?

I hear that. Then there is hope for the future, you sodden TPTB prick! :D

"Increasing degrees-of-freedom" also tends to increase the possibility of accidentally your life.
OP feels that Etherium allowed too much freedom, by providing a hammer sans thumb guard. And, therefore, should reimburse the "masses" who smashed their thumbs.

"Increasing degrees-of-freedom" sounds all hippy and liberating, until you realize that life is all about *DECREASING* "degrees-of-freedom." The bearings in my car's wheels dogmatically limit the wheel's "degrees-of-freedom," making it rotate in one plane & remain at a specific spot in space rel. the rest of my car.
That's why my car remains useful, and wheels don't roll away, steer me into a tree, or turn into pink aardvarks & start composing Aburdist literature.

<joke>Lol, you stinky brown nose.</joke>  :D

No animosity between us at all. Carry on.

We're all in this together. Your loss or gain is also my loss or gain. Together our stink will be embedded in all cryptos for eternity :D

Speak for yourself, I didn't stick my nose up Butalik's butthole while kneeling and praying.  :D

Rather his than yours! :D

All scams is ending scams

Well done.  8)

But it wasn't an either-or choice.  :P

Speak for yourself ;D

Well done again.

I did.  :P

(I love the fractal nature of our discussion)

I would return them too.

Your paranoia is extreme and scary. And extremely scary. I hope you are under medical observation.

That is because you n00bs don't understand that when you break Nash equilibrium, then you destroy your block chain forever:

https://bitcointalk.org/index.php?topic=1515550.msg15292630#msg15292630

Noobs? I guess that your 1000s of quotes makes you a better person. Keep up the good work, Mr. IKnowEverything.

Couldn't put it better myself. But the BTC shills are blind to their bullshit hate. Any attack on a crypto turns back the time real investors would pile in. Not least crippled BTC and it's pathetic block size and community.

Nope. More publicity just like Mt. Gox. The clusterfuck dies and the well designed code grows stronger.

Sorry if you feel victimized, but maybe you should blame your God Butalik. You can stay in the camp with Jim Jones or you can get out while you still have a chance at $12.

Nothing to do with technology, more about humility. Google it.

Dudes you are in the wrong forum. This isn't Alcoholics Anonymous.

This is a techno-anarchism forum, and all that matters is the code and the game theory, i.e. a meritocracy not an emotional safety net.

The "attacker" was very emphathetic. He offered a 30% haircut (https://bitcointalk.org/index.php?topic=1515550.msg15292630#msg15292630), but you n00bs weren't contented and so you now you will lose everything.

That'll be the MtGox that battered BTC price down to a couple of hundred dollars. Now wonder where BTC would be had MtGox not happened. Any attack on crypto, hurts crypto. End of.

And we are back at $750.

Btw, I expect BTC to rise to $1200, while ETH falls to $1 or even $0.25. The "attacker's" latest offer will soon start to take over the mining of Ethereum. Or Vitalik will call for an emergency fork, which will destroy the sanctity of Ethereum forever (and probably fail because new miners can popup with a majority of the hashrate funded by the "attacker's" offer in order to reject the fork). Either way, they are fucked now because Vitalik pushed for a vote on a fork (destroying the Nash equilibrium), which is forcing the "attacker" to drain the rest of the DAO into miner's pockets.

Guess you were too busy following the forums and call the people names. Bitcoin was dumped to $712 on BTC-e and it is now $733 on average with continuing declining...

You mean we will not see BTC for $150? All this time I've been holding fiat to buy BTC for $150 as you predicted. And gold for $800.

Back at only $750, 2.5 years later. My point is these attacks destroy the trust in crypto so investment drys up and slows. If it's all about the code then instead of attacking crypto for own personal gain, work with it for the betterment of all? See a flaw then highlight it, join the community to create not destroy.

It is not a meritocracy when you pretend to have not read what I know you read before in r0ach's thread:


The $850 gold prediction is from Martin Armstrong, and he says it is still in force.

I had written so many times over the past year or more, that I was tying BTC to gold but that was not certain because MA did not make that link. I said it was possible that my assumption of BTC and gold being linked as private assets might be incorrect. I had always stated that. If you need quotes as proof, you are welcome to ask me for them. But you are wasting my time.

I should remind you that the thread is about TheDAO attack and its effect to the crypto-world. It is obvious that Bitcoin is the king so there is no need to spam.

You are right it is not funny. But people are responding with memes and jokes simply because the Ether hype got so extreme (for example I got spammed with dozens of personal messages on reddit, promoting ether, as did everyone who ever posted on the r/bitcoin subreddit).

