Can't blame this solely on Tual and The DAO: ...
There are no safety mechanisms built into the SOLIDARITY. There was no attempt to do this incrementally. They released Turing-complete scripting into the wild knowing full well that it must blow up. Very, very unprofessional.
We can't blame this just on The DAO. The root cause starts with Vitalik and his delusions. Casper was another delusion that we knew would fail. How many months and $millions did they waste on that.
In fact, the flaw is in SOLIDARITY: A fundamental flaw in Solidity If you use the call construct in Solidity on external contracts, and if you have any externally-callable functions in your own contract that modify state, you cannot assume anything about the state of your contract after the external call is executed. Agreed, the call construct is OK if you know what code is running. If you don’t though, as I said you can make no assumptions about your program’s state or control flow when that call completes.
And this is why I’m shocked that, of the concepts borrowed from the object-capability literature, Ethereum borrowed smart contracts but did not follow up with capability-safe language and VM design.
And I remember that his was a flaw that I had realized in 2014 would be in SOLIDARITY when I read they would support contracts calling other contracts. I knew over 2 years ago that this exploit would be possible. .. and I'm pretty sure it's also part in the Paradox thread as well... at least plenty hints and warnings. |
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You've made a mistake investing into something so complex (complexity is the enemy of security). How about just accepting it?
Intersting and true. May I reuse this on a BTC context?  |
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Predictable.
There is no real usecase for ETH, no real killerapp, but a big shiny hype.
DAO was just the bubble of the bubble, rushed in to ride the hype without good review.
People should always think of risks, but be free to invest at last.
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Bag hold + Lie your ass off and play games and cash out is the motive / agenda.
That's what the ETH supporters are currently doing. After the hard fork, they all have to work longer as their $50 million will be lost back to the DAO. Let wait and see.
You do realize that ETH will lose all the value that the underlying technology (the blockchain) has? If they take back those coins, they are no better than the Fed and they lose decentralization and immutability. This suggestion is horrible. Nobody should have any right nor power to take anyone's coins in a decentralized system regardless of whether they are legit, stolen or whatever. Correct. After this HF you must call it VBCoin, not ETH. |
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Think of more than 80 mio usless ETH, big down momentum, panic actions of a FED like comitee, inflation...
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Yeh, they need to hurry and try keeping up with Chinese friends or Japan and the rest of the world can only get whats left....
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Maybe it is just all PR
The craziest conspiracy theory is the whales did this on purpose not just to profit by shorting and repurchasing cheaper, but also to create a massive amount of promotion for The DAO. The any promotion is good promotion school of marketing. $50 ETH here we come? (note it could also crash to $1 so please don't think I am offering any advice) Normally it is best to buy when there is "blood in the streets". Ethereum isn't likely dead. So far, CC is a delusion of decentralization any way. The ETH chart is looking very similar to BTC's 2013/14 crash. Note after an extended deadcat bounce, then BTC proceeded to make lower lows and eventually found bottom @150ish. I rescind the quoted speculation. Lower lows seen on the chart now, because of the revelation that ETH is fucked. It's going down, down, down. Game over. The big shit might come soon as the press takes this to damn all cryptos... |
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DAO now is DOA, dead or alive.
More like Dead On Arrival... Dump All Out |
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DAO now is DOA, dead or alive.
Yes, its gone binary.... |
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If all that was done just by standard usage of the code / smart contracts and anybody could do this again with not much effort this looks not like a sharky 'hack attack' rather sth our banks do all the day: looking for opportunities in our hacky regulated financial env..
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Never catch a falling knife!
especially on Jan 15, 2015...  There is no SNB kicking in for fight back this fall... |
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Ceterum censeo BS limitem esse delendam. |
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Do Chinese love to own USD really ?
Or is BTC just the right 'intermediate' / unpolitical currency - so good to have?
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Shouldve bought Monero.
getting the new save heaven ? ... some found NAUT at Polo ... |
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Who ensures that LN does not become bitcoins DAO like experience?
That's not really relevant here. Let's all stop any advanced development because an incompetent team failed with their pump & dump coin? I think not. Peer reviews and extensive testing 'ensure' that. Although one can never be 100% sure. Yes, agreed - so 'good' (sorry) thing this happened already and we are alerted. |
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Who ensures that LN does not become bitcoins DAO like experience?
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We were about to run our project on Ethereum. After hard fork I'm not sure it is a good idea. I don't understand how can anyone use blockchain which could be hardforked by creator's decision.  Well spoken, so how can you ensure he's not moving lots of coins to himself .... |
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