yefi
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June 17, 2016, 04:30:30 PM |
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The worst is yet to come. Vitalic has switched the DAO to use Proof of Vitalik for security with a planned HF to arbitrarily freeze peoples assets and is currently making demands that all exchanges halt trades by his decree so investors cannot flee a burning building. He is undermining not only the trust and reputation of the DAO but in Ethereum as well. I expect slow capitulation after a sharp correction when some of the exchanges allow deposits again.
Yep, the markets haven't digested the full implications of this. The drop has also wrecked ETH's technicals. |
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No Gods or Kings. Only Bitcoin
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Juhagic
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June 17, 2016, 04:38:28 PM |
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Well the DAO may be a failure but ETH certainly it's not. The problem was in the smart contract code (not in ETH platform per se). No ETH was stolen because there were security barriers installed from the start and Vitaly and crew seemed to respond as fast as they could, so that's what affecting the price right now, it was a major hiccup but nicely handled.
I would say the DAO has no future, it was already chaotic to begin with and this may have been the last nail on the coffin but you never know, maybe it hangs around and recovers.
Eth suffers from the same problem the DAO suffers from - Turing complete with an extremely large attack surface. Not only that is they are doomed either way now . If the developers and miners perform a HF and seize the properly earned coins(remember code is law in smart contracts and technically the "hacker" can sue if a HF occurs) , than they open themselves up to regulatory exposure and will need to hire a bunch of lawyers and at the same time undermine the trust in the network. What happens when the FBI knocks on the Ethereum foundations door and asks for another soft or HF to disable or freeze assets on a naughty smart contract? If they don't HF than there is a "hacker" with 3,641,694.24 ETH on a coin that is going to PoS algo . Good job. You mETH heads really have convinced yourselves that we are simply attacking Ethereum because we are jealous when we have been around long ago and decided to pass on the IPO specifically because these security concerns. Ethereum will literally have to remove it most special feature - being turing complete - to become more secure...good luck! The Ethereum Foundation can make a soft/hard fork as requested by the FBI or other authority. But I will not use that code. |
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BitUsher
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June 17, 2016, 04:38:39 PM |
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 Is code law or buggy software that can arbitrarily be overturned through a social consensus of those with the most stake? |
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BitUsher
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June 17, 2016, 04:41:55 PM |
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The Ethereum Foundation can make a soft/hard fork as requested by the FBI or other authority. But I will not use that code.
Be prepared to have a team of developers ready to change the algo on your weaker PoS chain to protect against the stakeholders in the larger chain that accepts the fork. I can't wait to hear what the proposed threshold is going to be with this HF and see it get blocked by miners who oppose it or the "hacker" themself. 5% of 3600 GH/s is easy to come up with and shows you really how insecure ethereum is. Good news for ethereum is that the HF is unlikely to go through at least initially. Bad news is that devs will either be forced to use the nuclear option with a soft served HF or manipulate the threshold to push their agenda through. All possible outcomes are horrendous for Ethereum. |
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socks435
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Privacy is always important
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June 17, 2016, 04:45:21 PM |
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Looks like ethereum deceases now a days the same as DAO.. looks like they are the same owner..
So better to convert my few ethereum in bitcoin.. to make profit while the price of bitcoin is increasing.
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Solving blocks can't be solved without my rigs.
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Spoetnik
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FUD Philanthropist™
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June 17, 2016, 05:04:46 PM |
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The market disagrees. Folks are buying back in again. Saying that the Ethereum team has done a good job.
I don't get it
I see plenty of blood on the streets, and looks like a bull trap or dead cat bounce, but regardless the longterm credibility is now going to be tainted and haunt not only the DAO but ETH as well. DAO turned out to be a CAO ... and a too big too fail cow too, a sacred CAO It's going to fail eventually. Too many flaws. It's just a matter of time in my opinion. Until then i am still going to invest in it for short term trading. Bitcoin also had many flaws in the past. These flaws were resolved. Bitcoin is stronger than ever. So is the Ethereum. ETHEREUM IS NOT BITCOIN. |
FUD first & ask questions later™ |
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BitUsher
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June 17, 2016, 05:11:18 PM |
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Bitcoin also had many flaws in the past. These flaws were resolved. Bitcoin is stronger than ever. So is the Ethereum.
You understand that fixing Ethereum involves both rewriting most of its protocol and removing one of its primary raison d'être's? In order to fix Ethereum you need to remove its functionality of being turing complete and than all you are left with is another weak PoW alt / ICO scam that will switch to PoS. Sure is will continue to exist like all the other alts but will slowly capitulate like Nxt and Bitshares who once dominated the top 5 in Market CAP. |
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yefi
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June 18, 2016, 03:53:03 PM |
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ETH holders learning what fear is right now...
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mtnsaa
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June 18, 2016, 04:51:20 PM |
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ETH holders learning what fear is right now...
