Honestly, for how long can ETH survive this mess?

[pereira4]

So ETH finally hard forked because holders were mad after being ridiculed by a clever guy that took advantage of a poorly coded smart contract. Notice that he did not tweak any code, he used existing code.

So not only did Vitalik try to froze all tradings to try to stop people from panic selling as everyone was fearing a big dump by the "hacker", but they finally did a rollback (this is basically what it is) to not suffer the loss of coins that they deserve for doing a terribly bad job with the smart contract thing.

And now, we have 2 freaking coins in Poloniex, ETH and ETC. As we see, when a hardfork happens the other coin doesn't "quickly disappear". ETC has huge volume in Poloniex.

So the following questions arise:


1) How much money does need to be stolen from a smart contract for a hard fork to happen again?
2) Do smart contracts even exist when now the precedent of a hard fork over a smart contract has happened?
3) Decentralized smart contracts should follow code to the end without no human intervention ever being taken. This means the "hacker" should have kept the coins, but the smart contract was not smart and was not decentralized as we can see now. What's the fucking point then, in any case?

[Quartx]

As long as there is interest from holders or simply people who pump and dump, a coin will survive, no matter how shit a coin is, unfortunately it happens

[pereira4]

As long as there is interest from holders or simply people who pump and dump, a coin will survive, no matter how shit a coin is, unfortunately it happens

True, as long as speculation and decent volume to allow for it keeps going, a coin will "survive", but surviving is not enough. It seems like Bitcoin will remain the only serious and solid coin, and ETH will go down the path of being an absolute clusterfuck.

[electronicash]

Some may find ETH to be worth keeping instead because of how controversial the coin had been even today.
If they are keeping ETH, they may even keep DAO too. I have few hundreds of the DAO while i got few ETH.  I don't think ETH will die just because of that. Its here to stay and will continue to grow still.

[helloeverybody]

I dont know why anyone put trust in eth still after this? Why dont they just implement a reversal button just incase you send the wrong amount ot decide you didnt want to pay after all. If bitcoin had this kind of problem with the market cap that eth was at then there would be a lot of dramas. I still predict eth cant survive this but theres a lot of bag holder that are probably hoping otherwise.

[European Central Bank]

there were coins on cryptsy that didn't even have functioning blockchains any more that people were happily trading. maybe massive trading's gonna continue uninterrupted. it's not as if it has any real world adoption or utility anyway. be thankful eth is doing this shit for us instead of bitcoin. we're going to learn an awful lot from this.

[Kaller]

The miners are still mining the Ethereum Classic and the Classic is listed in the Poloniex. It might even survive.

[NorrisK]

Imo while indeed a clusterfuck, it was very smart for poloniex to do this.

Just look at the volume, they basically added another 20-25% trading volume to their exchange which brings in a huge amount of money in fees. Poloniex didn't add them to be nice to people that want to trade it, they only added it to make more fees from ether.

[crypto jerk]

The Ethereum is a live project and it is evolving all the time. It will be more popular after the crisis.

Really? Do you know what the "D" in the DAO stands for? The Ethereum Foundation sold "decentralized" project for hundreds of millions, which will be now hard forked.  

I do not think any Ethereum Foundation members have the rights to dictate the terms of the hard fork, only miners will.

So that is an kind of democracy. I voted for the soft fork in the http://ethpool.org/ before, but there is no vote for HF now.

Most miners and the Ethereum holders have voted for the hard fork to get back the stolen DAO. So we will see.

Whoever told you that is wrong.  You need better sources of information.

Most did not vote at all.


http://elaineou.com/2016/07/18/stick-a-fork-in-ethereum/#forkyou

A message on the Ethermine.org pool states:

    According to the voting result (65% in favor of not supporting the fork) the pool is supposed not to support the fork. But as all other major pools (e.g. dwarfpool, ethermine, nanopool) are supporting the fork we can and will not jeopardize any mining income of the pool by mining on a chain that has a very high probability to get orphaned. Therefore, according to our voting policy stated in the announcement, we will support the hard fork.

https://steemit.com/bitcoin/@crazysmile/ethereum-hard-fork-due-miner-vote-overturned

Wow very democracy.  So many decentralized.

Holy fucked up fork voting batman.

So a minority voted the fork in? Not voting at all is the same as a no vote. So Vitalik just raped ETH.
No means No vitalik, you rapist.

If this chart is accurate then classic should get much support

[Red-Apple]

it doesn't matter how much money is stolen by exploiting bugs in ethereum code as long as Vitalik is not on the losing side nothing will change but if he loses anything he will hard fork it again and he has the most amount of coins and money with his whale supporters like poloniex to do it.

[Kaller]

it doesn't matter how much money is stolen by exploiting bugs in ethereum code as long as Vitalik is not on the losing side nothing will change but if he loses anything he will hard fork it again and he has the most amount of coins and money with his whale supporters like poloniex to do it.

