CRITICAL UPDATE Re: DAO Vulnerability

[onemd]

So the hard fork to recover the ETH means Ethereum is not decentralized. It is a top-down controlled fiat system.

that's what it looks like, disappointing moment for crypto, vitalik is making a big mistake with this one ...

Well, what as he supposed to do - that was a massive amount of dumpable ETH that DAO thief was (still is!) accumulating

The amount of coins stolen by the thief will be invalidated. There will be no loss to the DAO owners according to the developers.

[glerant]

The amount of coins stolen by the thief will be invalidated. There will be no loss to the DAO owners according to the developers.

But the ETH holders who have nothing to do with DAO could suffer huge potential downsides like loss of confidence (Hard Forks), moral hazard.

If I were a non DAO bagholding ETH bagholder I would be pretty pissed if ETH did this.

[spartacusrex]

The amount of coins stolen by the thief will be invalidated. There will be no loss to the DAO owners according to the developers.

!??!?!

The WORST thing they could do.. I'm sorry lads, but that is really VERY bad. Anyone could be next.. don't piss the ETH devs off.

'Too Big To Fail'.. in our own back yard.. 

[pufuletz]

The amount of coins stolen by the thief will be invalidated. There will be no loss to the DAO owners according to the developers.

But the ETH holders who have nothing to do with DAO could suffer huge potential downsides like loss of confidence (Hard Forks), moral hazard.

Plus dilution as people dump ETH and say bye to crypto - including all the new blood that was drawn into the DAO/ETH these past few weeks.

ETH looked "clean" compared to tarnished BTC. That was a huge part of its brand/premium. Well, now? Not so much...

[joey.rich]

This response by Ethereum is completely against their stated ethos, but compared to letting scammers run off with $50 million, probably worth it.

Decentralized technology and decentralized governance are two very different things.  There's no question that Ethereum is based on decentralized technology, but their response to this incident (taking away someone's money by reversing a bunch of transactions) proves that Ethereum isn't decentralized in the same way that Bitcoin is - I cannot imagine the Bitcoin core team reversing a bunch of transactions to a particular Bitcoin address in response to a bitcoin scam.

[BellaBitBit]

So the hard fork to recover the ETH means Ethereum is not decentralized. It is a top-down controlled fiat system.

that's what it looks like, disappointing moment for crypto, vitalik is making a big mistake with this one ...

Well, what was he supposed to do - that was a massive amount of dumpable ETH that DAO thief was (still is!) accumulating

Exactly, what would you do in this case?  I am going to leave it to Buterin to figure this one out.  Someone does not want ETH to go where it is inevitably headed.  This is going to be an interesting weekend...but again, please submit your proposals of a solution since you know.

[gustav]

1 Billion USD down the toilet isn't good for marketing crypto

The money isn't lost. It's only transfered.

[asdalani]

1 Billion USD down the toilet isn't good for marketing crypto

The money isn't lost. It's only transfered.

It depends on the thoughts of the miners. If the miners decide to freeze the funds and do a reversal, the money is not lost.

[speaktome]

A little art fast.......