DAO will be shutting down, confirmed

[the artful bodger]

Will you simply get back exactly what you paid in BTC, whatever that was?  Sounds like a NIGHTMARE to administer.

Tual has no ability to give anyone anything back. He is just trying to keep the mob at bay a little longer.

My understanding is nothing has been agreed yet because the majority of miners have to agree to a solution. Therefore nobody is sure if they will get anything back . That's why everyone's dumping the DAO and ethereum on poloniex. Nobody knows if they will get back exactly what they paid in BTC, they can only guess,

[crypto jerk]

[nakedbitcoins]

Wow 

[chichidori]

This is an inside job from the DAO developer damn that millions of money can do a lot of things like you can not be extradited  from a certain country 

[BitUsher]

This is an inside job from the DAO developer damn that millions of money can do a lot of things like you can not be extradited  from a certain country 

Possible. There are some DAO devs bitter about Vitalik's insistence on switching to PoS due to the lower security. In the end it doesn't matter because the devs announced the vulnerability to the world before implementing it after it was brought to their attention. Great Jobs!

[BlindMayorBitcorn]

This is an inside job from the DAO developer damn that millions of money can do a lot of things like you can not be extradited  from a certain country  

Possible. There are some DAO devs bitter about Vitalik's insistence on switching to PoS due to the lower security. In the end it doesn't matter because the devs announced the vulnerability to the world before implementing it after it was brought to their attention. Great Jobs!

Question: once in motion, what kind of power do the curators have to go in and bug-fix things like this? Assuming they admit they have a problem.

[bones261]

This is an inside job from the DAO developer damn that millions of money can do a lot of things like you can not be extradited  from a certain country  

Possible. There are some DAO devs bitter about Vitalik's insistence on switching to PoS due to the lower security. In the end it doesn't matter because the devs announced the vulnerability to the world before implementing it after it was brought to their attention. Great Jobs!

Question: once it was in motion, what kind of power do the curators have to go in and bug-fix things like this? Assuming they admit they have a problem.

They don't. All they can do is whitelist the person who has the fixed code. Then the person would submit the proposal up for a vote with the fix. The vote would take two weeks. The proposal with the fix would not only have to pass by a majority of yes votes, but also a quorum of 20% of all possible votes. Problem is that the vulnerability is now well know and it only takes a week to create another ETH draining child DAO. (Or many ETH draining Child DAOs.)

[BlindMayorBitcorn]

There are other contracts running on the EVM - I seem to remember a ponzi scheme? Are they all hit with the same bug then?

[kennyP]

Wow 

I can see a face just above the skidmark ... it's a sign!

[BlindMayorBitcorn]

I can see a face just above the skidmark ... it's a sign!

'No DAO funds at risk following the Ethereum smart contract ‘recursive call’ bug discovery.'

[bones261]

I can see a face just above the skidmark ... it's a sign!

'No DAO funds at risk following the Ethereum smart contract ‘recursive call’ bug discovery.'

Problems was is that he was talking about not having a problem with the recursive vulnerability for the function  executeProposal. What caused this shit storm was the call function splitDAO. They didn't add the lines of code to prevent a recursive call on that.

There are other contracts running on the EVM - I seem to remember a ponzi scheme? Are they all hit with the same bug then?

If the smart contract allows someone to use a call to move ETH from one address to another, and they did not add the proper code to prevent it from being done recursively, then yes, they would.

[BlindMayorBitcorn]

How can anyone ever trust a smart contract not to outsmart them somehow? Even Vitalik didn't really see this. How's Joe Dickhead supposed to know what kind of code is burried under there?

[bones261]

How can anyone ever trust a smart contract not to outsmart them somehow? Even Vitalik didn't really see this. How's Joe Dickhead supposed to know what kind of code is burried under there?

Either Joe Dickhead should learn to read the code really well, or stay as far away as possible. They can also just wait a month or two. That should be plenty of time for a bug to rear it's ugly head or a critic to find any wayward code.

[GamblingIsWrongWay]

the price of DAO now down again 

[bones261]

the price of DAO now down again 

It's worthless now. The Ether that backs it up is not secure at all.

[alyssa85]

Stephan Tual, one of the creators of the DAO, stated on the DAO slack channel:

“The DAO will be winded down completely and transformed into a simple contract where you can only withdraw. It’s shutting down but as no ether was stolen and no ether was spent, nothing was lost.”

Nothing lost at all , besides the credibility of the developers , and of the project in general , and also the large drop off in value....

... and the future value due to loss of credibility , but other than those things , nothing at all lost.

And the huge liquidity pump which maybe enabled some insiders to cash out.

And possibly someone with prior knowledge of the coming fiasco made a lot of money shorting, so if so then isn't true that no ETH was "stolen".

I don't know about prior knowledge, but from the ether subreddit, some people could clearly see that the DAO was being drained, they posted about it to alert everyone, and then probably shorted to hedge themselves if they had Ether in the DAO, which is common sense really.

[tommy69778]

There was a coin called community coin that did some of what's being proposed for ethereum. The dev "lost" a  massive amount of coins on a "broken hard drive". He blacklisted the address containing them with a dodgy bit of code and expected everyone to trust his solution. Nobody trusted the coin any more and it crashed in price, then slowly died.

Blacklisting the address with the drained DAO ether in will destroy trust in ethereum. Can anyone trust the code to blacklist them will keep them blacklisted until a rollback? Will people worry that a hacker might find a vulnerability in it?

[Spoetnik]

the Death of Jackpotcoin came with a similar scenario *sort of*
That was just a simple RPC connection related vulnerability that was widely known way before..

*SOMEONE* i am not saying who but i have my suspicions LOL
Went and scanned the connected clients then collected all their IP's
Then simply tried to connect to them all and bingo the hacker
found piles & piles of free money..

The hacker then swiftly put them on an exchange and dumped them all for Bitcoin & run off.
He was never caught.

After that the coin dev put a fix out but it did not matter the damage was done.
The coin rapidly lost popularity / support and the exodus was on !
It went down and never went back up price wise.. until it skidded at the bottom
and then ultimately got delisted everywhere.. AKA: JPC = A POS coin.

When it got hacked we were seeing a surge in price with all time highs and a massive amount of popularity.
Then BAM.. it was over !

[baomuydtab34261]

if the Dao will shuting down, it will be good for the ETH, I think The price of the ETH will go on rise. but yet,it is not sure.

[electronicash]

Are you sure they return the investors coin back? where is the link? source of this info?
i did miss the news about this and never had dumped my DAOs lately.