Category: markets crash

Fork the DAO? – a personal statement

We’re in one of the biggest thefts in history. “How further can we ask ourselves?

On Friday, shortly before my actual work, I looked again at the current course developments. In the morning I had read the crypto classic “Why do markets crash” again (always a good literature, if you can’t see the willow anymore because of all the cops, I’ll discuss it here) and thought accordingly, the past would repeat itself, when BTC easily and ETH extremely fell.

In the course of the day one learned what made the ether course tremble in particular – and how a stone thrown into the water made waves elsewhere was also the Bitcoin course affected by it. What happened is now known – there was a huge theft, which transferred about sixty million dollars from the DAO’s find into a Child DAO (which was often referred to as DARK DAO).

As a DAO Token Holder (albeit belonging more to the phytoplankton than to the whales) I also lost money and accordingly this historical exploit of an implementation error in the Smart Contracts also concerns me.

How do I feel about that Bitcoin code?

Of Bitcoin code course this may be due to my phytoplankton status, but more than the lost money I am due to the discussion DAOn (It’s Sunday, good weather and today we have apricot dumplings). So forgive me this pun). According to onlinebetrug the Bitcoin code situation is tricky. A lot of money has now been removed from the DAO, and it is perfectly understandable that people should become emotional here. These emotions also explain the many irrational and personal accusations against the DAO and the currently preferred solution regarding the Soft Fork and the Hard Fork. Nevertheless, I have my problems with both sides.

Also Bitcoin code crypto money spoils the character

In their rage that a lot of money was lost, the suspicion that the coup was an inside Bitcoin code job became great. I’m not in a position to make a final judgment here (yes, I admit that I have a bias as a slockit fanboy), but generally, excuse me, it’s affectionate when someone (as read on Facebook) assumes an inside job just because the people at are talking about a thief and not gender-appropriately about a*R thief*_In.

One may like to discuss about genetic masculinum on the one hand and gender-fair language on the other, but in this context it is of little use as a suspicion.

But also other positions become silly: Someone on Twitter has presented the theft in all seriousness indirectly as something positive. As already said I am in the Fanboy camp, but you don’t have to call it white what is black.

A lot of money has been stolen here, there is nothing positive about it! One can only try to limit the damage – as many heads behind the DAO are currently doing.

Like so often when it comes to money (and unfortunately it doesn’t really matter whether we’re dealing with big banks or the crypto world), people become closed within the law, forgive me, assholes.

So a letter claiming to have been written by the thieves talked about the fact that the robbery was possible and therefore legal – the Dmart Contracts is the legal basis, therefore it is perfectly ok to exploit the gap.

Well. How am I supposed to say… if someone with a pram stands at the foot of a long staircase and asks me for help, I do not point out that there is no legal text that obliges me to help her – I simply help.

Another example? Some time ago white hatcher Ryan Castellucci could show that brain wallets are unsafe. He actually came across the private keys of some users, so he had their accounts (and Bitcoin) in his hands.

He didn’t even have the opportunity – unlike the DAO, by the way – to contact the bagholders directly. Unlike you know who, he didn’t plunder the accounts, but initiated some back and forth transactions to hopefully tell the owners that something is not completely kosher with their account. He also pointed this out in a lecture at Def Con.

I am saddened that there are actually people who think that everything that is legal is ok. Unfortunately, this brings us to another point, this time in our own camp…

What the Fork!?
Ethereum and are now discussing more than just that besides the Soft Fork, which wants to prevent ether transactions from the DAO, they want to create a Hard Fork, which wants to prevent ether transactions from the DAO.