There is nothing funny in The DAO "attack"

[spartak_t]

I'm not sure why people keep posting new threads to make fun with The DAO, Ethereum and Vitalik Buterin. We saw videos, memes and everything, but the truth is that personally this failure makes me angry. 11 days ago, I have launched a topic where I have shared my concerns on what may happen, but what really happened is even worse. The Ethereum Foundation gathered over $270 million (ETH + DAO crowdsales = the price of both before the "attack"), but allowed this to happen. I'm not really blaming anyone for this, but come on, $270 MILLION for "something" with such omission in the code?! What about people who invested and those who bought at the peak? I'm sure that there are few more millions of $ lost in tradings.

What can ETH Foundation say to these people? "We're sorry", "Stay strong"?! I believe that Vitalik and company should reach to an agreement with the "attacker", take some of the "stolen" funds back, and pay the rest out of their pockets! You have to take some responsibility, though nobody is insured from mistakes, but ETH Foundation are the ones who gave 270 million promises to people.

[Minecache]

Finally some common sense. You are absolutely correct in that there is nothing funny for anyone seriously wanting crypto to succeed in seeing the DAO fail. It discredits the whole community and makes crypto look to the common man not worth investing in.

[r0ach]

Live by the sword, you die by the sword.  IPO coins are scams designed to enrich the coin issuer, and Ethereum is no exception.  They have no other purpose.  On top of being a scam, it's not even possible to create a decentralized network using proof of stake - they're permissioned ledgers.  R.I.P. you scammers will not be missed.

[spartak_t]

... and Ethereum is going to less than $10 as we speak.

[freshman777]

Finally some common sense. You are absolutely correct in that there is nothing funny for anyone seriously wanting crypto to succeed in seeing the DAO fail. It discredits the whole community and makes crypto look to the common man not worth investing in.

No it does not.

Eth/DAO failing because of programming errors, Bitcoin failing because of future power cuts to chinese mining farms do not affect the crypto movement in the long run. Eth and Bitcoin flaws have been and will be fixed in other crypto and the show goes on.

[r0ach]

... and Ethereum is going to less than $10 as we speak.

All of you people constantly spamming your Eth propaganda were trying to scam others into buying it, and now you're mad you're losing money by knowingly participating in a scam and trying to deceive others into buying?  Numerous people in the Bitcoin world have told you it's a scam.  I've made about 20 threads saying so myself.  Gavin Andresen, Gmaxwell, Luke Jr, Fluffypony, Bob McElrath, etc all said the same thing.  Did it not seem suspicious to you that just about every single recognizable name in crypto who was not affiliated with Ethereum considered Ethereum a fraud?

No it does not.

Eth/DAO failing because of programming errors, Bitcoin failing because of future power cuts to chinese mining farms do not affect the crypto movement in the long run. Eth and Bitcoin flaws have been and will be fixed in other crypto and the show goes on.

Completely wrong.  Nobody has created any system better than PoW.  Why proof of stake is useless:

Why proof of stake has no value:

Since Satoshi did not solve the Byzantine generals problem, this means confirmations are completely arbitrary.  So why are two confirmations more useful in Bitcoin (PoW) than one?  Because it's an open entropy system where over a period of time, it's either unlikely or statistically impossible for someone to maintain a monopoly on block validation when there's no upper limit to confirmations.

Recursive systems like proof of stake tend to permanently monopolize block validation by design, with no real fault or state recovery to fix it once it goes off the rails.  The act of introducing interest compounds this problem even more.  This makes a proof of stake confirmation essentially worthless due to being a bounded entropy system.

On top of being worthless, proof of stake is also a permissioned ledger.  The purpose of mining in Bitcoin is to create a permanent decentralized exchange peg, which thus results in a permissionless system.

[spartak_t]

... and Ethereum is going to less than $10 as we speak.

All of you people constantly spamming your Eth propaganda were trying to scam others into buying it, and now you're mad you're losing money by knowingly participating in a scam and trying to force that scam onto others?

Are you blind? The reason I launched this topic is because I do care about the people. Personally I have never bought a single ETH or DAO. Make some researches before start to blame for no reason.

P.S. It seems that the "attacker" is offering 2000% gains: http://pastebin.com/9MRVDC9h

[RoseMann]

I agree with the OP. It is a known flaw in the coding pointed out a few days ago, but nothing was done to prevent it.

[Minecache]

Finally some common sense. You are absolutely correct in that there is nothing funny for anyone seriously wanting crypto to succeed in seeing the DAO fail. It discredits the whole community and makes crypto look to the common man not worth investing in.

