There was no DAO hack

[iamnotback]

Maybe it is just all PR

The craziest conspiracy theory is the whales did this on purpose not just to profit by shorting and repurchasing cheaper, but also to create a massive amount of promotion for The DAO.

The any promotion is good promotion school of marketing.

$50 ETH here we come? (note it could also crash to $1 so please don't think I am offering any advice)

Normally it is best to buy when there is "blood in the streets". Ethereum isn't likely dead. So far, CC is a delusion of decentralization any way.

The ETH chart is looking very similar to BTC's 2013/14 crash.

Note after an extended deadcat bounce, then BTC proceeded to make lower lows and eventually found bottom @150ish.

[1715651572]

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[1715651572]

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[1715651572]

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[1715651572]

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[BitcoinEXpress]

For once I agree with Smooth.


~BCX~

[kennyP]

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.)

+1
"The DAO’s code controls and sets forth all terms of The DAO Creation."

Nobody would ever choose to have a child with a genetic abnormality that creates a disability, but when a disabled baby is born the parents don't usually send it back, and in the vast majority of cases the parents learn to love the child anyway.

@VB, The DAO code worked the way it was programmed so you should accept what happened and move on. Anything else and you damage the whole crypto project by setting a precedent that will cause far more damage than this 'hacker' did

[vincentvincent]

Interesting stuff:

http://hackingdistributed.com/2016/06/16/scanning-live-ethereum-contracts-for-bugs/

[sadasa]

Will this DAO incident cause cautions on all smart contract platform including those based on the bitcoin?

[fluffypony]

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

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.

No. The *spec* for Bitcoin is 21 million coins max. If something breaks the spec it is an implementation issue and can (and should) be reversed in order to maintain the *social contract*. The 2010 bug was clearly an implementation bug that broke the spec.

The DAO had no spec, the truth was in the (poorly documented) code. Per the about page on the website: https://daohub.org/about.html - "The DAO is borne from immutable, unstoppable, and irrefutable computer code, operated entirely by its members, and fueled using ETH which Creates DAO tokens."

[smooth]

Unclear whether the signature even checks out. May be fake.

===== BEGIN SIGNED MESSAGE =====
To the DAO and the Ethereum community,

I have carefully examined the code of The DAO and decided to participate after finding the feature where splitting is rewarded with additional ether. I have made use of this feature and have rightfully claimed 3,641,694 ether, and would like to thank the DAO for this reward. It is my understanding that the DAO code contains this feature to promote decentralization and encourage the creation of "child DAOs".

I am disappointed by those who are characterizing the use of this intentional feature as "theft". I am making use of this explicitly coded feature as per the smart contract terms and my law firm has advised me that my action is fully compliant with United States criminal and tort law. For reference please review the terms of the DAO:

"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."

A soft or hard fork would amount to seizure of my legitimate and rightful ether, claimed legally through the terms of a smart contract. Such fork would permanently and irrevocably ruin all confidence in not only Ethereum but also the in the field of smart contracts and blockchain technology. Many large Ethereum holders will dump their ether, and developers, researchers, and companies will leave Ethereum. Make no mistake: any fork, soft or hard, will further damage Ethereum and destroy its reputation and appeal.

I reserve all rights to take any and all legal action against any accomplices of illegitimate theft, freezing, or seizure of my legitimate ether, and am actively working with my law firm. Those accomplices will be receiving Cease and Desist notices in the mail shortly.

I hope this event becomes an valuable learning experience for the Ethereum community and wish you all the best of luck.

Yours truly,
"The Attacker"
===== END SIGNED MESSAGE =====

Message Hash (Keccak): 0xaf9e302a664122389d17ee0fa4394d0c24c33236143c1f26faed97ebbd017d0e
Signature: 0x5f91152a2382b4acfdbfe8ad3c6c8cde45f73f6147d39b072c81637fe81006061603908f692dc 15a1b6ead217785cf5e07fb496708d129645f3370a28922136a32

[hv_]

If all that was done just by standard usage of the code / smart contracts and anybody could do this again with not much effort this looks not like a sharky 'hack attack' rather sth our banks do all the day: looking for opportunities in our hacky regulated financial env..

