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The theory of networks like Ethereum is that they don't require trust and thus don't need any authorities second-guessing bad behavior. If these opportunities f
by nihonde 9y ago
The theory of networks like Ethereum is that they don't require trust and thus don't need any authorities second-guessing bad behavior. If these opportunities for market manipulation arise, it's supposed to be 100% buyer beware. Of course, as stakeholders have an increasing interest in promoting the credibility of the market, this theory is eroded by the impulse to take corrective actions. Indeed, since forking is always an option, there will seemingly always be a temptation to use a democratic mechanism to enforce a correction. Afterward, the validity of the correction is determined by the remnant value of the two forks respectively.
- SilasX 9y agoThat's sort of what happened with the DAO scandal. As I understand it[1], some Ethereum company screwed up something they wrote on the platform, which allowed an attacker to exploit it and suck out a lot of money, so some influential players convinced the entire network (minus some splinter faction) to retroactively void the attack and restore the funds to the company it was stolen from. [1] https://www.reddit.com/r/ethereumfraud/comments/6bgvqv/faq_what_exactly_is_the_fraud_in_ethereum/ https://www.reddit.com/r/ethereumfraud/comments/6bgvqv/faq_w...