191–200 of 754 posts
Earlier quoted context omitted.
I can literally feel how Ethereum changes the law. I mean, seriously, no need for lawyers anymore. On ethereum it's is simple: You got fucked, live with it. "Bad faith? It's the code, didn't you read it?"
Odds etherium does another hard fork to fix this bug?
153,000 / 93,405,120[0] = 0.001638025838
Earlier quoted context omitted.
Won't happen. People need to believe that the justice system will hear their pleas and consider factors on-balance, and then proceed in fairness. In real law, there are several potential overrides available to stop egregiously unfair outcomes that would otherwise be legally valid (estoppel, unconscionability, etc.). People will not accept a system that does not have the appearance of fairness (regardless of its actua…
And the inverse also applies. People (groups and individuals) want to be able to throw their power around and leave people they don't like at "sucks to be you". This behavior has been the status quo for millennia.
Anyone who wants to maintain power in virtually any setting (communal, corporate, governmental) must create an impression of fairness and equity, at least to the extent that a good portion of the people are not willing to risk their [reputations/jobs/lives] to throw off the "oppressors".
It's not an accident that virtually all powerful corporate bosses and politicians are so image-conscious and superficial; it's a matter of survival for powerful people.
Earlier quoted context omitted.
Won't happen. People need to believe that the justice system will hear their pleas and consider factors on-balance, and then proceed in fairness. In real law, there are several potential overrides available to stop egregiously unfair outcomes that would otherwise be legally valid (estoppel, unconscionability, etc.). People will not accept a system that does not have the appearance of fairness (regardless of its actua…
Not sure why you're being downvoted because you're exactly right. The crypto-anarchists love to say "the code is the law", but the reality is that losing your retirement savings because somebody forgot to mark a method private is a pretty shitty outcome. For all its warts, a legal system backed by a jury of your peers is still the best way of sorting out the actual intent of a contract when the shit hits the fan.
From the post mortem (1) -=> - A hacker managed to exploit a ICO multisig wallet vulnerability and drain 44,055 ETH - $9,119,385 at present. - A white hat showed up and "saved" 377,000 ETH - $78,039,000 !!! - by draining other accounts. I get the "see cryptos are too insecure / it's a pyramid / it's a bubble / ICOs are scams / etc" arguments. But holy shit turning a world currency into the wild west - for better or w…
This was a third-party wallet. Everyone used it because everyone else used it. Exactly like Mt Gox. There was no reason to store coins on Mt Gox, just like there was no reason to use this wallet.
A moment's reflection would have prevented this foolish decision.
- The vulnerability is in Parity's "enhanced" multi-sig contract
- This affects Parity 1.5 and later
- Parity 1.5 was released on January 19, 2017 (have you created multi-sigs in Parity since then?)
- The canonical multi-sig contract used in Mist / Ethereum Wallet does NOT have this vulnerability
- 0x1db is a community "white hat" sweep effort and not an attacker (See: https://etherscan.io/address/0x1dba1131000664b884a1ba2384641... )
I've posted this before [0], but it's still apropos regarding the foolishness that is Ethereum. [Ethereum] only makes sense if all of the following obtain: (a) the code is 100% bug-free (b/c accidents cannot be rewound) (b) all code-writers are 100% honest (their code does what they say) (c) all contract participants are 100% perfect code readers (so as to not enter into fraudulent contracts) (Strictly speaking, only…
I would add one more point: even if both participants in a contract fully understand and agree to the contract, the contract could still be thrown out under contract law for many reasons -- unconscionability, agreement to commit a crime, etc. If Ethereum becomes popular enough, one day the participants in an Ethereum contract are going to sue each other, and the judge is not going to be impressed by arguments that th…
In many cases I would assume the opposite will occur: plaintiffs will claim that there was no contract formation because because the technical mumbo-jumbo of computer code is incomprehensible to a layman.
I suspect that courts will react quite favorably to this argument seeing as how they have a natural interest in maintaining their jurisdiction.
Earlier quoted context omitted.
I can literally feel how Ethereum changes the law. I mean, seriously, no need for lawyers anymore. On ethereum it's is simple: You got fucked, live with it. "Bad faith? It's the code, didn't you read it?"
Won't happen. People need to believe that the justice system will hear their pleas and consider factors on-balance, and then proceed in fairness. In real law, there are several potential overrides available to stop egregiously unfair outcomes that would otherwise be legally valid (estoppel, unconscionability, etc.). People will not accept a system that does not have the appearance of fairness (regardless of its actua…
Specifically, in the DAO hack, the affected people had enough political influence to get the entire network to undo the ownership transfer that was the result of their own oversights:
https://www.reddit.com/r/ethereumfraud/comments/6bgvqv/faq_w...
If anything, Ethereum is worse because you have to get the entire network to fork (analogous to a revolution or constitutional convention) to fix a mistake, instead of just getting a judge to rule "okay, that's obviously not what anyone meant".
Furthermore, it's far more unequal, where mistakes only get fixed when they affect the most influential users. Seems like a step in the wrong direction.
A much more useful explanation: https://press.swarm.city/parity-multisig-wallet-exploit-hits...
Thank you for this, because the OP link is totally baffling for those of us who aren't coin-nerds.
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Seems like something a code review would have caught. Then again, code reviews and other slow processes are probably not the par for startups.
About half my day job is auditing Solidity code for startups. And yes this should have been caught.