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The whole idea of the blockchain is to prevent the double spending problem. You realize that hacker sends funds to his own wallet -> ETH Foundation decides to
by mccorrinall 5y ago
The whole idea of the blockchain is to prevent the double spending problem.
You realize that hacker sends funds to his own wallet -> ETH Foundation decides to roll back and contacts their miner bros, who had ZERO problems performing a 51% attack -> ETH Foundation can send the same funds again is essentially a double spend? And that the network is centralized and tightly controlled by $CEO_OF_BLOCKCHAIN_ENTITY?
Also, it’s not just their transactions who get rolled back, but everyone’s! People who sent goods after seeing 20 confirmations on the blockchain already dispatched them and lost both: the funds AND the goods.
How is this fair?
- Dylan16807 5y agoThe DAO fork only directly rolled back that single transaction, right?
- nootropicat 5y agoEverything you wrote is incorrect. >You realize that hacker sends funds to his own wallet -> ETH Foundation decides to roll back and contacts their miner bros, who had ZERO problems performing a 51% attack -> ETH Foundation can send the same funds again is essentially a double spend? This is how a rollback happened in bitcoin two times: during the value overflow bug and during the database incompatibility bug (2013). The bitcoin blockchain was rolled back via a coordinated 51% attack. In the second case at least one double spend happened. Ethereum never had a rollback, the change was a hard fork that changed ownership of eth previously owned by the dao hacker.