No it does not.

Eth/DAO failing because of programming errors, Bitcoin failing because of future power cuts to chinese mining farms do not affect the crypto movement in the long run. Eth and Bitcoin flaws have been and will be fixed in other crypto and the show goes on.

You won't get as many investors if it's seen as a risky investment. Crypto needs slow steady increases not boom and bust.

[freshman777]

... and Ethereum is going to less than $10 as we speak.

All of you people constantly spamming your Eth propaganda were trying to scam others into buying it, and now you're mad you're losing money by knowingly participating in a scam and trying to force that scam onto others?

Are you blind? The reason I launched this topic is because I do care about the people. Personally I have never bought a single ETH or DAO. Make some researches before start to blame for no reason.

P.S. It seems that the "attacker" is offering 2000% gains: http://pastebin.com/9MRVDC9h

Haha me neither, but r0ach somehow has a gut feeling anybody who ever mentions Eth is a Eth shill and supporter. I am waiting for Eth to go to $5, it's too expensive now after all this drama. Between $5 and $3 will be a good buying opportunity. Too bad I missed the train when it was around a dollar but one should be nuts to buy it this high.

[freshman777]

Finally some common sense. You are absolutely correct in that there is nothing funny for anyone seriously wanting crypto to succeed in seeing the DAO fail. It discredits the whole community and makes crypto look to the common man not worth investing in.

No it does not.

Eth/DAO failing because of programming errors, Bitcoin failing because of future power cuts to chinese mining farms do not affect the crypto movement in the long run. Eth and Bitcoin flaws have been and will be fixed in other crypto and the show goes on.

You won't get as many investors if it's seen as a risky investment. Crypto needs slow steady increases not boom and bust.

Crypto doesn't need many investors who are dumb to buy too high and particularly buy what they don't understand.

[ngesotcoy]

How much has been stolen vs. the marketcap of eth? Is it really enough to crash the market? And wouldn't dumping all the stolen loot on the market in a short time span seem like the worst possible idea to a thief who is hoping for a maximum return on his efforts?

[Minecache]

... and Ethereum is going to less than $10 as we speak.

All of you people constantly spamming your Eth propaganda were trying to scam others into buying it, and now you're mad you're losing money by knowingly participating in a scam and trying to force that scam onto others?

Are you blind? The reason I launched this topic is because I do care about the people. Personally I have never bought a single ETH or DAO. Make some researches before start to blame for no reason.

P.S. It seems that the "attacker" is offering 2000% gains: http://pastebin.com/9MRVDC9h

So attacker is scared of the hard fork.

[spartak_t]

So attacker is scared of the hard fork.

I have the feeling that the attacker could sue them for this. He just got the coins by using the code and if they make a hard fork it would be like stealing the funds.

[TreeAcid]

I don't think it's funny, it's savvy. A coder found an exploit and took advantage of it. Let's stop this good samaritan bullshit, if you had 3M ether you would travel, do anything you wanted really. You wouldn't have an aristocratic sense to return it, lol.

[spartak_t]

I don't think it's funny, it's savvy. A coder found an exploit and took advantage of it. Let's stop this good samaritan bullshit, if you had 3M ether you would travel, do anything you wanted really. You wouldn't have an aristocratic sense to return it, lol.

I would return them...

[tiggytomb]

I agree, there isn't anything funny about this whole situation as we are talking about a lot of money and some people would be out of pocket.  I know we all say only put in what you can afford to lose but even so it is a kick in the guts when something like this happens.

It is quite disturbing so early on in the DAO this was noticed and taken advantage of, hopefully lesson learned and in future things will be tested fully or even bounties set to see if anyone can find loopholes etc.

[Kellor]

So attacker is scared of the hard fork.

I have the feeling that the attacker could sue them for this. He just got the coins by using the code and if they make a hard fork it would be like stealing the funds.

Who can he sue? The miners will be the people doing the forks, they are around the world. Can he sue them in every country?

[Spoetnik]

I feel your pain and it's divine 

[GreenBits]

I don't think it's funny, it's savvy. A coder found an exploit and took advantage of it. Let's stop this good samaritan bullshit, if you had 3M ether you would travel, do anything you wanted really. You wouldn't have an aristocratic sense to return it, lol.

I would return them...

You are a good one I'm Christian, and they might have gotten some of them back. Not all. A lesson needs to be learned here, by everyone involved in this DAO business.