[2016-06-17] CD: The DAO Attacked: Code Issue Leads to $60 Million Ether Theft

[LiteCoinGuy]

The DAO Attacked: Code Issue Leads to $60 Million Ether Theft

The DAO, the distributed autonomous organization that had collected over $150m worth of the cryptocurrency ether, has reportedly been hacked, sparking a broad market sell-off.

http://www.coindesk.com/dao-attacked-co ... her-theft/


60 mio hack - omg. cant believe people put money in that dead project.

[iFixBTCmemoryIssues]

The DAO Attacked: Code Issue Leads to $60 Million Ether Theft

The DAO, the distributed autonomous organization that had collected over $150m worth of the cryptocurrency ether, has reportedly been hacked, sparking a broad market sell-off.

http://www.coindesk.com/dao-attacked-co ... her-theft/


60 mio hack - omg. cant believe people put money in that dead project.

Ouch!!!!!!!

Business owners have to do a better job of auditing their code before they release it.

On the bright side, Ethereum is extremely cheap today - EXCELLENT!!!!!!!!!

[iFixBTCmemoryIssues]

Here is a good tip for investors, when BP Halliburton had their oil spill, their stock crashed. I took advantage of this opportunity and purchased $1M in shares. I held on to it and flipped it for a 30% profit ($300K).

It is always wise to invest in companies that have suffered a major disaster, yet have a positive and profitable future.

Don't invest in theDao, do invest in Ethereum.

[LiteCoinGuy]

If Ethereum hard forks and recovers stolen coins... it should forever be renamed to VitalikCoin and those who want to own it should know their master. That destroys the purpose of a blockchain in the first place.

[LiteCoinGuy]

"It is not in our rights to decide which coins belong to whom" - Charlie Lee (Inventor of Litecoin)




And there is a reason for that.

[inBitweTrust]

Ethereum ecosystem appears to be vulnerable as well from many exploits-

http://hackingdistributed.com/2016/06/1 ... s-for-bugs

If Ethereum hard forks and recovers stolen coins... it should forever be renamed to VitalikCoin and those who want to own it should know their master. That destroys the purpose of a blockchain in the first place.

You are right. Ethereum is damned if they do and damned if they don't, but a HF will certainly damage the credibility of the chain and no one will trust it in the future leading to a slow death of this coin.

You have to understand that by setting this precedent , the ETH community not only undermines the vary principles of DAO's and smart contracts but will insure warrants served by alphabet agencies demanding rollbacks get served to the Ethereum foundation.

It is also a clear warning to those of potential problems with ETH future switch to PoS if an attacker can amass so many coins, which makes this situation even more interesting since Vitalik is hard up on transitioning to weaker security.

[arnoudk]

If Ethereum hard forks and recovers stolen coins... it should forever be renamed to VitalikCoin and those who want to own it should know their master. That destroys the purpose of a blockchain in the first place.

I agree. There are no good choices here, but the best choice of the bad choices would appear to be to accept the loss of $150 million in ether (ouch!!). The alternative undermines the value, in my opinion, of all Ether on the ether blockchain. Rolling back these transactions amounts to socializing the cost of the risk for the DAO losses on all Ethereum holders.

I do feel for everyone who has lost money this way. It sucks to be stolen from. I acknowledge that.

Still, the people who put their money into an untested DAO did so knowing there could be bugs. They should be the ones to bear the consequences, not all Ethereum holders collectively.