It's the extreme promotion that has made people respond with jokes.

I don't care about r0ach, I trusted you and MA. Give me my $150 BTC and $800 gold, you promised these prices, rising exchange rates, dollar strengthening and all that shit. Did you forget your predictions?

What is not funny is how Butalik made this worse at every stage since inception until now with his promotion of a vote, which ruined the chance of a 30% haircut and saving Ethereum from destruction.

And yet spartak_t blames us instead of blaming the true culprit.

We are laughing at how stoopid these guys are. They can't even point their finger in the correct direction.

People should be more careful when investing money online.
There are no police who can save you from online thefts.
However, I pity on those who lost valuable money.
I hope they get back all the money they deserve and are entitled to.
It was so fast, no one noticed. I really hate those who use programming skills for such illegal activities.
Yet, who are we to judge.

I never promised anything. I provided caveats as I pointed out in my prior post. You are just trying to attack my reputation. That is clear for all readers to see. Stop wasting our time on nonsense.

Sorry this is not the Alcoholics Anonymous forum. You should not trust anyone. Trust the code. This is techno-anarchism.

Are you with schizophrenia or something? Have you read this thread, which I posted on 9th June (https://bitcointalk.org/index.php?topic=1504662.0) (8 days before the attack)?!

Your reputation is a troll. MA too. Anyone who makes their trades based on you two's "predictions" will lose money. It's clear for all readers to see that.

I don't know what your problem is, but I don't have time to try to help you figure it out. Sorry. End of this discussion. I've made my points.

You made a dumb claim in this thread about the recovery the DAO funds. I pointed out that it was a n00b level of misunderstanding (https://bitcointalk.org/index.php?topic=1519374.msg15293573#msg15293573). Sorry if your feelings were hurt by the facts. Blame the facts.

This is bad news. when DOA lost most of their coin, the investment and turnover Etherum will slow. This adversely affects the future of etherum thoroughly.

Okay I understand your feelings are hurt by the fact that I shared my speculative opinions, disclaimers, and caveats. Thanks for sharing.

Nonsense. I didn't follow your trade advice, because I have common sense and see a troll from a mile away. I wasn't sure about BTC not going to $150 primarily because it's in the few hands of the Chinese who can destroy it any time, but I was 100% sure gold couldn't get to $800, that's why I saw your and MA's "predictions" as bullshit from the start. But I feel sorry for n00bs who could have fallen into the trap. There were no caveats, it was a matter of fact prediction, same as rising rates were predicted as a matter of fact. None of that came true. Troll you are. N00bs beware.

We are going to see your super coin just as likely as we saw your "predictions" come true.

I never provided "advice". I have numerous disclaimers stating I only share my opinion and this is not be construed as advice. I am not an advisor. Nearly every sane individual on BCT knows that people here are not giving advice and are not professional advisors. This is not Alcoholics Anonymous. Grow up and be responsible for yourself and stop whining. Nobody forced you to read my posts.

Just like my prediction for silver in 2010 (http://www.marketoracle.co.uk/Article23786.html) for rise from $22 to $45 and back down to $26 for Spring 2011, which was exactly correct.

Just like my calls for temporary top of ETH at $6, the first major top at $15, then predicting the fall to $7 and bounce to a double-top at $15. And the final call @ ~$18-20 for an attack that would crash the price. All of which was correct. There are quotes available to dig up to prove this.

There are numerous other successful predictions as well, but I am lazy to type any more replies to your silly waste of time.

Even a broken clock is right twice a day. I am talking about specific predictions you made matter-of-factly. You are too full of yourself, for no real reason. Please don't start on that million dollar coolpage, please.

This iamnotback guy is really something. He would post replies asap, then edit them, adding more sentences and put about 12 million more quotes, which are irrelevant to the subject of the thread.

Some mETH heads are really butthurt.

*Looked around, saw no meth heads, just one lonely troll that nobody listens to any more or pays attention to his supercoin crap talk*.

Probably, but you forgot 4 things:

1. The thread is not about who/what we are.
2. I have never ever traded ETH or DAO's and I did said it about 450 times already.
3. I am here with my realname.
4. It is me on the picture.

So, please, tell me... are you sure you are not with schizophrenia?

I'll repeat again:

Aha.

Don't incite me to quote your banal (irrelevant) references to Biblical verses in our prior technical debate.

So 2 wrongs make a right?

Do it faggot!!!11!! >:(

FFS.

Firstly why dilute any argument you try to bring to the table with petty immature name changing? Like or loath him his name is Vitalik so what issue do you have with referring to him as such?