[Lauda]

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

No. The *spec* for Bitcoin is 21 million coins max. If something breaks the spec it is an implementation issue and can (and should) be reversed in order to maintain the *social contract*. The 2010 bug was clearly an implementation bug that broke the spec.

The DAO had no spec, the truth was in the (poorly documented) code. Per the about page on the website: https://daohub.org/about.html - "The DAO is borne from immutable, unstoppable, and irrefutable computer code, operated entirely by its members, and fueled using ETH which Creates DAO tokens."

I keep trying to tell everyone who tries to use this as a justification for a bail-out. ETH seems like the Fed of digital cryptocurrencies. The following applies to also this user:

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.

Wrong. That incident in Bitcoin created additional supply that breaks the initial specifications (protocol). That can not be compared to this incident, where the ETH specifications were not harmed. Everyone keeps using this as a bullshit argument to bail-out the holders, and rewrite a history of a "immutable blockchain" (which ETH will not be afterwards). The Mt.Gox incident proved which blockchain is truly secure and immutable.

[NorrisK]

Unclear whether the signature even checks out. May be fake.

===== BEGIN SIGNED MESSAGE =====
To the DAO and the Ethereum community,

I have carefully examined the code of The DAO and decided to participate after finding the feature where splitting is rewarded with additional ether. I have made use of this feature and have rightfully claimed 3,641,694 ether, and would like to thank the DAO for this reward. It is my understanding that the DAO code contains this feature to promote decentralization and encourage the creation of "child DAOs".

I am disappointed by those who are characterizing the use of this intentional feature as "theft". I am making use of this explicitly coded feature as per the smart contract terms and my law firm has advised me that my action is fully compliant with United States criminal and tort law. For reference please review the terms of the DAO:

"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."

A soft or hard fork would amount to seizure of my legitimate and rightful ether, claimed legally through the terms of a smart contract. Such fork would permanently and irrevocably ruin all confidence in not only Ethereum but also the in the field of smart contracts and blockchain technology. Many large Ethereum holders will dump their ether, and developers, researchers, and companies will leave Ethereum. Make no mistake: any fork, soft or hard, will further damage Ethereum and destroy its reputation and appeal.

I reserve all rights to take any and all legal action against any accomplices of illegitimate theft, freezing, or seizure of my legitimate ether, and am actively working with my law firm. Those accomplices will be receiving Cease and Desist notices in the mail shortly.

I hope this event becomes an valuable learning experience for the Ethereum community and wish you all the best of luck.

Yours truly,
"The Attacker"
===== END SIGNED MESSAGE =====

Message Hash (Keccak): 0xaf9e302a664122389d17ee0fa4394d0c24c33236143c1f26faed97ebbd017d0e
Signature: 0x5f91152a2382b4acfdbfe8ad3c6c8cde45f73f6147d39b072c81637fe81006061603908f692dc 15a1b6ead217785cf5e07fb496708d129645f3370a28922136a32

Cant take this serious if the attacker does not disclose his identity and that of his law firm...

If he is taking legal action, it will be public right?

[iamnotback]

Gulp.

Charge it to experience! We told you DAO investors that it was an insane risk for very little possible reward. Now you will learn to appreciate the wisdom of people who have more knowledge than you do.

By bringing this to court and regardless of the court's decision, it will establish a precedent that law is superior to code.

The only way code wins, is if it is truly decentralized and can't be vacated by law.

[iamnotback]

Maybe it is just all PR

The craziest conspiracy theory is the whales did this on purpose not just to profit by shorting and repurchasing cheaper, but also to create a massive amount of promotion for The DAO.

The any promotion is good promotion school of marketing.

$50 ETH here we come? (note it could also crash to $1 so please don't think I am offering any advice)

Normally it is best to buy when there is "blood in the streets". Ethereum isn't likely dead. So far, CC is a delusion of decentralization any way.

The ETH chart is looking very similar to BTC's 2013/14 crash.

Note after an extended deadcat bounce, then BTC proceeded to make lower lows and eventually found bottom @150ish.

I rescind the quoted speculation. Lower lows seen on the chart now, because of the revelation that ETH is fucked.

