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The DAO debacle showed that it's not really irreversible. Thought experiment: a bug is exploited tomorrow which locks forever $50 billion worth of ETH, includi
by 323 5y ago
The DAO debacle showed that it's not really irreversible.
Thought experiment: a bug is exploited tomorrow which locks forever $50 billion worth of ETH, including of prominent VCs/users/exchanges.
You will see suddenly how consensus crystalizes to do a hard fork reversion of the exploit.
- ironSkillet 5y agoSo things are only reversible when the vast majority of users get impacted? That does not seem like a recipe for a stable financial system. Too many individuals will get screwed over in edge cases to drive mass adoption.
- kibwen 5y ago> So things are only reversible when the vast majority of users get impacted? Close, but not quite. It's not a democracy, it's a plutocracy. Things are only reversible when those few who hold the majority of the wealth are impacted.
- thinkmassive 5y agoThe Parity multisig bug locked 509019 ETH, which is around $1.5 billion today
- zapdrive 5y agoThe DAO fork was exceptionally sinister. In essence a new transaction was inserted into the Blockchain without an accompanying signature!
- fidrelity 5y agoSince The DAO incident 'the code is the law' ceased to exist on Ethereum. It became 'the majority interpretation of the code is the law'.