Secondly, crypto is still an embryonic market? Exactly how you expect Vitalik to adequately respond in a crisis situation is beyond me. He is learning on the job and there is nothing wrong with that especially in such a new market/technology.

Seriously, grow up a bit. Or at least learn some humility. Pathetic.

If the DAO puffs itself up as a corporation, I do think it pretty funny when it's revealed that its assets are stored in something as secure as a kid's piggie bank.

I also find it funny when its participation rate is some 2%, lol...

Nope. You all had a chance to only get a 30% haircut, but you were determined to vote, thus commit 2 wrongs and break Nash equilibrium and lose 100%:


Stoopid.

Damn fucking right and all these guys are side stepping this ugly issue.
Admitting we witnessed the largest obviously paid hype / spam campaign here and across Crypto
..is bullshit !
They had a LOT of "Stories" pre-made and submitted and approved on Coindesk going back to 2014.

NONE of this was possible with out a few millionairess to start the Pump for the dump too.
And there was a dump too !
V. Butterin admitted to dumping a massive fortune (how did he get his coins ?)

Don't forget about the million dollar secret ETH cash-grab in 2014 on launch day.
This was a cold calculating ICO scam from the start !

SO i laugh at them as it all collapses around them as i predicted.

AND..

I laugh at you all when you say it's bad for the Crypto Currency scene when scams are busted.
Sorry but busting up and killing scams is a good thing Investards.
..don't bother trying to lump together your scammy ICO "Scheme" tokens
with the far older and far more respectable Alternative Currency scene.

The public ?
You mean the one i have been railing away at you all for fucking years on end
as you ALL bent over backwards to deny it ?
All of a sudden you are trying to use that against me ?
AHAHHAH I THINK NOT !

The public can do a quick Google search on the difference between ICO scheme and ALT-Currency.
They are not that stupid.

The public is not blown away by techno-jargon & catch phrases..

Turing Complete, Crowd-funding, Block-chain, APP's, platform, ICO, Immutable, Recursive, Angel Investing, ITO, Line trends, MARKETING  ...for profit "schemes"  ::)

We have ICO scams and we have currencies period .

..i support currencies that are intended as such.
..I laugh at all the other "For profit" crap.

By the way i just had yet ANOTHER new account here ask me AGAIN for trade advice via PM.
And it was not very difficult..
This is what i told him people (so bear that in mind when you think scams being killed is a problem for Crypto-CURRENCIES)


PS:
@Minecache
As usual you are a deceitful Fraud who refuses to stop pushing your scammy bullshit.
Even after the gig is up and the game is over.  :D
Desperate little noob bag-holder ..awww i feel sorry for you (NOT)  ;D

Do you really believe this?

People on here don't even know what some of those mean after years of participation. Do you really believe that Joe and Jane public will hear about a Russian cartel stealing $50m in digital currencies (0.5% of the entire industry) and will run to the web to school up on blockchain tech? IMO they will run the other way holding on TIGHT to their fiat wallets.

I've always been an advocate for adoption. sometimes even to a fault. I believe that all our techno-babble is complete and utter bullshit where the public is concerned. I don't think they care if it's centralized, decentralized, turing complete or Nashed hash cakes with Kim Kardashian's butthole tied to the helm. They just want it to work, be easy to use, and they don't want their money lost or stolen. If we can't achieve that then we are all living in cloud cuckooland. End of.

I'm just letting you know what I think we as an industry are up against.

What are you taking about 30% haircut?

In the attacker's original interview, he stated he stopped draining the DAO at 30% drained, as an olive branch of sorts. But this depends of course of you not stealing his rightfully gained tokens with your attempted insecure 51% attack hard fork.

Since you've all voted to steal his tokens, he is forced to drain the rest of your tokens and redistribute them to a new set of miners who will replace your existing miners.

You guys passed up the best chance you had to not lose it all.

Just one point of observation. Although I've got sympathy with people who lost money, this practice of quoting everything in fiat like the OP has done is a bit over dramatic.

Nobody forked over $270 million for anything.

If I have 1 million worthless Ether that I bought for $1, then a market trade occurs where 100 Ether are exchanged for $20 each, that suddenly values my $1 Ether at $20 Million. Doesn't mean I paid $20 million for them. I still only paid $1.

So, I say to the original poster - yes, bugs occured and people lost money, but nobody ever had $270 Million and it's disingeneous to keep quoting fiat values for anything other than notional appraisal.

An exchange rate movement is not the same thing as an actual trade so if you're being honest, the amount lost in terms of $dollar trade is very small compared with the figures you're quoting.

I do not understand why the Ethereum Foundation does not drain the DAO to a child DAO? That could save something.

