This is a blessing in disguise, brothers and sisters.

LagniappeLagniappe Dirty SouthMember Posts: 136 ✭✭
Dear comrades,

I realize that this is a tough test for Ethereum, and many of my friends are concerned. An important thing to remember is that before anything can be crowned as the best, a certain level of resiliency must be displayed. The world needs to see this, so that in the future they can remember what Ethereum's developers did in the face of pain.
In the face of pain, people reveal themselves. Pressure builds up, decisions get made without a second or third thought; it is during this beautiful time that one can see exactly what a person is made of. You could call it a blessing in disguise, provided this is handled in a timely, appropriate fashion.

On the top world level of any competition, the public holds a high respect for someone that must suffer through great turmoil to achieve victory. Think about a boxer who's been knocked down several times, but still decides to get up and continue and goes on to victory. One that suffers considerably during this course, but keeps it together and maintains enough composure to achieve the win.

Right now, that hurt boxer is ethereum. You could even figure that BTC is the champ who knocked us down; hitherto extremely cocky, as his fallen opponent is rising back up, showing an undeterred will on the ascent. Bitcoin begins to worry after seeing Ethereum pass the litmus test and continue coming forward. You'd be smart to be worried - a smarter fighter displaying the ability to absorb the best pain in the game and keep coming forward is, indeed, a force to be reckoned with.

So, rest assured that if the developers handle this properly, it's nothing more than a blessing in disguise. The public will respect and trust us much more if this is handled timely and appropriately; we already have the timely part of the equation because our team is working hard at it. Think positive.



  • dlehenkydlehenky Member Posts: 2,249 ✭✭✭✭
    You are assuming that the consensus of the miners will be to go along with the plan. That's certainly not clear, to me. Many are looking at the proposed "fix" for this to be the equivalent of the Fed bailing out the "To Big To Fail" f*ck up bankers. The DAO contract code is what it is, and if you don't abide by that to the letter, then the contract has no foundation; the "powers that be" can just step in and "make it right" to someone's liking, but who decides?
  • nogo10nogo10 Member Posts: 26
    edited June 2016
    @dlehenky , to Joe Public, out there, that is not what we are seeing : it's not just theDAO that is getting robbed: it's people, not banks. The actual bankers on Wall St are sipping champagne over this because the failure of any decentralized crypto means the status quo (in their favor) for them. To the general public Bitcoin is that creepy crypto of drug dealers.. Ethereum is changing that and has been of great benefit to Bitcoin's and blockchain tech rise and acceptance. Now this robbery is screwing all of us. It's like some new store on Main St. getting robbed and miners say "Oh let them learn their lesson bla bla..." EDIT: theDAO getting robbed is different from simply a business going bust because of a hack; there's precedent of crypto acceptance in mainstream practice.

    If I was a professional miner, I would send a clear message to the pools to hard fork , not to bailout, but to send a clear message that the community is self policing. I might also bring up the topic of mining PoW being arguably more secure than PoS since staked ethers might be tempting targets to hackers whereas mining rigs cannot be robbed and are insurable.
  • dlehenkydlehenky Member Posts: 2,249 ✭✭✭✭
    @nogo10 Understand that I was expressing the sentiment that I've been seeing from some miners concerning this event. I agree with you that we need to implement the "fix" as soon as possible. I think that having the Ethereum network demonstrate that it can mitigate something like this is important to the future of the network as far as public perception goes. Although, this has to be seen as a more or less one-time intervention; the network cannot, from a practical point of few, step in and remedy every bad smart contract that comes along. The DAO has a lot of public visibility and a great deal of ETH at risk, and there could be very dramatic negative outcomes if the hacker actually succeeds in obtaining the stolen ETH.
  • greenusergreenuser 50.8862°N 4.5537°WMember Posts: 439 ✭✭
    As i understand, the reward was taken fair and square. Nothing was stolen.
    The Dao worked as it should.

    Has there been any speculation on who the winner was? Do you think it was a inside job?

