...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) the blockchain grows 375 Mb /day.
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Soon only a few datacenters will be able to operate ETH.
a) All blockchain software is evolving, just like bitcoin may needs to change block-size soon. Any blockchain could come up with the future option to only require most nodes to verify history for a minimum of x years, while other full 'archive nodes' get extra reward.
b)Storage gets cheaper per Tb daily. 'Farmers' (/'MAID/STORJ/SIA Miners') may soon be putting together rigs with 20 SSD cached 16Tb Harddrives
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.
c) Wreckless? Prove it. On Github about 2200 Bitcoin Bugs were documented to be fixed and 1300 for Ethereum. Few other crypto economy projects have 150-500 bugs fixed while most are below 150 - so is TheDAO! (only 37 yet)
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.
d) Was Bitcoin too complex x years ago? how many?
e)they spill "0 day bugs"?
f)What happened was a TheDAO Bug, a slip-of-the-pen/eye kind of bug.
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.
g) Centralized, how exactly? More than Ripple?
h) They are not deciding it nor are they able to.
They are only taking their responsibility to inform the public about the options that the public has. And these are obvious options that could apply to many other Blockchains (Crypto currencies) too and at any time.
i) not even the bitcoinXT propsal killed bitcoin, did it?
5) ETH devs want to impose capital controls on ETH holders. The ETH devs don't respect the free market.
The lost cost were already supposedly locked in a child DAO, so then why are they not allowing people to trade? Because they know that people would sell their ETH fast.
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j) It was a temporary idea during evaluating the incident. They made sure to cancel this request within 2 hours, since it was not necessary.
https://www.reddit.com/r/ethereum/comments/4oif2x/dao_attack_exchanges_please_pause_eth_and_dao/ Exchanges did not or hardly react on this.
There are 3 options for ETH and in the next 27 days the devs and the ETH community will have to decide on one of them, and in my opinion the results will be the following:
1) They decide to not hardfork in which case the thief gets away with the loot but atleast the integrity of ETH is preserved. The result will probably be a massive selloff of ETH and loss of future confidence in the ETH devs as they failed to provide secure code, it will seriously impact the future growth of ETH which they may or may not recover from.
2) They decide to hardfork, in which case all confidence will be lost in ETH, and it will probably deal a fatal blow to this currency's future, and it will shows as an example how a decentralized currency may not be so decentralized, and a warning to all future altcoin devs to change their attitude. It will impact BTC as well, and many media shills will try to put dirt on BTC's reputation as well.
k) There are more possible solution and mild ones. This is mainly about a TheDAO bugh - the only thing serious is that the subject of discussion also hold ~4.5% of Ethereums market capitalization = ~3 month worth of Ethereum's mining production = inflation
(- Still Rather tiny compared to the speed Etherum was rising in the last two years despite inflation.)
3) They wait the full 27 days and in the last minute they decide 1) or 2). In this case, the panic and uncertainty will just magnify the negative effects caused by their decision, and whichever they decide upon, the effects will just be much worse.
Yes:) but who gave you the idea they would want to be lazy for the next weeks?
So by logic they should decide 1) and announce it fast, since the longer they wait the more uncertainty they cause by the inaction.
That's just my honest opinion.
I really think people should just switch over to NXT, because it's far more decentralized and it has better developers. When last time a hack happened in NXT, the developers didnt reversed the transaction. Because in the NXT community the decentralization, transparency and fungibility is the number one priority, that supercedes everything else. The police can catch the hacker with any other method and recover the funds, but the decentralization is sacred.
Good luck!