Agreed, but I did in on purpose. And do you know why? Because most of the people are measuring their holdings in fiat (or Bitcoin), and like the "attacker" said - "Money talks". I hate it, but its the truth...

Lets examine who are the real group at fault here based on the extent to which each stakeholder acted in a professional manner according to their role in the whole debacle:

Ether Devs: As far as I can see have acted in good faith. Tested the network for a long time before going live. Network has performed more or less as expected.

DAO Devs: Wrote a script to run on the Ethereum network. Tested it. Not well enough as it turns out but no software can ever be tested to production standards without actually being in production so there's nothing new there. Maybe 6 out of 10 but not jail material.

DAO Investors: Bought a product with no assets, no equity, no premises, no projects, no clients. no staff and no reserves. Did not attach any conditions to their funding. Did not request any security nor any quantification of return on investment.

Lets compare the due diligence carried out by the DAO investors compared to a regular benchmark - a bank lending on a property purchase.

https://i.imgur.com/e4e5SSh.png

I'm maybe being a bit harsh on the equity front because DAO holders did actually receive tokens for their investment which gives them a share in the fund that's tradeable. However, the difference is that the loan is always owed back to the lender whereas the DAO was always going to get drained, whether by hack or through spending.

Also, note this: A good while before the DAO got going, I messed around with the concepts on this page here which show you how to create your own cryptocurrency on top of Ethereum:

Copy, Paste and make your own DAO  ;)
https://www.ethereum.org/token

I found this very interesting and saw lots of uses for it. However, when the DAO emerged, I did get a bit of a fright when I realised that somebody had basically just applied that bit of code and asked people to invest in the resulting tokens. It's something that anyone can do - make your own money and sell it.

Obviously, since it's just a piece of code and not an actual asset with a long and robust trade history like, say Bitcoin which has nearly 8 years of growth behind it, its value is basically zero unless the investment has some other conditions backing it that help to insure the veracity of the contract.

So who is really at fault here ? To me, the DAO was ridiculously overvalued and the blame for that lies squarely at the door of investors for not doing due diligence.

Also, as far as the subject of the thread goes, despite the serious side, there is some humour to be had out of the sight of such a frenzied feeding fest that turns its participants so abruptly into a hapless flock of newly shorn sheep.

https://i.imgur.com/PI8AlbF.png

Thank you

I was extremely frustrated, when the DAO crowdsale finished, because (at least to me) it killed the concept of the cryptocurrencies (or tokens/assets... whatever). I'm not gonna call it a scam or a failure, but I will never invest in it....

Will you use the DAO based on the bitcoin? I heard there is such a platform being build based on the bitcoin.

Hundreds of outright scam coins/bitcoin-related scams didn't do it for you, OP?
But The DAO did?

He might the owner of the DAO. I do not own any DAO, but I feel frustrated. I am a miner, I will make sure that attacker does not get anything.

It is funny, however, to let kids do programming

There is a white hat attack. It seems most coins are secured.
https://np.reddit.com/r/ethereum/comments/4p7mhc/update_on_the_white_hat_attack/

"Don't worry, the DAO is being securely drained"

How long before you realize?

*cough*
https://s32.postimg.org/9jg60yqqt/Capture.jpg
https://s31.postimg.org/xk39a809n/hownow.jpg
http://coinmarketcap.com/assets/the-dao/

I do not own any DAO's or Ethereum. I was frustrated, because they gathered so much money, yet allowed this to happen.

I am very surprised as well. They have so much money, but they did not write the code properly, it was hacked.

It was not hacked
It was not hacked
It was not hacked.

Get it through your head. It was a poorly written contract full of holes that was executed and run and did exactly what it was supposed to do.

The question is why should the dao people continue to trust the imbeciles who made that contract.

Lawyers everywhere take advantage of loopholes.


The dao had one you could drive a truck through, no a plane, no an ocean liner, no a star destroyer

Wow, are you sure? Do you not own any DAO's or Ethereum? That's coin have a good future. The price always increases and back to normally before and after getting attacked.

https://i.imgflip.com/16bgqz.jpg (https://imgflip.com/i/16bgqz) (https://imgflip.com/memegenerator)

I think the Ethereum Foundation has to do a lot of work to win back the trust of the investors. That bug has lost investors a lot of money.

https://www.youtube.com/watch?v=gabbgFdwZnM

Like all coins there a bassed on mostly trust in the future. And DAO mostly lost that future with this code fuckup.

If we can learn from the DAO disaster and make the code more robust, it will be much better for the future.