It's going down, down, down. Game over.

[hv_]

Maybe it is just all PR

The craziest conspiracy theory is the whales did this on purpose not just to profit by shorting and repurchasing cheaper, but also to create a massive amount of promotion for The DAO.

The any promotion is good promotion school of marketing.

$50 ETH here we come? (note it could also crash to $1 so please don't think I am offering any advice)

Normally it is best to buy when there is "blood in the streets". Ethereum isn't likely dead. So far, CC is a delusion of decentralization any way.

The ETH chart is looking very similar to BTC's 2013/14 crash.

Note after an extended deadcat bounce, then BTC proceeded to make lower lows and eventually found bottom @150ish.

I rescind the quoted speculation. Lower lows seen on the chart now, because of the revelation that ETH is fucked.

It's going down, down, down. Game over.

The big shit might come soon as the press takes this to damn all cryptos...

[iamnotback]

Maybe it is just all PR

The craziest conspiracy theory is the whales did this on purpose not just to profit by shorting and repurchasing cheaper, but also to create a massive amount of promotion for The DAO.

The any promotion is good promotion school of marketing.

$50 ETH here we come? (note it could also crash to $1 so please don't think I am offering any advice)

Normally it is best to buy when there is "blood in the streets". Ethereum isn't likely dead. So far, CC is a delusion of decentralization any way.

The ETH chart is looking very similar to BTC's 2013/14 crash.

Note after an extended deadcat bounce, then BTC proceeded to make lower lows and eventually found bottom @150ish.

I rescind the quoted speculation. Lower lows seen on the chart now, because of the revelation that ETH is fucked.

It's going down, down, down. Game over.

The big shit might come soon as the press takes this to damn all cryptos...

I warned r0ach of that. I hope I was wrong. Hopefully BTC will get stronger with the exodus from ETH -> BTC.

And y'all know I am not a Bitcoin Maximalist.

[Spoetnik]

Will this DAO incident cause cautions on all smart contract platform including those based on the bitcoin?

I sure hope so.. they are fucking retarded scams.

They exist to add a digital token that can be traded on exchanges.

CUT THE CRAP crap Investards..

Want smart contracts ? fine then do it.

BUT..
What you are all REALLY doing is hobbling together poorly written code for the sole purpose
of adding a "coin" to a "Scheme" ..................... FOR PROFIT !

..with catch phrases like "Block-Chain" "Crowd Funding" "Smart Contracts"

In the end.. Bittrex Cryptsy Poloniex etc exist to take a slice of the pie
and ALL of you dive on them to pull a bit of profit from the scam machines
..while loitering around playing fucking dumb about it.

How many of you idiot Investard mETH heads used a DAPP and there for wanted to support it ?

Want my advice Kidiot Investard Dregs ?

Invest in crypto-currencies (not scammy retarded bullshit ICO scam schemes for profit)

..and for fuck sakes quit spouting off retard bullshit & playing dumb (it's not working)

[Tacalt]

Maybe it is just all PR

The craziest conspiracy theory is the whales did this on purpose not just to profit by shorting and repurchasing cheaper, but also to create a massive amount of promotion for The DAO.

The any promotion is good promotion school of marketing.

$50 ETH here we come? (note it could also crash to $1 so please don't think I am offering any advice)

Normally it is best to buy when there is "blood in the streets". Ethereum isn't likely dead. So far, CC is a delusion of decentralization any way.

The ETH chart is looking very similar to BTC's 2013/14 crash.

Note after an extended deadcat bounce, then BTC proceeded to make lower lows and eventually found bottom @150ish.

I rescind the quoted speculation. Lower lows seen on the chart now, because of the revelation that ETH is fucked.

It's going down, down, down. Game over.

The big shit might come soon as the press takes this to damn all cryptos...

Bitcoin survived well from previous problems and correction hard forks. So did the Monero. I think Etheruem will also survive.

[Lauda]

Bitcoin survived well from previous problems and correction hard forks. So did the Monero. I think Etheruem will also survive.

