A newbie just killed Ethereum

[ulhaq]

Can someone explain how someone not affiliated with Parity got access to the Parity library that all the multisig wallets used? It sounds like there were 2 flaws - one the security flaw that allowed an outsider to get access to the library, secondly the flaw that allowed the owner of the library to be changed .

If the issue was that the library was deleted, surely there was a backup of the library?

Was the library open to the public, and if so, was the reason so that people could run smart contracts using it?

[hachiman13]

I don't think that is a newbie's doing; it might be some bitcoin enthusiast that wanted to exploit parity's vulnerability. Good thing that the funds were just frozen not stolen; it is the only reason I can think of why eth''s price is still maintained right now.

[vapourminer]

Can someone explain how someone not affiliated with Parity got access to the Parity library that all the multisig wallets used? It sounds like there were 2 flaws - one the security flaw that allowed an outsider to get access to the library, secondly the flaw that allowed the owner of the library to be changed .

If the issue was that the library was deleted, surely there was a backup of the library?

Was the library open to the public, and if so, was the reason so that people could run smart contracts using it?

its a production blockchain. a "backup" would be to erase history on the blockchain with a hardfork. and since parity multisig wallets call the deleted library directly you cant just re introduce the library at a different contract/address.

the bug was that anyone could take ownership.

[Burgergad]

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

It's very bad if serious people say that, as I personally am now in the alts and if ETH falls, then the alts will also sprinkle, it will be very painful for me, I hope that they are not telling the truth

[PokerFace3]

This doesn't affect myetherwallet, does it?
I think the issue will be resolved as soon as possible, but then its impact and people's trust will go very low.
E
Can ethereum classic do the same things that ethereum does - the smart contracts and all that...?

No it doesn’t. It only has to do with Parity wallet which is not something good at all as it affects the whole Eth community.

It could happen to anyone as long as you are holding ETH. This is one of the reasons why Waves will start being the next best option very soon with this sort of vulnerabilities. This is the second time something like this will happen with Parity.

[Burgergad]

I don't think that is a newbie's doing; it might be some bitcoin enthusiast that wanted to exploit parity's vulnerability. Good thing that the funds were just frozen not stolen; it is the only reason I can think of why eth''s price is still maintained right now.

I think that the price is still preserved in the light of all events because it is not a problem for big investors, everyone still believes as I believe in ETH and its global system on which it is possible to do not only projects

[rickadone]

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/

And then I wondered why Ethereum was dropping so bad few days ago, so this is it. This is pretty bad and looking at all the holders that would be hit by this development, then it would even be crazier than this. Well, Parity really has fumbled this time and that bug freezing so many funds will not go good for them, considering the fact that this would be the second one.

the headline of the topic has nothing to do with the news itself... its bad only for parity wallet holders and i believe it will be fixed soon

We obviously just have to see where the whole thing is headed, but I have a feeling this would be fixed otherwise it would tell bad on the Ethereum Ecosystem and it would start getting hard for people to trust a system that cannot even take into consideration shits like this and people ending up losing a lot of funds at the end. Whichever way, we will be watching...

[Burgergad]

I think that ETH is now more killing cats than anything else, since the etherium network is still hanging and can not do anything, so many transactions are happening on this site.

[my_cryptos]

I think that ETH is now more killing cats than anything else, since the etherium network is still hanging and can not do anything, so many transactions are happening on this site.

I can not understand for what reason there were such failures in the network? Could investing in cats cause this? Maybe there are other more serious problems?

[NoiseBoy]

I think that ETH is now more killing cats than anything else, since the etherium network is still hanging and can not do anything, so many transactions are happening on this site.

I can not understand for what reason there were such failures in the network? Could investing in cats cause this? Maybe there are other more serious problems?

The blockchain was already pretty close to max transactions most of the time, and the cats added something like 15% to the total, pushing things over the top and quickly creating a backlog in the waiting transaction pool and significantly pushing up the "fee market". So yes, cats caused this.

[Burgergad]

I think that ETH is now more killing cats than anything else, since the etherium network is still hanging and can not do anything, so many transactions are happening on this site.

I can not understand for what reason there were such failures in the network? Could investing in cats cause this? Maybe there are other more serious problems?

The reason was that this site sent a lot of small transactions and there were so many of them that the etherium blocking system simply could not cope, I do not know how it will be, but it's absolutely not serious if some seals can crash the ether network.

[coin5haker]

So, in short, should I not buy ETH? Because of crazy price and correction seems never happens I decided to put my money in ETH. Avoid it? 

[Burgergad]

So, in short, should I not buy ETH? Because of crazy price and correction seems never happens I decided to put my money in ETH. Avoid it? 

Looking for what you need ETH, if you need it to trade, then it's better to wait for a pullback at a price, but if you need it to invest in new projects, then ETH should always be in the portfolio so as not to buy it then for $ 600

[makuhpal]

Shouldnt be "kitties just killed ethereum"? funny developers of ethereum,cant maintain their own network i pitty them.

[BlomBaster]

I think that the etherium at the moment is the most stable of top-end crypto currency. Therefore, it takes the second place.

[Burgergad]

Shouldnt be "kitties just killed ethereum"? funny developers of ethereum,cant maintain their own network i pitty them.

So stop, who said that they are funny? they now solve the problem, if you look at the history of ETH, then everything was there and everyone as always shouted that ETH is bad and even that it is fraud. I think that the ETH team will quickly solve the problem.

[ruffles2016]

So, in short, should I not buy ETH? Because of crazy price and correction seems never happens I decided to put my money in ETH. Avoid it? 

Looks like news around ethereum are enough to avoid buying more.
I don't know you should decide yourself but I would personally sell at least half of my eth portfolio after these news to decrease risk.

[Burgergad]

So, in short, should I not buy ETH? Because of crazy price and correction seems never happens I decided to put my money in ETH. Avoid it? 

Looks like news around ethereum are enough to avoid buying more.
I don't know you should decide yourself but I would personally sell at least half of my eth portfolio after these news to decrease risk.

This is the problem, if so, the ETH will continue to grow at a price then all other coins will begin to pour and this is not good. But on the other hand, you can buy a little at a low price, the only question is whether to buy for ETH or better in USDT?

[Ging]

ethereum is very strong altcoin and it is promising i think only now it had been a little bit more valued with increasing waves of icos that are based on its smart contracts.

[Burgergad]

It seems that ETH by January or February will be able to break through $ 1000, and if you look at the chart and how fast and strong the top coins grow by capitalization, it is quite real that it will grow even more.