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Author Topic: ETH = Game Over  (Read 40065 times)
RealBitcoin
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June 17, 2016, 04:49:38 PM
 #1

DAO has been hacked/exploited, and Ethereum is rapidly losing trust in their developers, as they want to introduce an ETH hardfork to reverse the hack. What a wonderful decentralized currency where a few people decide what happens and the entire network is subjugated to the decisions of a few. Not to mention Ethereum already has big blockchain, soon ethereum will turn into a centralized bank , if it doesnt die before that.

Here are a few important things:

1) 20 second block timer with maximum blocksize = 89 Kb, that means that the blockchain will grow in the future 375 Mb /day.

The ETH blockchain in 2 years will be bigger by 264 Gb +-

The ETH nodes will start dissapearing pretty quickly with that size, because the reindexing and all other operations you need to perform when you download and update a node, will take far too long for anyone to bother.

Soon only a few datacenters will be able to operate ETH.

2) The development is wreckless, they spend more time on going to PR events than to actually engineer the code well, first wallet softwares were buggy as hell, took years to sync, which is fair because bitcoin was buggy also at first. However instead of promoting a buggy as hell client, they should have focused on development first and then marketing.

3) Ethereum is too complex, and the more complex something is, the more attack surfaces it has. An ideal cryptocurrency has to be simple and secure. And ETH has many more 0 day bugs that we dont know of yet, so this wont be the last hack. It came out far too fast because of PR pressure. The devs should have stayed 1 more year reviewing and researching the code and make the coin secure in that time, before pushing it out to the public.

4) It's already centralized as hell, the devs can just reverse transactions like this. Sure reversing a hack is obviously good right ?, but the road to Hell is also paved with good intentions. Abusing power comes in small increments. First they only reverse hacks, and then later you find out that everyone will become censored.

5) Turing complete is never secure. Malware will always find a small hole to exploit if the code is not isolated. It doesnt even fit into the decentralization philosophy. How can you have decentralized code when all dapps are runing on the same interface? Any 0 day exploit will be discovered in the future and it can risk all DAPPS, thats not a secure foundation to build a house castle, it's quicksand! Bitcoin & sidechains are much more safe and isolated, than ETH dapps!


That's just my honest opinion.


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June 17, 2016, 04:50:56 PM
 #2

https://twitter.com/el33th4xor/status/743813023119314944

"If the hacker is prevented from emptying out The DAO, he can (and should!) sue whoever prevented him for breach of contract."

Smart contract code is THE LAW!
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June 17, 2016, 04:56:32 PM
 #3

Yes, the poorly written code allowed them to LEGALLY get the coins.  This is not a hack, just poor coding.  Eth can NOT recover from this.  Tarnished forever.
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June 17, 2016, 04:58:33 PM
 #4

@OP
i like your topic but you made a mistake.. you called ETH a currency.

It is not.

FUD first & ask questions later™
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June 17, 2016, 06:48:01 PM
 #5

Don't be a fool, go to Yobit and sell your ether while you can.

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June 17, 2016, 06:55:19 PM
 #6

Crazy how litecoin doesn't have these problems.

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RealBitcoin
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June 17, 2016, 06:59:07 PM
 #7

What will happen when the big exchanges will start dumping their stash? Remember most ETH is either held by the devs or by the exchanges.

The exchanges will most likely front-run their clients and dump before them, once the trading resumes. You will probably see huge slippage and spreads, and people can only liquidate at unfair prices...

Yep, in my opinion this is the most dishonest fiasco in 2016,   and it can easily turn into a MT GOX scenario.

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June 17, 2016, 07:10:43 PM
 #8

You can also still trade your ETH on btc-e as of this post.  I had ~160 ETH, dumped them all an hour ago and bought back into BTC & LTC.  Not sure if/how ETH will recover from this. 

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June 17, 2016, 07:12:02 PM
 #9

What will happen when the big exchanges will start dumping their stash? Remember most ETH is either held by the devs or by the exchanges.

The exchanges will most likely front-run their clients and dump before them, once the trading resumes. You will probably see huge slippage and spreads, and people can only liquidate at unfair prices...

Yep, in my opinion this is the most dishonest fiasco in 2016,   and it can easily turn into a MT GOX scenario.

Where is trading locked?  I see btc-e still trades.. gdax? gemini? kraken? They all locked?
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June 17, 2016, 07:16:17 PM
 #10

The dump on polo is remarkable. Almost 90k BTC volume, I can't wait to read up on this grease fire.

