The DAO FAIL

[MySecondCunt]

This happened to first ever MAJOR Ethereum based contract.

What do you expect in the future? Forks, forks and forks.

Smart contracts don't work. There will always be bugs.

I of course stand corrected, if Ethereum can provide a bug-free utopia.

The first time you try to drive a nail with a hammer, you smash your thumb.
From this, according to your logic, we proceed to infer:
    1. You should give up. If the first attempt failed, the second could only fail harder.
    2. Your sore thumb is not your fault, it is the fault of Etherium the hammer. For not having a childproof thumb guard.
    3. A hammer without a thumb guard is useless.

Am I reading you correctly?

No, I am saying Ethereum will probably sell as well as head mounted toilet paper dispenser. It's pointless, expensive and there are way better and cheaper methods to achieve the same.

You are free to think whatever you want, though the rationale you have offered to back your opinion is junk.
In the meantime, I'll just leave this here:

https://s33.postimg.org/wphzy4usf/froz_l.pnghttps://s32.postimg.org/se0dnj4ut/Capture.jpghttps://s33.postimg.org/5l5sfkbmn/froz_r.png
http://coinmarketcap.com/


Yeah, that's how well the toilet paper dispenser is selling right now

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[kattokassinen]

This happened to first ever MAJOR Ethereum based contract.

What do you expect in the future? Forks, forks and forks.

Smart contracts don't work. There will always be bugs.

I of course stand corrected, if Ethereum can provide a bug-free utopia.

The first time you try to drive a nail with a hammer, you smash your thumb.
From this, according to your logic, we proceed to infer:
    1. You should give up. If the first attempt failed, the second could only fail harder.
    2. Your sore thumb is not your fault, it is the fault of Etherium the hammer. For not having a childproof thumb guard.
    3. A hammer without a thumb guard is useless.

Am I reading you correctly?

No, I am saying Ethereum will probably sell as well as head mounted toilet paper dispenser. It's pointless, expensive and there are way better and cheaper methods to achieve the same.

You are free to think whatever you want, though the rationale you have offered to back your opinion is junk.
In the meantime, I'll just leave this here:

http://coinmarketcap.com/


Yeah, that's how well the toilet paper dispenser is selling right now

How do you fix something that inherently doesn't allow fixing?

I find it hard to believe that there will be any mass adoption for such product.

Why wouldn't I choose my own centralized contract that works with NEM's Mosaics, for example? With centralized contract I am able to fix any flaws there might be.

Additionally, why would I develop new decentralized contracts for Ethereum network when I have my superior centralized contracts done already? It would be an expensive operation for any corporation.

I just don't see any reasons why I would use Ethereum network. I'd be scared to hell of any bugs.

[Glimpasmas]

Hitler kills the DAO Hacker 

https://www.youtube.com/watch?v=dAn0zQQQnuQ

[MySecondCunt]

This happened to first ever MAJOR Ethereum based contract.

What do you expect in the future? Forks, forks and forks.

Smart contracts don't work. There will always be bugs.

I of course stand corrected, if Ethereum can provide a bug-free utopia.

The first time you try to drive a nail with a hammer, you smash your thumb.
From this, according to your logic, we proceed to infer:
    1. You should give up. If the first attempt failed, the second could only fail harder.
    2. Your sore thumb is not your fault, it is the fault of Etherium the hammer. For not having a childproof thumb guard.
    3. A hammer without a thumb guard is useless.

Am I reading you correctly?

No, I am saying Ethereum will probably sell as well as head mounted toilet paper dispenser. It's pointless, expensive and there are way better and cheaper methods to achieve the same.

You are free to think whatever you want, though the rationale you have offered to back your opinion is junk.
In the meantime, I'll just leave this here:

http://coinmarketcap.com/


Yeah, that's how well the toilet paper dispenser is selling right now

How do you fix something that inherently doesn't allow fixing?

You must be talking about bitcoin? Are you attempting to highlight its inability to evolve and stagnant code base, due to its selling point being selfsame immutability, algorythmically guarranteed by maths and sciences, as resistant to the whims of fallible humans as the laws of the cosmos? Which, apparently, requires consensus for any change to take place, and since consensus is undefined and no one agrees on wtf it is, nothing ever changes?
Hell if I know how you fix the unfixable

I find it hard to believe that there will be any mass adoption for such product.

Mass adoption does not need to happen. The only thing that does need to happen is another guy buying your tokens for more than you paid for them, e.g. bitcoin.
Bitcoin don't do dick, and yet...

Why wouldn't I choose my own centralized contract that works with NEM's Mosaics, for example? With centralized contract I am able to fix any flaws there might be.

Additionally, why would I develop new decentralized contracts for Ethereum network when I have my superior centralized contracts done already? It would be an expensive operation for any corporation.

I just don't see any reasons why I would use Ethereum network. I'd be scared to hell of any bugs.

