A newbie just killed Ethereum

[imtav]

Roughly 1% of all ETH (depending on source) are permanently frozen. 

[Warkop]

Definitively frozen ? I thought it was repairable. How such a easy bug from random address can do this damage... When you talk about bug in softwares it's something, but in crypto damn it s a bit lost of money.

I agree with you, do not ever be afraid of Ethereal and do not worry this kind of problem might be overcome, better think about how to secure our money from this problem, so that nothing will happen the same thing.

[Acguy]

Can't really tell if this is good or bad lol.

[freebutcaged]

Good time for those who are developing LISK, they solved all the problems with ethereum and are releasing the SDK in a few months time. Time for ETH developers to move over to javascript!

People actually mine Eth mate, with Lisk only the whales with the largest balances are forging, Lisk is centralized because of a bad mining mechanism.

I had to see it first hand experience, try to make a better comparison, Eth is nothing like Lisk.

They should hard fork, why would such a hard fork hurt Eth? couldn't miners reverse those transactions or double spend them while the entire network

Validates the new transactions?

[shyliar]

I think that it will drop more once the news spreads.

It will drop especially more as the talks of a roll back and fork al la The DAO continue.

I don't think the market realizes yet that a hard fork and rollback is the only way to unlock the $120 million worth of ETH.

I agree, it's still only on the more obscure news sites. By tomorrow it will be on CNN and other more mainstream news providers.

[cryptosifu]

Second strike for Parity.

[puremage111]

Fyi, i dont think hes a newbie

Newbie = someone like me
Who don't even know how to execute codes and etc

IMO, he trying to try out integrity of code and also exploit of code

[Crypington]

How crazy.  I'm a big fan of Ethereum and thankfully didn't have any holdings in parity, but man, it is hard to believe a newb could destroy $100s of millions just while experimenting with some code.  

[SupportBitcoin]

That is bad news and I feel bad for those folks. I'm seeing on other articles it is frozen for good and what is lost is lost. Ouch!

[shinharu10282016]

How crazy.  I'm a big fan of Ethereum and thankfully didn't have any holdings in parity, but man, it is hard to believe a newb could destroy $100s of millions just while experimenting with some code.  

Well you're not a newb if you can execute these "kill" transaction things. And to think he knew how much these can cost, IT'S A "I'm A cOoL KiD. I kNoW hOw tO sPrEaD FuD oN tHe InTeRnEt" kind of things.

I don't think it can entirely kill the ethereum. Lol what doesn't kill you makes you STRONGER should apply to ETHEREUM HARDFORKS AS WELL NOT JUST BITCOIN FORKS RIGHT?

Well all is well. Lets see how this things progresses.

[HariiPKB]

This news is from whales, i guess. They just want take ETH down to 200$ to collect more coin. Dont sell you ETH now. Their dev may fix this and make ETH price up.

[Volant]

Is ETH going to crash on this news? I was going to make some sales today but with this fuck up not sure.

[hgmarral]

Hopefully the Ethereum community will learn from this and improve the entire platform. Incidents like this, while isolated to a particular company really hurt the whole platform.

[jubalix]

Yep eth will crash on this.

Essentially they need to figure out how to securely make their codeing.

There will be a dead cat bounce....I suppose.

In some ways I don't see a problem with a roll back, as it returns a status quo and eth codebase is a development in progress, so its to be expected there will be issues along the the way.

Its hard to argue that this not a straight out error that needs to be addressed, and who loses by a consensus to fix this....

a wet are consnesus it ok

in fact every time BTC upgrades (or down grades) or forks, you are getting a wetware consensus.

the normies and certain purists will freak out about this but meh........

I guess this reinforces btc a reserve currency.

if this was a lib by parity (Parity’s “multi-signature wallet”) then its parities problem...I am not across this enough to know

[Colorblind]

Can someone ELI5 what really happened from technical perspective?

[AngelSupport]

Pack up guys, we're forking. I wonder what Vitalik has to say about such a shocking "accident". The market though, it's pretty strong despite the permanent loss so it could be a good thing?

[Colorblind]

Is there a resource I can read about Parity? As far as I understood it uses multisig wallet to authorize all my withdrowals (i.e. 3d party, in this case parity, have to sign my transaction, so they provide me a token that I use to generate signature). And somehow they have lost their signature, so everyone who held theit funds now stuck without possible resolution?

[Mallyx]

This news is from whales, i guess. They just want take ETH down to 200$ to collect more coin. Dont sell you ETH now. Their dev may fix this and make ETH price up.

Only a fork can fix this.
And how the whale will push the price down to $200, as they have funds locked ?

[sparg]

It seems a very big vulnerability if a newbie can very easy freeze 100 mil just like that. What will stop another user or a group who wants to bring eth down to exploit this. The credibility of ethereum will go down even if only users of parity were affected. This isn`t only bad news because it will create e eviroment were other blockchains can prove themself. A market with a strong competition is a good one.
I think eth will go down in the following week close to  220 dolars

[Bastime]

That's the end game for Ethereum if they can't fix the issue as soon as possible because when investors found out some vulnerabilities then they start to sell away their coins and instead use other wallets as well.
If wallets will be compromised then people will drop their investments as well.