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RE: Why Ethereum Is Reminiscent Of Tulip Mania

in #bitcoin8 years ago

I fail to see the resemblance of the charts. I see sustained support levels with Ethereum above the $6 mark consistently. If you want to see a tulip, look at Litecoins rise and fall.

Also, comparing a flower used as a medium of exchange and store of value (wholly subjective) to a platform capable of executing lines of code and transferring value in a decentralized fashion near-instantaneously all over the globe either requires mental gymnastics or bias.

The technical differences between Mt.Gox and theDAO attack are tremendous. One appeared to be a social engineering heist, while the other was an exploit of a contract to initiate a funds transfer. The funds are not in the hands of the attacker yet because the system was resilient. The Mt.Gox attackers got their funds because they stole it outright. Two very different things.

Note: the contract did not execute properly because the attacker didn't burn enough DAO tokens to receive 3m+ ETH. Due to this, you can make the objective, fact-based argument that a hard fork returning Ether to DAO token holders is a correction of the ledger, not a "bailout" as some claim.

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