Please. Utility of a token is just a convenient backstory, it's the thing that distinguishes tokens from casino chips and what we do from gambling.
Because gambling is heavily taxed and regulated.
But we're not gambling, we're investing in fledgling technologies.
Get it?

[kattokassinen]

So you agree there are no realistic use cases.

Ethereum has value now, but I don't see much value when the "fanboys" realize this.

[MySecondCunt]

So you agree there are no realistic use cases.

Ethereum has value now, but I don't see much value when the "fanboys" realize this.

Of course not. I'm pretty sure most of the rabid supporters know it too, but it's not in their rational self-interest to admit it.
Same goes for Bitcoin.

[anthonydar]

So you agree there are no realistic use cases.

Ethereum has value now, but I don't see much value when the "fanboys" realize this.

We have to be patient. The Bitcoin was first used some time after it was introduced. We need to give it some time.

[RastoMan]

So you agree there are no realistic use cases.

Ethereum has value now, but I don't see much value when the "fanboys" realize this.

We have to be patient. The Bitcoin was first used some time after it was introduced. We need to give it some time.

The Augur, the prediction market is being developed at the moment. They do not have connection with the Foundation. It might not be buggy.

[BitUsher]

https://www.youtube.com/watch?v=SFdmgX8c6vg

[foserfox]

Why Corporations Love Ethereum

Ethereum, the world’s second most valuable cryptocurrency network after Bitcoin, recently fell victim to a sophisticated hack within one of its third party developer contracts, the DAO, which exposed more than $50,000,000 in user funds to loss — although for now, it appears the money is safely in frozen limbo, with a more concrete solution on the way in the form of a coming software update a majority of miners or nodes need to accept, known as a “hard fork” in cryptocurrency lingo.

The loss is embarrassing, but from a technical perspective, no great harm has been done, in my view. (Full disclosure: I do own some bitcoins and ether at time of publication; ether is the built-in currency or “fuel” of the Ethereum network. Like bitcoin, it is mined on computers all over the world.)

Ethereum is a year old in the marketplace, and has already briefly flirted with a US $1.5 billion market valuation. Despite this crazy vote of confidence from the crypto market, the technology is still new. Bitcoin had many problems in its first couple years that required correction or tweaking.

One time in August 2010, an attacker exploited a vulnerability to issue more than 184 billion bitcoins out of thin air. A fork was needed to heal from the attack.

A slightly less staggering 2,600 BTC were lost in October 2011 due to a malformed address.

Further, at least as a user and crypto enthusiast, this muck up provides interesting insight into the already interesting mind of Ethereum’s wunderkind creator, Vitalik Buterin.

Buterin, one of Bitcoin’s earliest adopters and a cofounder of Bitcoin Magazine, developed Ethereum alongside some of the world’s most skilled cryptographic minds when they realized Bitcoin’s scripting language was simply too restrictive to allow for many kinds of next generation use cases for a blockchain.

More: http://www.huffingtonpost.com/david-seaman/why-corporations-love-eth_b_10849632.html

[Hueristic]

Why Corporations Love Ethereum

Ethereum, the world’s second most valuable cryptocurrency network after Bitcoin, recently fell victim to a sophisticated hack within one of its third party developer contracts, the DAO, which exposed more than $50,000,000 in user funds to loss — although for now, it appears the money is safely in frozen limbo, with a more concrete solution on the way in the form of a coming software update a majority of miners or nodes need to accept, known as a “hard fork” in cryptocurrency lingo....

Actually, THE ENTIRE DAO was exposed to user fund loss and the attack was not an unknown sophisticated attack from the blue it was warned about ahead of time. And there is is no way those other funds can be considered safe in any shape or form. But nice try on the spin. If ETH didn't have such a high cap it would be completely dead and abandoned by now. But good luck in swaying the fools that took the bait to stick it out and feel the brunt of the coming collapse.

[Minecache]

Why Corporations Love Ethereum

Ethereum, the world’s second most valuable cryptocurrency network after Bitcoin, recently fell victim to a sophisticated hack within one of its third party developer contracts, the DAO, which exposed more than $50,000,000 in user funds to loss — although for now, it appears the money is safely in frozen limbo, with a more concrete solution on the way in the form of a coming software update a majority of miners or nodes need to accept, known as a “hard fork” in cryptocurrency lingo....

Actually, THE ENTIRE DAO was exposed to user fund loss and the attack was not an unknown sophisticated attack from the blue it was warned about ahead of time. And there is is no way those other funds can be considered safe in any shape or form. But nice try on the spin. If ETH didn't have such a high cap it would be completely dead and abandoned by now. But good luck in swaying the fools that took the bait to stick it out and feel the brunt of the coming collapse.

Why do you care? ETH and DAO are now rebounding after the community voted consensus for a HF. You have no skin in the game so why do you hate so much?

