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Author Topic: ETH = Game Over  (Read 40467 times)
Bavarian Illuminati
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October 19, 2016, 05:08:29 PM
 #621

I'm giving ETH the advantage of doubt now. I haven't invested new money into it for a while, but in fact I'm still making good enough profit for me with trading the ETH that I already have. I wouldn't base a long-term plan on it, but I wouldn't just sell all my ETH at once either.
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October 21, 2016, 07:33:49 AM
 #622

https://www.reddheads.com/en/first-ethereum-hard-fork-successful-second-imminent/

Earlier this week the Ethereum community successfully executed a hard fork – the first in a planned series of two – aimed at reducing the feasibility of possible attack vectors recently highlighted by a person or group of people attacking the network.

Based on EIP (Ethereum Improvement Proposal) 150 version 1c, the hard fork implemented recalculated costs for operations available to the creators of Ethereum contracts. The attacker(s) was exploiting the fact that certain operations that require relatively large computational outlay were relatively cheap to execute. Repeatedly running these operations millions of times placed excessive strain on many Ethereum nodes and caused the network to slow down. It was a DoS (Denial of Service) attack specifically tailored for the Ethereum network. The hard fork increased the costs of the operations in question to render this particular DoS method prohibitively expensive.

Further attacks carried out on the Ethereum network before the first hard fork saw many empty accounts being created on the network due to manipulation of the SUICIDE (self-destruct) operation, to the extent that now the size of the data for the state of all accounts on the blockchain can no longer be cached, allowing the attacker to get further mileage from his malicious accounts by creating new spam operations to continually read from disk the balance of these accounts, thus forcing more work on the system. A clean-up of the attacker’s empty accounts is scheduled with the second hard fork, upcoming in a few days.

Ethereum

GO BACK HOME!

Ethereum has been under attack since the start of the Devcon2 conference in Shanghai, on 19 September. Just before the Ethereum devs went on stage for the first day of the event, a rogue transaction was made on the network, with a payload aimed at manipulating various operations to increase memory usage in the Ethereum Geth client (popular official command line interface client), eventually causing this client to crash and many nodes to drop offline. What looked like a message (written in German) directed to the Ethereum team and Ethereum in general, was tagged to the attack transaction in question: “Fahrt nach Hause”, meaning “Go back home!” or “Get the fuck out of here!”

Further attacks since 19 September include the methods specified above and general abuse of relatively low-priced operations available to contract creators on the Ethereum Virtual Machine (EVM).

The overall effect of the attacks was to congest the network to a level where blocksizes were greatly increased, leading to increased block creation times and blocks so full of spam that genuine transactions were being impeded from entering the network for confirmation. Full nodes were placed under strain as they managed the bloated account state of the blockchain.

judo

Multi-level defence and system improvements

As well as the protocol changes implemented by hard fork, reactions to the attacks included work on Ethereum clients Geth, Parity and others to improve performance by modifying cache settings and adding caches to deal with memory requirements, miners lowering block gas limits to limit the number of spam transactions that the attacker could potentially squeeze into each block, thereby making processing blocks a bit easier for nodes, and other defensive actions and system improvements.

Commenting on the current situation, Ethereum dev Gustav Simonsson wrote:

Correcting the gas cost of op codes makes Ethereum more efficient as it enables more txs and real throughput by disincentivizing “artificial” use of the platform – simple loops over op codes which has no utility other than DoS.

In fact, the attack surface of Ethereum is surprisingly small given that it’s much more powerful & flexible than other live blockchain systems. This is much due to having cross-client specifications & test suits and multiple implementations in different programming languages.

Claiming the attacker has “unlimited runway to continue” is ignorant FUD.

The vulnerabilities fixed over the past weeks have all been in very specific subsets of the Ethereum protocols:

gas cost of a subset of the VM op codes.
logic around “empty” accounts
performance of state handling of accounts.
unconfirmed tx (mempool) queuing & broadcast logic.
(3) and (4) have been vastly improved in geth, parity and other implementations which is why the attacker is no longer targeting these.

(1) was too a large degree fixed by the HF, although it’s clear that EXP (and possibly a few other arithmetic op codes) also need to be adjusted.

(1) and (2) will be further addressed by a 2nd HF (https://github.com/ethereum/EIPs/issues/158)

With the current gas system, there will always be some combination of op codes requiring the most resource usage for the least cost.

Prior to this HF, the block gas limit was voted to 0.5M to ensure the network remained operational and processed txs during attacks.

Now we see that the network is chugging along during attack txs with a at 2M gas limit (although older, slower systems without SSD drives will need patches that are currently being worked on in both geth and parity).

Overall, this HF + patches in clients have improved the bottleneck of Ethereum by more than an order of magnitude. In a few weeks, it’ll be another order of magnitude.

