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Author Topic: There was no DAO hack  (Read 11352 times)
smooth
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June 17, 2016, 05:04:24 PM
 #1

Investors agreed to give their ETH to whomever it was who figured out how to take them up on their offer.

Read this carefully.

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.

(Unless someone can point to a bug in the EVM that executed the code improperly, but I haven't seen any such claim.)

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June 17, 2016, 05:07:43 PM
 #2

Investors agreed to give their ETH to whomever it was who figured out how to take them up on their offer.

Read this carefully.

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.

(Unless someone can point to a bug in the EVM that executed the code improperly, but I haven't seen any such claim.)




well, then, bitcoin should have 184 billion coins right now.
https://en.wikipedia.org/wiki/History_of_bitcoin

Quote
On 6 August 2010, a major vulnerability in the bitcoin protocol was spotted. Transactions weren't properly verified before they were included in the transaction log or "block chain" which let users bypass bitcoin's economic restrictions and create an indefinite number of bitcoins.On 15 August, the vulnerability was exploited; over 184 billion bitcoins were generated in a transaction, and sent to two addresses on the network. Within hours, the transaction was spotted and erased from the transaction log after the bug was fixed and the network forked to an updated version of the bitcoin protocol.

Let's re-reverse THAT. Incidentally, I am neutral on DAO reversal. If eth will crash, i will diversify more of my fiat (not btc) toward it.
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June 17, 2016, 05:08:25 PM
 #3

Selfhack like all scammers do.

yeah, THIS needs to me checked out for sure
smooth
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June 17, 2016, 05:10:41 PM
 #4

well, then, bitcoin should have 184 billion coins right now.

Please quote, as I did above, where Satoshi said that the code overrides the stated specifications and everyone who got involved with Bitcoin explicitly agreed to that, because I've been around a while and I've never seen it.

NUFCrichard
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June 17, 2016, 05:11:18 PM
 #5

Investors agreed to give their ETH to whomever it was who figured out how to take them up on their offer.

Read this carefully.

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.

(Unless someone can point to a bug in the EVM that executed the code improperly, but I haven't seen any such claim.)




well, then, bitcoin should have 184 billion coins right now.
https://en.wikipedia.org/wiki/History_of_bitcoin

Quote
On 6 August 2010, a major vulnerability in the bitcoin protocol was spotted. Transactions weren't properly verified before they were included in the transaction log or "block chain" which let users bypass bitcoin's economic restrictions and create an indefinite number of bitcoins.On 15 August, the vulnerability was exploited; over 184 billion bitcoins were generated in a transaction, and sent to two addresses on the network. Within hours, the transaction was spotted and erased from the transaction log after the bug was fixed and the network forked to an updated version of the bitcoin protocol.

Let's re-reverse THAT. Incidentally, I am neutral on DAO reversal. If eth will crash, i will diversify more of my fiat (not btc) toward it.

Will you really trust the next DAO? Will Banks, or companies now trust that it won't be hacked.
I remember hearing that Ukraine wanted to use Eth for their election, how can they do that now?

Altcoins are based on trust, ETH has lost a lot of that today. If the fork, then that also loses lots of support as it is a centralized coin then.  It is no win now. It isn't irrecoverable, but they had better be damn sure that this is a one time event!
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June 17, 2016, 05:12:43 PM
 #6

Selfhack like all scammers do.

Not ruling it out, but that makes the hardfork proposal a bit strange.

Possibilities include:

1. Selfhack, but for market manipulation purposes, not to steal the coins.

2. Selfhack, but got cold feet.

3. Social engineering/misdirection of the form where they propose a reversal hardfork knowing it won't happen.
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June 17, 2016, 05:15:43 PM
 #7

Investors agreed to give their ETH to whomever it was who figured out how to take them up on their offer.

Read this carefully.

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.

(Unless someone can point to a bug in the EVM that executed the code improperly, but I haven't seen any such claim.)

Do you actually are taking part on the thieves on this quote aren't you? Do you feel any better doing it politely than saying "fuck you" to Dao investors?

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June 17, 2016, 05:16:28 PM
 #8

well, then, bitcoin should have 184 billion coins right now.

Please quote, as I did above, where Satoshi said that the code overrides the stated specifications and everyone who got involved with Bitcoin explicitly agreed to that, because I've been around a while and I've never seen it.



perhaps, but where Satoshi said that validated transactions could be erased?
Plus, well, bitcoin was forked to fix the problem, wasn't it?

I actually agree that maybe it is not "pure".
To me, it means, basically, that NO smart contract is worth investing in, since there will be ALWAYS someone smarter to steal it.

"Thou shalt not invest in smart contract(s)"
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June 17, 2016, 05:17:35 PM
 #9

interesting..

but NUFCrichard did you really need to slip in more retarded rumors ?

PS:

I hear Jesus is thinking about using ETH  Roll Eyes

PPS:

ETH is NOT Bitcoin ..hell ETH is not even a currency.

FUD first & ask questions later™
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June 17, 2016, 05:18:22 PM
 #10



Since the legitimately transferred coins are being auto locked in by a Child DAO for almost a month as designed why is he telling exchanges to freeze trading and deposits? Such a comment is outrageous to make in this context.

Oh shit, it gets worse , these guys are literally insane.

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June 17, 2016, 05:26:06 PM
 #11

interesting..

but NUFCrichard did you really need to slip in more retarded rumors ?

