Ethereum hard fork successful with mining majority
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Ethereum hard fork successful with mining majority
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Re: Ethereum hard fork successful with mining majority
#2To me, I think this represents a failure of the currency. Either the code is the final word on the contract or not. This process seems to give a cartel of people the power to revoke transactions on a whim. Who would commit to building anything in an environment like that?
Re: Ethereum hard fork successful with mining majority
#3Whether you like this or not, goes to show that developers have to get their hands dirty with mining. If you remain in your ivory tower, you will not control the protocol after it gains any significant traction.
Re: Ethereum hard fork successful with mining majority
#4What's happening: the block number of the hard fork is much bigger than the block number of the non-fork. This means that most of the mining power is being devoted to the hard fork chain since it is longer. The non-fork can't keep up, so the fork is considered a success.
Re: Ethereum hard fork successful with mining majority
#5Note that this says more about the defaults in software than about any Ethereum user's opinion.
(The miners may or may not be more informed, but note that Ethereum is only valuable if users are willing to exchange things of value for Ethereum, i.e. a hard fork requires changes in wallet software.)
Re: Ethereum hard fork successful with mining majority
#6Looking in from the outside as someone with no involvement with Ethereum, I really don't understand how the people behind it can justify using their privileged position as developers and community leaders to try to undo this. They spent a lot of time talking about how "the code is the contract"... until they stood to be negatively impacted on a personal level by allowing the literal meaning of the code to stand. I'm not sure how anyone could have any confidence in this system after that.
Re: Ethereum hard fork successful with mining majority
#7Looking in from the outside as someone with no involvement with Ethereum, I really don't understand how the people behind it can justify using their privileged position as developers and community leaders to try to undo this. They spent a lot of time talking about how "the code is the contract"... until they stood to be negatively impacted on a personal level by allowing the literal meaning of the code to stand. I'm…
Prior to this fork, I had interest in Ethereum. I don't want to touch it now, out of both mistrust and the feeling that the developers are lacking in ethics. It really feels like a pyramid scheme if they're not willing to let the technology stand on its own. It's really a shame.
Maybe some other group will fork the Ethereum code into a new cryptocurrency that can't have the blockchain forked as easily.
Re: Ethereum hard fork successful with mining majority
#8Someone probably has another exploit queued up, so they can immediately create the need for another fork. Ethereum contracts have a giant target on them for security researchers who want to earn money.
Re: Ethereum hard fork successful with mining majority
#9Note that this says more about the defaults in software than about any Ethereum user's opinion. (The miners may or may not be more informed, but note that Ethereum is only valuable if users are willing to exchange things of value for Ethereum, i.e. a hard fork requires changes in wallet software.)
Which are the users you are referring to? Because all kinds of _actual_ users have shown that a clear majority is in favor of the hard fork:
- ETH holders voted on http://carbonvote.com/ with 87% pro-fork. 5.5% of the total ETH supply participated in the vote.
- ETH miners clearly voted pro-fork on the major pools, e.g. https://dwarfpool.com/eth/voting. In nearly all cases > 80% of the hash power was pro-fork.
- ETH markets reacted positively when there were good pro-fork news, and negatively when there were bad news (such as the DDoS vulnerability in the proposed soft fork). Therefore the market sees more value in the post-HF Ethereum.
Yes, there is a vocal group opposing the fork, but it mostly consists of persons wishing to see Ethereum fail.
Re: Ethereum hard fork successful with mining majority
#10Looking in from the outside as someone with no involvement with Ethereum, I really don't understand how the people behind it can justify using their privileged position as developers and community leaders to try to undo this. They spent a lot of time talking about how "the code is the contract"... until they stood to be negatively impacted on a personal level by allowing the literal meaning of the code to stand. I'm…
Yep - I don't see the draw for new investors now. We know they will rollback contracts that are financially damaging enough, except with ETH there is no legal recourse in the case of disputed transactions. From the outside looking in, it just seems like a generally worse traditional currency.