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RealBitcoin
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June 17, 2016, 07:20:48 PM
 #11


Where is trading locked?  I see btc-e still trades.. gdax? gemini? kraken? They all locked?

It seems like ETH can be traded now on some exchanges i`m not entirely sure what exchanges locked down the ETH trading.

So yobit, btc-e can all trade ETH now.

Ok so what next? What happens to the price now? Let's wait and see!

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June 17, 2016, 07:23:56 PM
 #12

Poloniex is almost unresponsive right now, at least from my end.

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June 17, 2016, 07:26:37 PM
 #13

Poloniex is almost unresponsive right now, at least from my end.

Is it big slippage? Or how is the ETH trading there ? I dont have an account at them, so please explain.

I bet with the volume they get now, trading can be a big rough there.


Edit: I think only a few people's funds were frozen selectively:

I would sell. Lot of panic sellers incoming

Very true. Many peoples Eth's are frozen on Poloniex and as soon as that is "hacked" or unfrozen expect a larger crash


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June 17, 2016, 07:59:10 PM
 #14



ETH OOPS ! BIG BOOBOO.

~LOL~
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June 17, 2016, 08:17:17 PM
 #15

The irony is staggering  Grin

https://blog.slock.it/no-dao-funds-at-risk-following-the-ethereum-smart-contract-recursive-call-bug-discovery-29f482d348b#.771idauob

Mind this was 5 days ago...Also the article mentions it is a bug in ETH  "[...we were made aware of a generic vulnerability common to all Ethereum smart contracts...]".
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June 17, 2016, 08:21:55 PM
 #16

The irony is staggering  Grin

https://blog.slock.it/no-dao-funds-at-risk-following-the-ethereum-smart-contract-recursive-call-bug-discovery-29f482d348b#.771idauob

Mind this was 5 days ago...Also the article mentions it is a bug in ETH  "[...we were made aware of a generic vulnerability common to all Ethereum smart contracts...]".

I just see many ETH shills and fanboys on coindek articles who are desperately trying to defend ETH after countless of catastrophic decisions shown by their developers.

I really feel sad for them, the free market always punishes the wrong investors in the wrong investments. Eth was always a leaking boat, and now the hole has become too big and will probably sink.


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June 17, 2016, 08:24:21 PM
 #17

Quit spreading disgusting FUD. There was no ETH or DAO hack. just as Bitcoin was exploited in 2010 and was soft forked to save itself ETH will be so no funds are lost. No big drama that's not been seen before with Bitcoin. Get over yourselves.


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June 17, 2016, 08:25:53 PM
 #18

Stephan Tual: "I see the argument. Let it fail, let everyone lose their money. But in this particular case, it’s not an attack on The DAO. It stems from a pattern in the language that is the base of all smart contracts. This is an attack on ethereum.”

Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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June 17, 2016, 08:27:16 PM
 #19

Quit spreading disgusting FUD. There was no ETH or DAO hack. just as Bitcoin was exploited in 2010 and was soft forked to save itself ETH will be so no funds are lost. No big drama that's not been seen before with Bitcoin. Get over yourselves.

You are correct that there was indeed no hack... or even theft! Code = law

The terms of The DAO Creation are set forth in the smart contract code existing on the Ethereum blockchain at 0xbb9bc244d798123fde783fcc1c72d3bb8c189413. Nothing in this explanation of terms or in any other document or communication may modify or add any additional obligations or guarantees beyond those set forth in The DAO’s code. Any and all explanatory terms or descriptions are merely offered for educational purposes and do not supercede or modify the express terms of The DAO’s code set forth on the blockchain; to the extent you believe there to be any conflict or discrepancy between the descriptions offered here and the functionality of The DAO’s code at 0xbb9bc244d798123fde783fcc1c72d3bb8c189413, The DAO’s code controls and sets forth all terms of The DAO Creation.

There are some people discussing ways to steal one individuals eths with a HF , but that hasn't happened yet.
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June 17, 2016, 08:29:39 PM
 #20

[4:15:37 AM] Mathias: Guys, I understand the stress you are all in at the moment.
But please keep the big picture in mind :
What we are facing is a crappy smart contract, and careless investors. This is their risk of investing without proper due diligence.
Don't risk the reputation of Ethereum as an independent, decentralized platform because of it by taking hasty measures like hard forks or roll  backs .
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