Hex explains in 7 words:
DAO fucked up, DAO lost their shithttp://pastebin .com/CcGUBgDG
http://www.livebitcoinnews.com/ethereum-the-space-oddity-of-cryptocurrencies/In the land of crypto-trading Ethereum has crossed a pivotal point today with the price rising to over $20 USD per Ether. Many people within the cryptocurrency community are steadily watching the rise of the Ethereum network as it has a substantial $1.6 billion dollar market capitalization. But what about the astronaut developers and dApp-spacecraft projects happening on the front lines?
There are lots of people who believe there is no altcoin under the sun with as much promise as Ethereum.
FAIL
betray-the-blockchain
https://motherboard.vice.com/read/ethereum-might-betray-the-blockchain-to-recover-from-a-56m-hack-bitcoin-DAOSlock.It Says ‘The DAO’s Journey is Over’
http://coinjournal.net/slock-says-daos-journey/\
WOW ETH/dAO is now completely FUCKED - 8.3 Million ETH stolen!! thats like $166 million ROFL
[–]apoefjmqdsfls 134 points 6 hours ago
I made a bad contract in the first days ETH was online and lost 2K ETH with it, can I also get it back? Thanks!
[–]IAMnotA_Cylon 25 points 2 hours ago
I know this is a joke, but it's one of the more poignant comments here. Ethereum worked exactly as intended. I don't believe software should be updated when it works exactly as intended.
You assume the risks of your investment. If you don't understand your investment, you assume unknown risk. Anything else is a bailout by a central authority, i.e. the antithesis of the crypto world.
Q of the D
I cannot believe you are unable to read all the anti-eth threads popping up today.
But "What's wrong with ETH" is actually a good question.
According to the Ethereum devs, the "DAO code" is the culprit. But that may not be the whole truth.
At a first glance, the culprit could also be the turing-complete smart contract language. Turing complete languages give attackers the possibility to write malware like viruses or trojans. If I understand right, we may be in presence of the first "descentralized malware" written on a cryptocurrency platform.
That may be a major problem for Ethereum, because their "unique selling point" is actually the turing complete smart contract platform. Now it's obvious that their language can be used to code all kinds of scams. Other non-turing-complete smart contract platforms like Qora or Bitshares (and Bitcoin itself) have not seen these kinds of attacks. So they may be more limited, but superior in terms of security, to Ethereum.
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The only way for ETH now is down. Investors will not trust Eth smart contracts anymore. Without that it has nothing going for it.
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