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Question: Should NXT Rollback the Blockchain after the BTER Hack ?
Yes - 13 (22%)
No - 42 (71.2%)
Maybe - 4 (6.8%)
Total Voters: 59

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Author Topic: [POLL] Should NXT Rollback the Blockchain after the BTER Hack ?  (Read 1741 times)
bee7
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August 15, 2014, 06:08:40 PM
 #21

Definitely NO!

it's a business, not a game for kids.

Think about it as if you were told that your last salary have been paid in counterfeit notes which your employer got from some customer who is gone now.

Edit:

this was due to a exploit through BTER? or a poor wallet passphrase?

The Bter guy in charge of the servers had used the same password for all the hosting accounts and perhaps more. He was in the midst of installing two-factor authentication, but he hadn't gotten around to the server holding the Nxt at the time of the robbery. There's been a little speculation that it was a sort-of inside job by an ex-employee or associate, but that's just unfounded rumour.

If this is true then definitely its a bter fail and they have to pay for any loses, not the community.

Edit 2:

Disclaimer: I have no a single NXT.
EvilDave
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August 15, 2014, 06:26:35 PM
 #22

Spoetnik, thanks for the poll, bro.

Heres a very brief summary of the situation so far:

BTER was compromised in my early AM, round 12-13 hours ago.
It appears that BTER used a common passphrase for multiple applications within BTER, including wallets.
50 million NXT was lifted, BTER appealed to the NXT community for help.

A full rollback (ie all transactions from the theft onwards reversed) was considered, and rejected.
Because of NXT's Proof of Stake forging architecture, there was also the possiblity (within a short time frame) to carry out a partial rollback, which would in theory only affect the compromised BTER account. Software to carry out this partial rollback was created, and made available so that the commmunity could decide to opt in or out of the partial rollback.

Right now it appears that the NXT community has decided not to implement the rollback in any form.


The funds in question are now here:
http://www.mynxt.info/blockexplorer/details.php?action=ac&ac=1244396688755618309

There was a short negotiation with the thief, but that only resulted in the return of 5 million NXT so far, here are the AMs on the subject:
https://nxtblocks.info/#section/blockexplorer_messages
and search for: NXT-8WJ7-8A2H-MBYN-3W9K4

You can see the whole story.

More info soon....


 

Nulli Dei, nulli Reges, solum NXT
Love your money: www.nxt.org  www.ardorplatform.org
www.nxter.org  www.nxtfoundation.org
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August 15, 2014, 06:36:09 PM
 #23

The noes come from people worried that a rollback implies "centralization" and people worried that businesses will shy away from adopting Nxt because of "rollback risk."

That we are even talking about the possibility of rollback PROVES NXT is garbage.  Rollback risk must be eliminated.  Stealing is a fair way of getting coins.  Been that way since robbers were shooting at stage coaches and even before. 

If NXT saves BTER, then exchanges have no incentive to deploy high security.  They'll just use weak passwords and let the robbers into the servers all day.  When they are hit, they'll just run to the devs and plead for help. 

NXT is totally finished if a rollback is done.  NXT is already in serious jeopardy just by their devs admitting there might be circumstance under which they'd be willing to 'rollback' a transaction. 

Now, the next party to claim a transaction was 'unfair' will be asking the devs to do another rollback.  Maybe only one worth $.5 million.  Then, $100,000 transactions being contested will be rolled back.  Then transactions of friends will be rolled back.  Where is the line? 

That ANY transaction CAN be rolled back is a serious flaw in NXT.  NXT is probably very dead after this. 

It must be impossible, no matter how compelling the reason, to roll back a blockchain.

Sell NXT.  That dog is dead.

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Spoetnik (OP)
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August 16, 2014, 02:18:16 AM
 #24

this was due to a exploit through BTER? or a poor wallet passphrase?

The Bter guy in charge of the servers had used the same password for all the hosting accounts and perhaps more. He was in the midst of installing two-factor authentication, but he hadn't gotten around to the server holding the Nxt at the time of the robbery. There's been a little speculation that it was a sort-of inside job by an ex-employee or associate, but that's just unfounded rumour.

very informative thanks
edit:
and thank to EvilDave also for taking the time to try and lay some facts down for us all.

edit2:
@RawDog
YES i agree !
The thing is when we think about it we will then have a centralized figure deciding who does or does not get to keep their coins in the future.
And in the very nature of crypto's smoke and mirrors and shadowy lies and games we can never really be sure 100% what is happening.
What if this and what if that.. what of BTER lied about ALL of this to NXT devs ?
See what i am saying ?
The only solution is to say sorry too bad suck it up.

Either the hacker gets to keep his stolen coins or NXT is of no use to serious crypto users.
I hope BTER can find some other way to get the coins back from the hacker though..

FUD first & ask questions later™
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August 16, 2014, 05:07:57 AM
 #25

I was leaning towards a rollback but now I'm against it. Nxt shouldn't try to fix the exchange's problem.   It stings that the hacker has a similar amount to an original stakeholder.  At least Nxt has an alternative to exchanges (MGW) unlike many other coins.
EvilDave
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August 17, 2014, 02:49:07 PM
 #26

Looks like we get a happy ending on this one, guys!

https://nxtblocks.info/#section/accountId/NXT-8WJ7-8A2H-MBYN-3W9K4

We don't need no steeenking rollback!

Nulli Dei, nulli Reges, solum NXT
Love your money: www.nxt.org  www.ardorplatform.org
www.nxter.org  www.nxtfoundation.org
From Above
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August 17, 2014, 02:52:47 PM
 #27

The qora-nxt-ora-nem-node-illuminati axis will strike again !  Eliminate the Axis of Altcoin Evil !

~CfA~

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