Myth 3: Forking Ethereum for the Dao was a bailout or a roll back.
Over simplified: Ethereum as a crypto currency at around the tender age of one year had a major Dapp come onto the scene "The Dao." Thousands of investors and supporters sent their Ethereum to the address that was to inseminate the The Dao so that it could give rise to a multitude of ways to invest or spend the funds.
An individual or a group of people initiated a hack to exploit a bug in the code. Millions of dollars worth of Ether pooled into a "dark" child Dao.
White hats siphoned the rest and the majority of Eth into their own Dao. A soft fork that was on the table was taken off as it could have caused more problems. Code was written for a hard fork.
A majority of the community chose the code for the hard fork, most of the mining power of the major pools chose the fork, most people chose the hard fork in running their nodes. The hard fork happened and Eth could now be claimed by those who were at one point close to losing their funds in the Dao.
Was this a bailout? A rescue from a financial disaster created by a hack? In that regard yes. It was like a faulty ATM inside a bank. Someone grabbed a ton of money out of the ATM after finding a weakness but they never made it OUTSIDE the bank. Was this a bailout as compared to the bailout of major banks by congress? Absolutely not.
With the Dao the Ethereum team wrote the code that the users, node operators, miners and the masses CHOSE to implement. Property taken from Dao holders was returned to the owners, including the hackers. The community chose this.
With the bank bailouts our governmental overlords created the code and implemented it without the people's consent. It was funded with taxpayers dollars and taxpayers money was taken. The people were harmed by action.
In contrast the banks removed value from taxpayers, with the Dao value was returned to Dao owners.
While the creators of the Dao boldly stated "the code is law" some people believed that to be true. It was not, because Ethereum itself was mutable but to a limited degree. The transactions inside and only inside the Dao were altered. Not all but most. There was no "rollback" of the blockchain. Transactions outside the Dao remained immutable. This was precision surgery.
I fully support People choosing ETH, ETC or both. I personally believe that both have a valid place in the market and the market will ultimately choose which brand is more favorable.
My investing in crypto has always been most heavily favored by the quality of development teams and accordingly I will lean towards ETH. Ethcore supporting both is huge. Who is going to bet against Vitalik? Not me.
A great social / crypto event has occurred. Groups of people while holding crypto on both chains are now supporting two different camps and I believe a culture will form in each camp. I believe the culture of the ETC camp will resemble what we see with bitcoin today. The culture of ETH I believe will be less risk averse, less conservative and possibly less hostile. Both are good things. We have more choice.
My previous post:
https://steemit.com/ethereum/@psamuelson/immutability-and-other-myths-of-cryptocurrency-part-1