Yes this is something completely unexpected but it also comes with the territory if you have above 1 Billion market cap, similar to what happened with Bitcoin. I don't think Ethereum will crash & burn because this is not really a bug in itself, it's a bug in the smart contract however this implies that there will be many similar scenarios in the future (well we already knew that...any code could have bugs). ETH platform can't really be held responsible if someone decides to write a smart contract to scam people... The problem here is that the DAO had ETH curators on board and many knew and looked at the code but couldn't fix it or didn't even noticed it. The whole thing was a rushed experiment looking for a problem and now it's a major hole in the ship. I'll definitely buy in at less than $5 if it comes to that, after bearish sentiment clearly breaks. BTC maximalists are having a blast! |
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RastoMan
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June 18, 2016, 04:59:03 PM |
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Looks like ethereum deceases now a days the same as DAO.. looks like they are the same owner..
So better to convert my few ethereum in bitcoin.. to make profit while the price of bitcoin is increasing.
The DAO is worth about 0.01 Etheruem when it first converted, so there is a ratio between. They will move in the same direction. |
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fullzero
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June 18, 2016, 05:46:56 PM |
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ETH holders learning what fear is right now...
Yes this is something completely unexpected but it also comes with the territory if you have above 1 Billion market cap, similar to what happened with Bitcoin. I don't think Ethereum will crash & burn because this is not really a bug in itself, it's a bug in the smart contract however this implies that there will be many similar scenarios in the future (well we already knew that...any code could have bugs). ETH platform can't really be held responsible if someone decides to write a smart contract to scam people... The problem here is that the DAO had ETH curators on board and many knew and looked at the code but couldn't fix it or didn't even noticed it. The whole thing was a rushed experiment looking for a problem and now it's a major hole in the ship. I'll definitely buy in at less than $5 if it comes to that, after bearish sentiment clearly breaks. BTC maximalists are having a blast! ETH will fork to save the DAO; and in so doing, it will attract even more bank capital. Personally I'm going to wait until 7$ then exchange some BTC and wait for the uptick. I wouldn't be surprised if one of the ETH devs is the DAO hacker, trying to grandstand for the banksters. |
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mandica
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June 18, 2016, 06:02:48 PM |
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ETH will fork to save the DAO; and in so doing, it will attract even more bank capital. Personally I'm going to wait until 7$ then exchange some BTC and wait for the uptick.
I wouldn't be surprised if one of the ETH devs is the DAO hacker, trying to grandstand for the banksters.
Do you mean the money from big whales? I thought the big whale did not have the chance to exit yet. |
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fullzero
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June 18, 2016, 06:11:20 PM |
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ETH will fork to save the DAO; and in so doing, it will attract even more bank capital. Personally I'm going to wait until 7$ then exchange some BTC and wait for the uptick.
I wouldn't be surprised if one of the ETH devs is the DAO hacker, trying to grandstand for the banksters.
Do you mean the money from big whales? I thought the big whale did not have the chance to exit yet. There are numerous exchanges that support ETH / USD. Even BTC is only a drop in the pond compared to traditional banks and financial exchanges. |
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nitesh1995p
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June 18, 2016, 06:13:21 PM |
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now ether price has gone down and down..stored some ether from price to increase  |
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Hyena
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June 18, 2016, 06:28:16 PM |
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I have come here tonight to chew bubble gum and dance on Ethereum's grave. And I'm all out of bubble gum.
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log2exp
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June 18, 2016, 06:32:03 PM |
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There are numerous exchanges that support ETH / USD. Even BTC is only a drop in the pond compared to traditional banks and financial exchanges.
Looks like you are one of the ETH whales holding the bag for buyers. |
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fullzero
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June 18, 2016, 10:45:56 PM |
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I have 28 ETH from mining currently.
I have no faith in ETH as a store of value; however it's extreme volatility makes for insane profit.
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Minecache
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Vave.com - Crypto Casino
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June 18, 2016, 11:02:57 PM |
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I have come here tonight to chew bubble gum and dance on Ethereum's grave. And I'm all out of bubble gum.
Pathetic. |
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yefi
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June 18, 2016, 11:20:22 PM |
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Yes this is something completely unexpected but it also comes with the territory if you have above 1 Billion market cap, similar to what happened with Bitcoin. I don't think Ethereum will crash & burn because this is not really a bug in itself, it's a bug in the smart contract however this implies that there will be many similar scenarios in the future (well we already knew that...any code could have bugs). ETH platform can't really be held responsible if someone decides to write a smart contract to scam people...
The problem here is that the DAO had ETH curators on board and many knew and looked at the code but couldn't fix it or didn't even noticed it. The whole thing was a rushed experiment looking for a problem and now it's a major hole in the ship.
I'll definitely buy in at less than $5 if it comes to that, after bearish sentiment clearly breaks. BTC maximalists are having a blast!
It was only by fluke that the default send function wasn't affected thanks to its limited gas supply - otherwise every smart contract out there could have been vulnerable. Writing smart contracts is made out to be a casual undertaking, like coding a web page, but it's not. Further, when a flaw is found, there's currently no way to upgrade the smart contract to fix it. This isn't the end of ETH, but it's not going to be pretty either - while there'll probably be a rebound from the current sell-off, I think this could be the beginning of a multi-month bear trend. |
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