A few months ago, I heard in the Bitcointalk forum that he dumped all his Ethereum, is that not trure?

[pereira4]

it doesn't matter how much money is stolen by exploiting bugs in ethereum code as long as Vitalik is not on the losing side nothing will change but if he loses anything he will hard fork it again and he has the most amount of coins and money with his whale supporters like poloniex to do it.

I don't think Poloniex has favoritism towards Ethereum. Ethereum foundation told Poloniex to not list ETC and Poloniex didn't gave a fuck and listed ETC.

The situation is too risky. Im considering buying some but both ETC and ETH are in a total fucked up situation. One because ETH is a scam with a rollback blockchain, and two because ETC has a lot of hate from big players that are invested in ETH and are mad that ETC is gaining traction.

[dinofelis]

1) How much money does need to be stolen from a smart contract for a hard fork to happen again?

I think that the answer to this question is depending on how closely related the person having lost the coins is to Vitalik.

2) Do smart contracts even exist when now the precedent of a hard fork over a smart contract has happened?

With smart contracts on ETH, the code is the law, and Vitalik interprets the law.

3) Decentralized smart contracts should follow code to the end without no human intervention ever being taken. This means the "hacker" should have kept the coins, but the smart contract was not smart and was not decentralized as we can see now. What's the fucking point then, in any case?

The same as normal law: small players are kept strictly to the law, "too big to fail" players and friends of Vitalik are protected by higher for(k)ces.

[The Sceptical Chymist]

As long as there is interest from holders or simply people who pump and dump, a coin will survive, no matter how shit a coin is, unfortunately it happens

True, as long as speculation and decent volume to allow for it keeps going, a coin will "survive", but surviving is not enough. It seems like Bitcoin will remain the only serious and solid coin, and ETH will go down the path of being an absolute clusterfuck.

I'm very surprised eth isn't approaching zero right now.  There's no explaining the stupidity of shitcoin supporters.  How any of these have value is a mystery to me, but it's especially puzzling after what just happened with eth.  Good summary of the events, by the way OP.

[Alley]

The only use ETH will have from now on is trading.  Nobody is going to use it for smart contracts after this mess.

[pereira4]

As long as there is interest from holders or simply people who pump and dump, a coin will survive, no matter how shit a coin is, unfortunately it happens

True, as long as speculation and decent volume to allow for it keeps going, a coin will "survive", but surviving is not enough. It seems like Bitcoin will remain the only serious and solid coin, and ETH will go down the path of being an absolute clusterfuck.

I'm very surprised eth isn't approaching zero right now.  There's no explaining the stupidity of shitcoin supporters.  How any of these have value is a mystery to me, but it's especially puzzling after what just happened with eth.  Good summary of the events, by the way OP.

I am afraid you guys are right. Who would use ETH for smart contracts after this? I mean the precedent is set, now at any time they can start going for a hard fork as soon as the outcome of a smart contract doesn't end up they way they intended. This is just ridiculous and the opposite of smart and decentralized.

[bitcoinbox]

As long as there is interest from holders or simply people who pump and dump, a coin will survive, no matter how shit a coin is, unfortunately it happens

True, as long as speculation and decent volume to allow for it keeps going, a coin will "survive", but surviving is not enough. It seems like Bitcoin will remain the only serious and solid coin, and ETH will go down the path of being an absolute clusterfuck.

I'm very surprised eth isn't approaching zero right now.  There's no explaining the stupidity of shitcoin supporters.  How any of these have value is a mystery to me, but it's especially puzzling after what just happened with eth.  Good summary of the events, by the way OP.

I'm very surprised ETH  and  DAO aren't approaching zero right now.
DAO price is still relatively high on Poloniex and to me it is a big mistery.

[dinofelis]

I'm very surprised ETH  and  DAO aren't approaching zero right now.
DAO price is still relatively high on Poloniex and to me it is a big mistery.

The rationality of markets is often unfathomable.  But there's nothing inherently mysterious about it.  Monetary assets are infinitely recursive belief systems, and anything can happen in such systems.   It is a fairy tale of economy books that money has some "commodity" value, or some "debt promise" value.  Money is something you accept because you believe that someone believes that someone believes that someone .... will accept it.  So as long as you believe that someone believes that someone will accept a DAO token against value, you also accept it against value (especially if you think that some may believe that some may believe that it may be accepted against more value - which is the greater fool theory).

So anything goes, essentially, in the trading of monetary coins, because of this infinite belief recursion.

[dmarine]

It happens because of people who do not research and do not study a project before investing. How a project with such flaws (The DAO) managed to grab so much ether in the crowdfunding?

[Azael]

I think ETC will take over. It's ETH in it's un-forked form which is the best. ETH is not a crypto anymore but ETC is and has the tech.