[Hueristic]

Why Corporations Love Ethereum

Ethereum, the world’s second most valuable cryptocurrency network after Bitcoin, recently fell victim to a sophisticated hack within one of its third party developer contracts, the DAO, which exposed more than $50,000,000 in user funds to loss — although for now, it appears the money is safely in frozen limbo, with a more concrete solution on the way in the form of a coming software update a majority of miners or nodes need to accept, known as a “hard fork” in cryptocurrency lingo....

Actually, THE ENTIRE DAO was exposed to user fund loss and the attack was not an unknown sophisticated attack from the blue it was warned about ahead of time. And there is is no way those other funds can be considered safe in any shape or form. But nice try on the spin. If ETH didn't have such a high cap it would be completely dead and abandoned by now. But good luck in swaying the fools that took the bait to stick it out and feel the brunt of the coming collapse.

Why do you care? ETH and DAO are now rebounding after the community voted consensus for a HF. You have no skin in the game so why do you hate so much?

Because I hate to see lies pimping shit for profit.

[Ultrabat]

Why Corporations Love Ethereum

Ethereum, the world’s second most valuable cryptocurrency network after Bitcoin, recently fell victim to a sophisticated hack within one of its third party developer contracts, the DAO, which exposed more than $50,000,000 in user funds to loss — although for now, it appears the money is safely in frozen limbo, with a more concrete solution on the way in the form of a coming software update a majority of miners or nodes need to accept, known as a “hard fork” in cryptocurrency lingo....

Actually, THE ENTIRE DAO was exposed to user fund loss and the attack was not an unknown sophisticated attack from the blue it was warned about ahead of time. And there is is no way those other funds can be considered safe in any shape or form. But nice try on the spin. If ETH didn't have such a high cap it would be completely dead and abandoned by now. But good luck in swaying the fools that took the bait to stick it out and feel the brunt of the coming collapse.

Why do you care? ETH and DAO are now rebounding after the community voted consensus for a HF. You have no skin in the game so why do you hate so much?

Because I hate to see lies pimping shit for profit.

The Ethereum is a live project and it is evolving all the time. It will be more popular after the crisis.

[spartak_t]

The Ethereum is a live project and it is evolving all the time. It will be more popular after the crisis.

Really? Do you know what the "D" in the DAO stands for? The Ethereum Foundation sold "decentralized" project for hundreds of millions, which will be now hard forked.  

[killerjoegreece]

The Ethereum is a live project and it is evolving all the time. It will be more popular after the crisis.

Really? Do you know what the "D" in the DAO stands for? The Ethereum Foundation sold "decentralized" project for hundreds of millions, which will be now hard forked.  

this dao thingie is just a joke and probably an inside job   https://youtu.be/_O5fdMFKEC0

[Kwiksave]

The Ethereum is a live project and it is evolving all the time. It will be more popular after the crisis.

Really? Do you know what the "D" in the DAO stands for? The Ethereum Foundation sold "decentralized" project for hundreds of millions, which will be now hard forked.  

I do not think any Ethereum Foundation members have the rights to dictate the terms of the hard fork, only miners will.

[anthonydar]

The Ethereum is a live project and it is evolving all the time. It will be more popular after the crisis.

Really? Do you know what the "D" in the DAO stands for? The Ethereum Foundation sold "decentralized" project for hundreds of millions, which will be now hard forked.  

I do not think any Ethereum Foundation members have the rights to dictate the terms of the hard fork, only miners will.

So that is an kind of democracy. I voted for the soft fork in the http://ethpool.org/ before, but there is no vote for HF now.

[glerand]

The Ethereum is a live project and it is evolving all the time. It will be more popular after the crisis.

Really? Do you know what the "D" in the DAO stands for? The Ethereum Foundation sold "decentralized" project for hundreds of millions, which will be now hard forked.  

I do not think any Ethereum Foundation members have the rights to dictate the terms of the hard fork, only miners will.

So that is an kind of democracy. I voted for the soft fork in the http://ethpool.org/ before, but there is no vote for HF now.

Most miners and the Ethereum holders have voted for the hard fork to get back the stolen DAO. So we will see.

[Fanpant]

The Ethereum is a live project and it is evolving all the time. It will be more popular after the crisis.

Really? Do you know what the "D" in the DAO stands for? The Ethereum Foundation sold "decentralized" project for hundreds of millions, which will be now hard forked.  

I do not think any Ethereum Foundation members have the rights to dictate the terms of the hard fork, only miners will.

So that is an kind of democracy. I voted for the soft fork in the http://ethpool.org/ before, but there is no vote for HF now.

Most miners and the Ethereum holders have voted for the hard fork to get back the stolen DAO. So we will see.

So far, the hard fork is quite smooth. The main chain is much longer than the other chain. So it could be good.