Bitcoin just a step closer to the moon as ethereum fails catastrophically.

[alani123]

$46,000,000 missing, exchanges are asked to halt trades, price already fell by more than 25%.

If you feel like panic selling ethereum and DAOs for bitcoin, now is the time.

[alani123]

Tons of ETH are currently being transferred to this address:

0x304a554a310C7e546dfe434669C62820b7D83490

[DarkThrones]

$46,000,000 missing, exchanges are asked to halt trades, price already fell by more than 25%.

If you feel like panic selling ethereum and various for bitcoin, now is the time.

LOL I knew the DOA was basically a joke and a half of not working properly but now there is catastrophic failure of it? Smells like an inside job from devs that put in secret code vulnerability to sneak away with multi millions. That person is sitting on their own private island by now I'm sure.

[alani123]

$46,000,000 missing, exchanges are asked to halt trades, price already fell by more than 25%.

If you feel like panic selling ethereum and various for bitcoin, now is the time.

LOL I knew the DOA was basically a joke and a half of not working properly but now there is catastrophic failure of it? Smells like an inside job from devs that put in secret code vulnerability to sneak away with multi millions. That person is sitting on their own private island by now I'm sure.

The coins put in the DAO are a significant part of Ethereum's total supply. ~9.20m ETH IIRC, even atempts to cash this out would crash the markets of ETH/BTC and ETH/USD to a point of no return. I don't know if exchanges will let this happen, perhaps they'll block all trades sooner or later, but it'd also be hard to block indefinetely. A definitive solution would be a hard fork but it's still unsure if the ethereum community would accept that. The blame is mostly on the DAO and not Ethereum, which is receiving collateral damage.

[randy8777]

$46,000,000 missing, exchanges are asked to halt trades, price already fell by more than 25%.

If you feel like panic selling ethereum and DAOs for bitcoin, now is the time.

that's how people with a brain think, but a lot people see this as a bad thing and start dumping even btc to avoid possible losses. i wonder what the effect on the price will be today and tomorrow.

[Ted E. Bare]

That's why you shouldn't put everything in the latest tech. Bitcoin is tested and proven.

[BitcoinNewsMagazine]

A hard fork would retrieve stolen funds.

[European Central Bank]

By the looks of things it's gonna take a while to figure out what's going on. Wonderboy called for a trading stop. That seems to be ignored. The stolen funds are in another type of DAO thing and can't move for another 28 days or something.

Sucks for those involved but ethereum itself is working fine.

Edit - here we go - https://blog.ethereum.org/2016/06/17/critical-update-re-dao-vulnerability/

They're proposing a soft fork to isolate the stolen funds. I find that kinda worrying that they'd screw with the entire system because of an external problem.

[DarkThrones]

That's why you shouldn't put everything in the latest tech. Bitcoin is tested and proven.

Wise words. ETH will likely never recover from this and the DAO is as good as dead. Feel bad for all the people and apparently there is going to be a hard fork to give people all their ETH back. Yeah lets see how that effectd the market lol.

[nururochac]

New update says, the dao is now being locked up and the child dao where the hacker sent the 2m funds is being locked too for 30 days so for the hacker to withdraw the funds he needs to still wait 27 days and for that days the hardfork will do the process to reverse and retrieve all the funds safely. This is what I saw on some articles and Ethereum announcement thread.

https://twitter.com/gavofyork/status/743760888251834368
https://blog.slock.it/dao-security-advisory-live-updates-2a0a42a2d07b#.18s5fowr5

[NeuroticFish]

BTC is pumped because the halving is near.
That doesn't mean that it cannot get dumped at some point.

DAO will have hardfork. ETH seems to recover quite well on Polo.
Depending on how many ETH has the DAO attacker exchanged into BTC, I expect that he will dump them sooner or later.
Of course, the effect on BTC will be small.

So I'd say that both statements "Bitcoin just a step closer to the moon as ethereum fails catastrophically." are quite far from reality.

[Hunyadi]

BTC is pumped because the halving is near.
That doesn't mean that it cannot get dumped at some point.

DAO will have hardfork. ETH seems to recover quite well on Polo.
Depending on how many ETH has the DAO attacker exchanged into BTC, I expect that he will dump them sooner or later.
Of course, the effect on BTC will be small.

So I'd say that both statements "Bitcoin just a step closer to the moon as ethereum fails catastrophically." are quite far from reality.

Attackers ETH is locked 27 days in child DAO. So, no BTC dumping. Also, the attacker must dump ETH to USD or ETH to BTC first.

[Alley]

This seems far from decentralized if the ETH foundation can just lock and reverse funds anytime.

[nururochac]

BTC is pumped because the halving is near.
That doesn't mean that it cannot get dumped at some point.

DAO will have hardfork. ETH seems to recover quite well on Polo.
Depending on how many ETH has the DAO attacker exchanged into BTC, I expect that he will dump them sooner or later.
Of course, the effect on BTC will be small.

So I'd say that both statements "Bitcoin just a step closer to the moon as ethereum fails catastrophically." are quite far from reality.

According to some articles and to Gav Would(one of the leading C++ programmer of ETH) the attacker send the funds the child dao where its now being locked up for 30days and he cant withdraw that for that estimated days which on that time the hardfork will process to reverse the funds and retrieve it. So there are still no funds being sold, the drastic dump on eth is for the people that did a panic sell on this FOMO.

[BTCLovingDude]

ethereum which was claiming to replace bitcoin with their nonstop FUD spreading, keeps failing everyday with a new problem while bitcoin which has been going on strong for a very long time all these years just keeps growing and becoming stronger.

[Asrael999]

Imagine how long bitcoin would have lasted if we had hard-forked it every time someone's funds got stolen.  

[European Central Bank]

Imagine how long bitcoin would have lasted if we had hard-forked it every time someone's funds got stolen.  

I think it would be very cool if all wallets had a hard fork button every time you didn't like your gambling loss. Let's submit a BIP!

[Paashaas]

What a fresh start of the weekend; the downfall of the DOA, fantastic! We all knew this was going to happen anyway. At realese they praised the DOA into the heavens, DOA raised a lot of money, DOA this DOA that...pathetic. I dont feel sorry with all those people who lost money, dont investors looking for more information before they throw money at it?  That DOA was a scam was not hard to find out, that info wasn't hidden in the archives in a bunker deep under Antartica.

Rootstock will finish the job and make ETH absolute.

[coinzat]

Imagine how long bitcoin would have lasted if we had hard-forked it every time someone's funds got stolen.  

if bitcoin ever have a hard fork, I believe this will be the beginning of its falling. many people will lose their trust in btc and abandon it. the most important thing about block chains in my point of view is they are unchangeable. if this principle breaks, it worth nothing

[NeuroticFish]

According to some articles and to Gav Would(one of the leading C++ programmer of ETH) the attacker send the funds the child dao where its now being locked up for 30days and he cant withdraw that for that estimated days which on that time the hardfork will process to reverse the funds and retrieve it. So there are still no funds being sold, the drastic dump on eth is for the people that did a panic sell on this FOMO.

This is interesting info. You really mean the attacker did not get to convert anything into BTC?!?!?? That would be lame from his side.