RE: RE: A Man and His T-shirt
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RE: A Man and His T-shirt

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5y

I'd like to give my perspective on the Ethereum fork.

The DAO-problem was a major problem. The dilemma faced by Vitalik was never an easy problem with one right and one wrong decision, it was a problem with two wrong decisions. Particularly considering that they (already then) had planned Ethereum to become a proof-of-work blockchain, it would be a disaster if a quite big share of the tokens would be owned by some malicious party. What was most shocking (in my opinion) was not that Vitalik decided to revert the transaction, but that he made this decision very quickly, behaving like if he owned the blockchain, and without reflecting that someone would find it controversial - also without considering that this would lead into a quagmire of future dilemmas as shit like this for sure would happen again. Vitalik was wrong, it wasn't his decision - it was the miners decision - of course, most of the miners stood by Vitalik (and those that didn't forked out Classic).

I lost quite much of my faith in Ethereum and "digital contracts" at that point. I may be wrong on it, but I still assume that the bug in the contract was there by accident, not by intention. A lot of people had been investigating the contract, and nobody (except possibly the attacker) noticed that it had a flaw. I did see a lot of risks with TheDAO, but that the funds would simply be siphoned off by an attacker - that risk I didn't foresee at all. Even if I do know a thing or two about software development, and have seen lots of bugs causing security breaches and problems up through my professional life.

Now, if a bug sneaks into a "high profile" contract by accident and a lot of independent reviewers aren't able to see if, now consider if a malicious party intentionally wants to put in a hidden backdoor into the contract. If the contract is complex enough and poorly reviewed, if will slide straight through.

For simple stuff, digital contracts for sure have a potential, but for the more advanced stuff it's probably still better to have a human-readable contract and an arbitration court with real humans resolving conflicts. I have been holding some Ethereum after that, but I never more hodled Ethereum with the same kind of enthusiasm.

@tobixen: I'd like to give | Ecency