See the date, see the notice.

https://np.reddit.com/r/ethereum/comments/4p9z93/it_seems_attacker_just_targeted_the_whitehatdaos/d4j7ldn

fun  ;D ;D ;D

and yeah OP, i agree with you. but the main point of making jokes with these is the fact that people still buy ethereum... even with that said in this topic people still belive... that's not hope, that stupidity.

That is old news. Today we have the hard fork:
https://www.reddit.com/r/ethereum/comments/4r9yud/the_current_hf_status/?st=iq9k6bus&sh=d4303e35

From what I see there, most people support the hard fork. So maybe the hard fork will be implemented.

The problem is that if the DAO holders get back their Ethereum, they might dump the coin immediately.

But I heard most of the DAO holders are long term investors of the Ethereum, they might not dump to fast.

Sooner or later they will reach a breaking point. In 2 - 3 years I think some of them would have to dump if no bank or company uses the Ethereum blockchain. We've seen this happen to NXT, Bitshares plus others. They just fell from the top 10 at coinmarketcap.

So the Ethereum needs some continuous development of the platform so that it can be used by institutions.

In the Ethereum blog, there are still reports about the developments.
https://blog.ethereum.org/2016/07/11/taylors-summer-update/

Ethereum has made regular disingenuous claims just like NXT and Bitshares did.  I agree with your assessment where Ethereum will fall from the top 10.  If you trust serial liars then you're asking for your money to be stolen.  

- Vitalik Buterin claiming he would write his own programming language from scratch, which he has yet to do and never mind it took languages like Java 10+ years to work out the bugs and train developers.
- Ethereum spammed about IBM Adept, but Paul Brody has left IBM and Project Adept has been canned (AFAIK).  
- Dapps was spammed like the second coming of Jesus, but it all amounted to illegal gambling apps and the internet is already full of them with millions of users and there's no reason for those users to go to Dapps.
- "Smart Contracts", more like "Smart Theft", which put $150 million at risk.


The red flags were present in Ethereum before launch.  Some Blog Editor who was passed off as a programming prodigy (when all he had were media connections, at best).  PhD Philosophy founder whose prior employment was a bankrupt DJ sound company.  Other staff at Ethereum, according to their linkedin, hadn't work a day since DotCom...


Call it what you want, whether it is hype or scam, but Ethereum is just plain bad.

The red flags were there before the launch, why did people invest it. Also why do miners still securing the network?

I did mention some pre-launch stuff but there is more.  They actually had a first IPO based out of Canada and it was shut down within days - whether by themselves or the legal authorities is uncertain.  It's a red flag if they had rehost an IPO oversea and hide behind subsidiaries.

Why do people invest in it?  Are you certain it was many?  Vitalik's blog detailed the top 100 addresses owned nearly half of the IPO money and addresses are not people.  Ethereum had backing of some Bitcoin whales and Bitcoin media (Vitalik was the editor for Bitcoin Magazine), a pretty good combination if you want to ICO / pump something into the stratosphere.

So these big bitcoin guys have lost a lot of money during the DAO hack. Maybe they will try their best to revive it.

They already lost a lot of unrealized money by trying hard to keep keep Bitcoin alive.  Almost 3 whole years and nowhere close to $1250, even during the halving which people claimed would send the price up.   ::)

Same will happen to Ethereum.  Nobody is going to touch Ethereum with a 10 footpole, especially after that critical piece in the WSJ and this $150 million being put at risk on DAO.  Never will see $18 again.  Ethereum will just sit there and stagnate for years until it is sidestepped by another alternate.

I bought some bitcoin when the price was $60. So I also lost lots of money after the price rose to $1200.

I think you need to go back to basic math class. :P

AFA there being nothing funny about the DAO hack, well I thought this was funny. :)

https://www.youtube.com/watch?v=Ik4DpbVQxlA

I thaught it was funny... It happend just hours after i sold all of my eth that i had mined over the previous 3 months.   :D
I got a real good price, i got out at $19, havent mined it since.  :D

I may buy back in at $2...  After all,....   things blow over....   
You lot still enjoy eating British Beef 15 years after we inadvertently managed to export Creutzfeldt-Jakob disease around the world?  :o

I wish you can buy back at $2. But if the Etheruem price drops to 2 dollars, it means it is a dead coin, there is no point to buy.

The Ethereum price is still over $9, after so many fud about the hard fork. So when the fork comes, the price might even rise.

It is difficult to say. At the moment, there are about 30% of the miners do not want to hard fork, so the price might drop.

Hard Fork Voting and Node Adoption Results - Constant Updates

https://www.reddit.com/r/ethereum/comments/4tffta/hard_fork_voting_and_node_adoption_results/?st=iqsyuhdd&sh=7457dd97