Re:Stick a Fork in Ethereum
by pjc50 on Wednesday July 20, 2016 @07:26AM
(#12128191)
Yes, the DAO made a colossal error in shipping unverified code and are now having a bailout because .. they're "too big to fail". This is hilarious, but it's also a true statement about the importance of confidence in financial systems.
(If the DAO had waited the couple of years necessary to produce a provably secure system, they would have been beaten to market by someone less secure who would have been hacked instead. Because people are incredibly keen to throw money at being early adopters of cryptocurrency systems. They're the new dotcom shares.)
I'm also going to predict that a few months after the dust settles on this that another exploit is found in the DAO. What happens then?
Re:Stick a Fork in Ethereum
by DennisP on Wednesday July 20, 2016 @08:23AM
(#12128421)
The DAO is dead. The ether is going to the token holders, not to the DAO contract. Hopefully people have learned their lesson about putting so much in one big convoluted contract.
(If the DAO had waited the couple of years necessary to produce a provably secure system, they would have been beaten to market by someone less secure who would have been hacked instead. Because people are incredibly keen to throw money at being early adopters of cryptocurrency systems. They're the new dotcom shares.)
I'm also going to predict that a few months after the dust settles on this that another exploit is found in the DAO. What happens then?