    I tried my best to get people to open their eyes but no one listened.
    I also had posts taken down. I have copies though.
    I couldn't have timed my exit from my eth position any better.
    But I feel bad cos i'm ahead in all of this.
    I spoke to a man this morning that mortgaged his house to buy eth and dao. He has a child on the way too...
    Number one lesson. only invest what you can afford to lose.

    It was a big mistake calling the new toy, "the Dao".
    Why not call it "the Bible" or "the Torah" or "the Koran" it would have offended less people.

    The Tao Te Ching, Daodejing, or Dao De Jing or the Dao (道德经) it is a very old (the late 4th century BC) Chinese fundamental text for both philosophical and religious Taoism, and strongly influenced other schools, such as Legalism, Confucianism, and Chinese Buddhism.
    When first introduced into China it was largely interpreted through the use of Daoist words and concepts. Many Chinese artists, including poets, painters, calligraphers, and even gardeners, have used the Daodejing as a source of inspiration. Its influence has spread widely outside East Asia, and is among the most translated works in world literature and It is HIGHLY respected to this day amongst the Chinese peoples.

    Some say, ethereum is now cursed.

    So let me quote the first verce of the Dao.

    The Dao that can be spoken is not the eternal Dao
    The name that can be named is not the eternal name
    The nameless is the origin of Heaven and Earth
    The named is the mother of myriad things

    Thus, constantly free of desire
    One observes its wonders
    Constantly filled with desire
    One observes its manifestations

    These two emerge together but differ in name
    The unity is said to be the mystery
    Mystery of mysteries, the door to all wonders

    But that is the price of learning... Easy to say when you are old.
    "Stick em up punk, it's the fun loving criminals"

  • nogo10nogo10 Member Posts: 26
    I think it's going to be a rough ride for future DAOs... a take away from this: smart contracts alone cannot provide proper oversight and miners doing PoW keep the network safer ...
  • nogo10nogo10 Member Posts: 26
    Just out by Christoph Jentzsch: Ethereum hard fork not the same as Bitcoin hardfork.. no need to roll back entire blockchain..
  • carlitogetaladacarlitogetalada Member Posts: 15
    Though I invested & believed in #theDao, I am still glad that this terrible thing happened at this early stage whereby no complicated transactions have taken placed yet. If it was to happen at later stage, token holders would be greatly divided, & may eventually easily swallow the huge loss.

    In light of this event, even & #ethcore are 'admitting' the flaws & are willing to move on, to re-build for something better.

    The solutions provided are direct & simple. Let it be. Just set aside ideologies and political comparisons, at least at this time of crisis.

    @Norman Indeed, this is a blessing in disguise. Keep your faith strong!
  • lllDMDllllllDMDlll OhioMember Posts: 33
    I've been watching the rise of the blockchain for a while now and am still convinced Ethereum is the true turning point. I watched Bitcoin take off and was too stupid to buy into it, thinking it could never work (I was only 16). But I believe we only have tunnel vision at this point with what this network is truly capable of. This incident is absolutely a blessing in disguise, and incidents like this will happen when you're trying to revolutionize an economic system. Hell, only a small fraction of the general public even knows cryptocurrencies exist! These incidents are just scar tissue for the network, and I'm sure we will one day look back on them and see how they added strength of the network.

    That's just my thought on it all. In the end I'm not worried at all about Ethereum's future. Still excited to see how it develops!
  • o0ragman0oo0ragman0o Member, Moderator Posts: 1,291 mod
    @carlitogetalada @Lagniappe, Well I don't know about you but I can certainly get my blessings a lot cheaper at the Church offering box....

    It's not a blessing, it's a code review oversight of catastrophic proportions.
  • LagniappeLagniappe Dirty SouthMember Posts: 136 ✭✭
    It gives eth a chance to prove to the world we can take a punch. It also shows everyone we have what btc doesn't; a competent ceo and development team.
  • greenusergreenuser 50.8862°N 4.5537°WMember Posts: 439 ✭✭
    Blessing? im wetting my knickers with laughter!
    I haven't seen a show like this for ages. I enjoyed the double down dao best.
    @Lagniappe, VB is just the poster-boy,... the governance of this new world reserve currency comes from the Central Bank and not from some dev team. Open your eyes... you've been had! Wolf in Sheeps clothing!
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