A newbie just killed Ethereum

[YuurinBee]

Wait a second, so how is it even possible that a n00b did this without having some "supervisor" or consensus approval for something this serious - it's just that open-source or what??

[1715204482]

1715204482

[intrader]

ETH will dump

[atupolev]

Wait a second, so how is it even possible that a n00b did this without having some "supervisor" or consensus approval for something this serious - it's just that open-source or what??

I don't know, but this event doesn't bring anything good for Ethereum

[YuurinBee]

Do you believe it is just e temporary situation and it will be restored? 

It should be able to be retrieved, but then that would completely make the credibility of a "permanent locking smart contract" pointless...

[JSEcoin]

Wow a $150 million dollar bug. Ouch. Shows how high the stakes are when coding for cryptocurrency technologies.

[doothewop]

Wow a $150 million dollar bug. Ouch. Shows how high the stakes are when coding for cryptocurrency technologies.

Yeah, you'd think they'd have some kind of QA or bug bounties so as to
not screw over everyone who uses their wallet. Crazy.

[trinketmage]

In regards to everyone saying ETH is going to dive because of this, how so. The coins were not stolen from my understanding, so they wont be sold they are just lost. So it should really bring the value up, unless people are afraid of this for some reason

Umm what? If this incident froze 100 - 300 million for good, it´s a severe blow for Ethereum´s credibility. Who is going to invest in a crypto where this kind of stuff happens?

I daresay it´s even worse than some hacker stealings coins from an exchange

[glennmatthew]

ETH will dump

If ETH was supposed to be dumped as a result of this it would have dumped the moments news got out.

Sure it may have been a blow to the credibility of ETH, but this can be recovered if the right steps are taken. There is no software without bugs, what shows the dedication and skill of the team is how these bugs are resolved.

We shall see what happens, even if a fork is upcoming, I honestly doubt that we will see a dump. Just look what a few forks did to bitcoin.

[allycn]

I was expecting a bigger drop in ETH price after news broke, but it has been pretty stable.
(I also doubt the whole "I'm a newbie theory").

[murcked]

daaamn , what happend ? This will get ethereum to drop so hard in the next days/weeks , time to move to ethereum classic I guess ). If this is for real then all t

I was expecting a bigger drop in ETH price after news broke, but it has been pretty stable.
(I also doubt the whole "I'm a newbie theory").

I was expecting a bigger drop in ETH price after news broke, but it has been pretty stable.
(I also doubt the whole "I'm a newbie theory").

he ethereum holders will have to suffer from that mistake.

A newb turned a smart contract into a multi-sig wallet, declared ownership and suicided it destroying the library that multi-sig wallets depend on making all the ETH frozen for good.

And with newb I mean; yes, litterally a newb. Apparantly he isn't quite aware of what he did and I think he's scared because he basically just burned like 500k-800k Ethereum (100-300 million USD)

Holy Cow! How is something like this even possible? Thought the whole point was so no one can itnerefere?

[tk808]

I was wondering why Ethereum was trending on Twitter.

This article explains the bad news for some Ethereum holders  https://www.cryptpool.net/ethereum-wallet-vulnerability/

Ethereum won't die because of this, it will correct itself and potentially another fork is under-way. Now, i'm not expert when it comes to the base of Ethereum's code, so correct me if i'm wrong.

But from a market perspective, this along with segwit's cancellation is adding to Bitcoin's value, but it will not last long. Ethereum may dissipate a bit on the markets, but i suspect a big rebound is incoming sooon, since it has a lot of catching up to Bitcoin's huge valuation at this point.

[jk_14]

I was expecting a bigger drop in ETH price after news broke, but it has been pretty stable.
(I also doubt the whole "I'm a newbie theory").

There really is no reason for ETH to drop since the problem wasn't with the Ethereum blockchain but with Parity. Why would the market care about people who deposited funds with a service that has already failed once in the past?

The weak reaction is a pretty good sign though. Means the Ethereum market has matured quite a bit since the last fiasco.

[thinkpad99]

I was expecting a bigger drop in ETH price after news broke, but it has been pretty stable.
(I also doubt the whole "I'm a newbie theory").

There really is no reason for ETH to drop since the problem wasn't with the Ethereum blockchain but with Parity. Why would the market care about people who deposited funds with a service that has already failed once in the past?

The weak reaction is a pretty good sign though. Means the Ethereum market has matured quite a bit since the last fiasco.

In recent times, Ethereum has developed well. I am not convinced that in the next few months something will be able to suppress them. With strong coins only Waves are able to approach in any degree.

[jk_14]

I was expecting a bigger drop in ETH price after news broke, but it has been pretty stable.
(I also doubt the whole "I'm a newbie theory").

There really is no reason for ETH to drop since the problem wasn't with the Ethereum blockchain but with Parity. Why would the market care about people who deposited funds with a service that has already failed once in the past?

The weak reaction is a pretty good sign though. Means the Ethereum market has matured quite a bit since the last fiasco.

In recent times, Ethereum has developed well. I am not convinced that in the next few months something will be able to suppress them. With strong coins only Waves are able to approach in any degree.

I'm sure there'll be more serious competitors in the future, which is good for all of us.

Waves really does seem like one of the obvious candidates though, especially with the recent announcements which should shift Waves into a bull market quite soon.

[Piggy]

It seems there is also quite a lot of effort put into ETC at the moment. At the upcoming conference they could strength their position

[DroidR17A]

Not sure where this noob idea sprouted from. devops199 is not a noob. It was a bug in the Parity multi-sig code that allocated the 1000 ETH to his account. When he removed his contract code, instead of returning the ETH to their original holders, it locked them up with no way to recover them, bar a hard fork similar to the post DAO classic split.

Question is, will there be a hardfork, and what will the medium term effect on price be?

[Gloria_16]

I have an etherium: (let's hope that because of this error, it will not fall much

[DroidR17A]

I have an etherium: (let's hope that because of this error, it will not fall much

Well, at least for now, it doesn't seem to be impacting. price is going up, not down.

[realKittenCoin]

This is the most epic story about crypto currencies!

[Nagrogflaz]

this may be something we do not want but I am sure this problem will soon be solved by the concerned because it will cause unfavorable impact for altcoin eth as well as others