Stop posting nonsense and read the thread. fluffypony has already explained why the situation with Bitcoin can not be compared to this one. Bitcoin was broken at the protocol level and a fix was applied. ETH is not broken at the protocol level. Reverting anything means that they are rewriting history and that the blockchain is not immutable, nor decentralized. I can't say anything about Monero as I'm not familiar with their situation (past).

[iamnotback]

Maybe it is just all PR

The craziest conspiracy theory is the whales did this on purpose not just to profit by shorting and repurchasing cheaper, but also to create a massive amount of promotion for The DAO.

The any promotion is good promotion school of marketing.

$50 ETH here we come? (note it could also crash to $1 so please don't think I am offering any advice)

Normally it is best to buy when there is "blood in the streets". Ethereum isn't likely dead. So far, CC is a delusion of decentralization any way.

The ETH chart is looking very similar to BTC's 2013/14 crash.

Note after an extended deadcat bounce, then BTC proceeded to make lower lows and eventually found bottom @150ish.

I rescind the quoted speculation. Lower lows seen on the chart now, because of the revelation that ETH is fucked.

It's going down, down, down. Game over.

The big shit might come soon as the press takes this to damn all cryptos...

Bitcoin survived well from previous problems and correction hard forks. So did the Monero. I think Etheruem will also survive.

A salient difference is that Bitcoin and Monero were fixed. This issue can't be fixed because smart contracts are programmable and so the protocol can't protect against all bugs in the smart contracts.

The only way it is fixed is by the ecosystem maturing and having a wide diversity of smart contracts (many of which have been well vetted) so that the failure of any one of them can't impact the ETH price significantly. And I think also Ethereum might have a problem where bad contracts can infect other contracts, so that may prevent the ecosystem from ever being NOT TOO BIG TO FAIL (I need to research this more).

Thus since the ecosystem is a long way from achieving that (heck there isn't even a use case for smart contracts yet and The DAO as it was designed was not a use case as I had explained), the price could move much lower, perhaps at least back to $7, if not $1. But maybe not. It depends on how the speculators interpret this.

Note I called every price move of ETH correct, the temporary correction at $5-6, the top at $15, predicted in advance the drop to $7 and rise to a double-top at $15, and recently I said it was at nosebleed and I also warned against technological failure. I also wrote within the past 48 hours that it was best to sell out of the DAO to ETH so as to be ready to sell.

[Minecache]

Let's put all this FUD into perspective gentlemen. BTC has suffered similarly during its growth so why expect zero hiccups for the DAO. We are breaking boundaries here so ups and downs are to be expected. Hodl.

[iamnotback]

Let's put all this FUD into perspective gentlemen. BTC has suffered similarly during its growth so why expect zero hiccups for the DAO. We are breaking boundaries here so ups and downs are to be expected. Hodl.

In retrospective (again not picking a fight nor against you, just for perspective):

Ethereum reaching new ATHs so it's not surprising this clown is not amused. Happy dayz for everyone else though.

Promise me you won't leave or change your tune if ETH collapses in price?

Can you make that promise?

I am not writing this to be against you. I am wondering what you will do if ETH collapses? Will you then admit that it is not always happy dayz?

Why wouldn't I be here? I don't have all my bags in one bag.

In Balls Deep?

Are you sure you want to see UnunoctiumTesticles’ balls?

Fantastic article on Vitalik. He is quite a genius and we are all so proud that he works on the Ethereum project.

https://backchannel.com/the-uncanny-mind-that-built-ethereum-9b448dc9d14f#.jckispyvx

The only thing in that article which isn't just more hype is from Vlad:

“There’s still technical problems. It doesn’t scale. It’s not efficient. It’s not secure. It sucks, basically. It’s shitty technology,” says Vlad Zamfir, a developer that Buterin has hired to conceptualize the next iteration of the Ethereum software.

So what he can add 3 digit numbers in his head. I can do that too (I split the numbers in powers-of-10). How about multiplying them in your head, which I can also do but not as fast this 5 year old although I didn't practice.

Vitalik is math smart. But there are many, many people who are math smart and very few of them produce $billion successful enterprises. The jury is still out on whether Ethereum will amount to anything more than hype.

http://www.telegraph.co.uk/news/science/11232300/Why-do-geniuses-lack-common-sense.html