Re:Web3 is centralized and inefficient
by nootropicat on Wednesday March 23, 2022 @02:51AM
(#30775711)
Everything you wrote is incorrect.
>You realize that hacker sends funds to his own wallet -> ETH Foundation decides to roll back and contacts their miner bros, who had ZERO problems performing a 51% attack -> ETH Foundation can send the same funds again is essentially a double spend?
This is how a rollback happened in bitcoin two times: during the value overflow bug and during the database incompatibility bug (2013). The bitcoin blockchain was rolled back via a coordinated 51% attack. In the second case at least one double spend happened. Ethereum never had a rollback, the change was a hard fork that changed ownership of eth previously owned by the dao hacker.
Re:Web3 is centralized and inefficient
by Dylan16807 on Wednesday March 23, 2022 @01:09AM
(#30775181)
The DAO fork only directly rolled back that single transaction, right?
You realize that hacker sends funds to his own wallet -> ETH Foundation decides to roll back and contacts their miner bros, who had ZERO problems performing a 51% attack -> ETH Foundation can send the same funds again is essentially a double spend? And that the network is centralized and tightly controlled by $CEO_OF_BLOCKCHAIN_ENTITY?
Also, it’s not just their transactions who get rolled back, but everyone’s! People who sent goods after seeing 20 confirmations on the blockchain already dispatched them and lost both: the funds AND the goods.
How is this fair?