Crisis based forking can pierce the Decentralized Veil of Ethereum
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Crisis based forking can pierce the Decentralized Veil of Ethereum
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Re: Crisis based forking can pierce the Decentralized Veil of Ethereum
#2Perhaps a relevant question is whether this is caused by a bug in Ethereum itself or just someone using Ethereum wrong. The Bitcoin developers have rolled back transactions that were caused by a bug in Bitcoin itself but they do not intervene in the many cases of user error.
Arguably, Solidity makes it so hard to write secure contracts that it is negligent. If the Ethereum team decides to take responsibility for The DAO, I hope they fix Solidity once and for all, not just bail out this one contract.
Re: Crisis based forking can pierce the Decentralized Veil of Ethereum
#3Perhaps a relevant question is whether this is caused by a bug in Ethereum itself or just someone using Ethereum wrong. The Bitcoin developers have rolled back transactions that were caused by a bug in Bitcoin itself but they do not intervene in the many cases of user error. Arguably, Solidity makes it so hard to write secure contracts that it is negligent. If the Ethereum team decides to take responsibility for The…
From what I've read, it is a bug in the DAO contract. Someone is recursively calling some `split` function which has the side effect of draining eth out.
Re: Crisis based forking can pierce the Decentralized Veil of Ethereum
#4This bailout has some similarities to the financial crisis. Of course ethereum doesn't seem to need the DAO to function. Bailing the DAO investors out voids a valuable lesson.
Re: Crisis based forking can pierce the Decentralized Veil of Ethereum
#5FUD article. No (soft/hard) fork will happen without community consensus. Decentralization is not violated.
Re: Crisis based forking can pierce the Decentralized Veil of Ethereum
#6FUD article. No (soft/hard) fork will happen without community consensus. Decentralization is not violated.
It explains the reasons why the community should not do this. Also the community has generally updated and followed whatever the "leadership" has done so far and for good reason.
If the "leadership" decides to go this way as it appears they do, the community will likely follow them as they have done in the past.
This is a big test for Ethereum. The DAO holders were warned clearly about these kind of issues before hand, yet some sort of collective mania made very smart people go deaf.
Re: Crisis based forking can pierce the Decentralized Veil of Ethereum
#7FUD article. No (soft/hard) fork will happen without community consensus. Decentralization is not violated.
As someone who hadn't followed closely: the consensus is among miners, right? The network is still PoW, not PoS?
So it's not a consensus based on DAO shares or ETH holdings, which represent the broader community, but rather based on GPU power, representing a small number of groups?
Re: Crisis based forking can pierce the Decentralized Veil of Ethereum
#8FUD article. No (soft/hard) fork will happen without community consensus. Decentralization is not violated.
As someone who hadn't followed closely: the consensus is among miners, right? The network is still PoW, not PoS? So it's not a consensus based on DAO shares or ETH holdings, which represent the broader community, but rather based on GPU power, representing a small number of groups?
Yes, a soft fork means consensus (majority) among miners. The developers (of Geth, Parity, cpp-ethereum, etc.) can propose the changes, but it's up to the miners whether to adopt them.
Note that the Ethereum mining community is considerably more decentralized than e.g. Bitcoin.
Re: Crisis based forking can pierce the Decentralized Veil of Ethereum
#9Earlier quoted context omitted.
As someone who hadn't followed closely: the consensus is among miners, right? The network is still PoW, not PoS? So it's not a consensus based on DAO shares or ETH holdings, which represent the broader community, but rather based on GPU power, representing a small number of groups?
Yes, a soft fork means consensus (majority) among miners. The developers (of Geth, Parity, cpp-ethereum, etc.) can propose the changes, but it's up to the miners whether to adopt them. Note that the Ethereum mining community is considerably more decentralized than e.g. Bitcoin.
Unless I'm reading this incorrectly, two mining pools control over 50% of the hash rate:
https://etherchain.org/statistics/miners
2/3 of the hashrate from three pools doesn't seem very decentralized.