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> (The soft fork) will later be followed up by a hard fork which will give token holders the ability to recover their ether. Does this mean that transactions are going to be rolled back? If so, are they planning to do this everytime a vulnerability is exploited? Is The DAO too big to fail?
I don't think they're going to roll back transactions but rather build in the functionality to "give token holders the ability to recover their ether".
Congratulations! A month after the first real test of the "distributed", "safe" cryptocurrency featuring "enforcable" contracts, it turns out it's none of this.
The meaning of the word "safe" seems to vary from person to person. The ETH and contract devs think safe means having a static PL to capture contracts.
But in reality it is safe as in, whoever exploited the vulnerability now has a "safe" source of income in a few weeks.
Perhaps it is a lesson better learnt now than later when the stakes are even higher.
> (The soft fork) will later be followed up by a hard fork which will give token holders the ability to recover their ether. Does this mean that transactions are going to be rolled back? If so, are they planning to do this everytime a vulnerability is exploited? Is The DAO too big to fail?
What will happen depends on the collective decision of the community which is still being actively hashed out.
Earlier quoted context omitted.
Huh? What does halting trading has to do with compromising decentralization? You do know what "decentralization" mean right?
They're now talking about essentially blacklisting the hacker's ETH address, how is that decentralised? Halting trading is a show of force too, if they believed a single thing of what they preach they'd let the free market continue its course with the hacker walking away with the money. Looking at your comment history it seems clear you have an agenda here, so I'll ignore the ad hominem.
Earlier quoted context omitted.
This is how I understand the situation: - 2,436,828 Ethereum has been routed to the address starting "0x304a554a310c7e546" [0] - This is worth roughly $46,000,000. - This has happened because there is some weakness in the Ethereum security - The conversion between Ethereum and USD is dropping significantly, now down to 16. [1] Due to this security threat, the developer is telling people to try to effectively DDOS the…
Is this a weakness on Ethereum or the DAO?
[1] https://www.hks.harvard.edu/fs/jfrankel/CatoRespCrisesJun07+...
Can someone eli5 what DAO and ethereum are?