PS:

I hear Jesus is thinking about using ETH  Roll Eyes

PPS:

ETH is NOT Bitcoin ..hell ETH is not even a currency.

http://www.nasdaq.com/article/ukraine-government-plans-to-trial-ethereum-blockchain-based-election-platform-cm585001
that 'retarded rumour'?
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June 17, 2016, 05:27:37 PM
 #12

Investors agreed to give their ETH to whomever it was who figured out how to take them up on their offer.

Read this carefully.

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.

(Unless someone can point to a bug in the EVM that executed the code improperly, but I haven't seen any such claim.)

Do you actually are taking part on the thieves on this quote aren't you? Do you feel any better doing it politely than saying "fuck you" to Dao investors?

I have no problems saying fuck you.

People throw money at things they do not comprehend and this is the result. Just another day on bitcointalk. This is barely even news worthy.

This post sums up why all this bullshit is a scam
Read It. Hate It. Change the facts that it represents.
https://bitcointalk.org/index.php?topic=1606638.msg16139644#msg16139644
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June 17, 2016, 05:30:22 PM
 #13

interesting..

but NUFCrichard did you really need to slip in more retarded rumors ?

PS:

I hear Jesus is thinking about using ETH  Roll Eyes

PPS:

ETH is NOT Bitcoin ..hell ETH is not even a currency.

http://www.nasdaq.com/article/ukraine-government-plans-to-trial-ethereum-blockchain-based-election-platform-cm585001
that 'retarded rumour'?

So stupid i would have to piss my self laughing at them type of rumor yeah..

So people i the Ukraine are dumb eh ?

@billotronic
Here ! Here !
Well said man  Grin

FUD first & ask questions later™
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June 17, 2016, 05:31:41 PM
 #14

Or how you sure they already fix it? I think they is like the same as other altcoin they are announcing that they are hack but the truth is not they are just saying that so that they can run your money..

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BitUsher
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June 17, 2016, 05:32:42 PM
 #15

Do you actually are taking part on the thieves on this quote aren't you? Do you feel any better doing it politely than saying "fuck you" to Dao investors?

Research into the concept of "Moral Hazard":
https://www.youtube.com/watch?v=BhL1Y1lg35w&feature=youtu.be&t=28m45s

Additionally, the "Hacker" didn't steal anything as the whole purpose of Smart Contracts is the CODE IS THE LAW!
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June 17, 2016, 05:33:20 PM
 #16



Since the legitimately transferred coins are being auto locked in by a Child DAO for almost a month as designed why is he telling exchanges to freeze trading and deposits? Such a comment is outrageous to make in this context.

Oh shit, it gets worse , these guys are literally insane.



It is essentially 100% capital controls. The things we just ought to avoid in cryptocurrencies, ETH has just crossed the line!

https://bitcointalk.org/index.php?topic=1516058.msg15255150#msg15255150

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June 17, 2016, 05:43:18 PM
 #17

history does not repeat itself, but it rhymes.

Bitcoin;

2010 (about a year after start)-similar episode with Bitcoin where 184 billion bitcoins were created in a few transactions, then these transactions were erased and bitcoin forked.

2014-Mt Gox

Ethereum:

2016 DAO fiasco (equivalent to 2010 bitcoin episode)

2017-2020 probably an exchange failure (my guess it could the one that rhymes with Kleenex or some other)
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June 17, 2016, 05:46:12 PM
 #18

history does not repeat itself, but it rhymes.

Bitcoin;

2010 (about a year after start)-similar episode with Bitcoin where 184 billion bitcoins were created in a few transactions, then these transactions were erased and bitcoin forked.

2014-Mt Gox

Ethereum:

2016 DAO fiasco (equivalent to 2010 bitcoin episode)

2017-2020 probably an exchange failure (my guess it could the one that rhymes with Kleenex or some other)

I still don't even agree that the Bitcoin 184 billion bug was equivalent to the DAO. No bug has been identified in Ethereum. It is executing the DAO smart contract code correctly, afaik.

A bug in Ethereum itself would be more analogous.
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June 17, 2016, 05:50:59 PM
 #19

To me, it means, basically, that NO smart contract is worth investing in, since there is ALWAYS will be someone smarter to steal it.

Agree with you there. Maybe if they could be made much simpler and less error prone, but in their current form, not a good idea.
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June 17, 2016, 05:51:36 PM
 #20

history does not repeat itself, but it rhymes.

Bitcoin;

2010 (about a year after start)-similar episode with Bitcoin where 184 billion bitcoins were created in a few transactions, then these transactions were erased and bitcoin forked.

2014-Mt Gox

Ethereum:

2016 DAO fiasco (equivalent to 2010 bitcoin episode)

2017-2020 probably an exchange failure (my guess it could the one that rhymes with Kleenex or some other)

I still don't even agree that the Bitcoin 184 billion bug was equivalent to the DAO. No bug has been identified in Ethereum. It is executing the DAO smart contract code correctly, afaik.

A bug in Ethereum itself would be more analogous.


Maybe it is just all PR and the exploit is on Ethereum side ? hence the Rollback.

Interesting theory. I doubt they would be able to hide that for long though.

Peter Todd thinks the fact that Ethereum developers are likely heavily invested in the DAO might be relevant:

I think that's a terrible precedent, esp. from devs who have lost money.

Goxxed BTC devs didn't ask for a bailout.
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