And in the long term all txs we currently describe as “attack” or “DoS” txs will become indistinguishable from regular txs as their tx fees will be proportional to their resource usage.
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October 21, 2016, 03:26:43 PM
 #623


Anyway.. ETH = DEAD

It is on life support being propped up by a mysterious group.. most likely the dev's & friends.
So from a community stand point we have seen the limit.. it's dead as it's going to get.
..until that is, the manipulators putting up buy walls pull the life support and let her rip !

It is no coincidence the price has been frozen at $12.50 for a year with all the drama that has gone down.
The price was "decided" and not by the community ether.

Sure.. play the game but be aware if the plug is pulled ?
It's likely you would not find out quick enough to run to Poloniex to login and dump your coins fast enough.
i know because i have seen it happen before..
bump
it gonna
dumb dump

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TrueAnon
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October 21, 2016, 08:10:37 PM
 #624

Step 1.  Sell/stop bagholding ETH

Step 2.  Buy WBB

Setp 3.  Enjoy soon to be had profits in a project that will have REAL BUSINESS usage and money coming in shortly, also a kickass wallet unseen before in crypto.

*BOOM MIC DROP*
BitcoinHodler
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October 22, 2016, 11:32:26 AM
 #625

Step 1.  Sell/stop bagholding ETH

right now it is time to sell and stay away and wait for the bottom. ETH will die eventually because of being crappy but until that day it will have many pump and dumps that is why i am waiting for the bottom.

Quote
Step 2.  Buy WBB

i will look into it but it looks like just advertising to me Smiley

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Setp 3.  Enjoy soon to be had profits in a project that will have REAL BUSINESS usage and money coming in shortly, also a kickass wallet unseen before in crypto.

real business usage never had any meaning with any of the altcoins and it will never have.

Quote
*BOOM MIC DROP*

don't drop it on your foot Cheesy

Holding Bitcoin More Every Day
Latmist
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October 26, 2016, 07:39:47 AM
 #626

Step 1.  Sell/stop bagholding ETH

Step 2.  Buy WBB

Setp 3.  Enjoy soon to be had profits in a project that will have REAL BUSINESS usage and money coming in shortly, also a kickass wallet unseen before in crypto.

*BOOM MIC DROP*

The ZCash could be a better choice than the WBB. There are many reports about the coin in the media.
EastBirth
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October 26, 2016, 04:17:01 PM
 #627

Step 1.  Sell/stop bagholding ETH

Step 2.  Buy WBB

Setp 3.  Enjoy soon to be had profits in a project that will have REAL BUSINESS usage and money coming in shortly, also a kickass wallet unseen before in crypto.

*BOOM MIC DROP*

The ZCash could be a better choice than the WBB. There are many reports about the coin in the media.

There are lots of discussion about the ZCash at the moment. It might even replace the bitcoin in the future.

  ●   KEEP CALM & HODL   ●
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October 26, 2016, 04:21:48 PM
 #628

There are lots of discussion about the ZCash at the moment. It might even replace the bitcoin in the future.

if that happens then all crypto deserves to die. do your homework. the developers keep 20% of the coins for the first bit of mining and it isn't trustless.
Eugenar
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October 26, 2016, 04:25:09 PM
 #629

There are lots of discussion about the ZCash at the moment. It might even replace the bitcoin in the future.

if that happens then all crypto deserves to die. do your homework. the developers keep 20% of the coins for the first bit of mining and it isn't trustless.

I think the developers should be paid for their work. The bitcoin developers are not paid, so it is controlled by the BS.
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October 28, 2016, 12:15:00 PM
 #630

There are lots of discussion about the ZCash at the moment. It might even replace the bitcoin in the future.

if that happens then all crypto deserves to die. do your homework. the developers keep 20% of the coins for the first bit of mining and it isn't trustless.

I think the developers should be paid for their work. The bitcoin developers are not paid, so it is controlled by the BS.

Devs should be paid for their work, you are right... But how much???
Don't you think that 20% is too much??? What if they only decide to dump their coins in future???
Would you still say the same thing then???

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October 28, 2016, 02:05:19 PM
 #631


I think the developers should be paid for their work. The bitcoin developers are not paid, so it is controlled by the BS.

Good point

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October 28, 2016, 02:09:49 PM
 #632

Yuck I'm so over eth..

Go CureCoin!
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October 28, 2016, 02:18:18 PM
 #633


I think the developers should be paid for their work. The bitcoin developers are not paid, so it is controlled by the BS.

Good point
And i think developer of ETH has been paid every months, because as we know ETH has much investors who making investment into it. I think developer of ETH just need control the coin in my opinion money is not problem for them.
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October 28, 2016, 04:29:50 PM
 #634


I think the developers should be paid for their work. The bitcoin developers are not paid, so it is controlled by the BS.

Good point
And i think developer of ETH has been paid every months, because as we know ETH has much investors who making investment into it. I think developer of ETH just need control the coin in my opinion money is not problem for them.

That is good. That means that they are more independent from the companies who pay them and act properly.
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