Ethereum on the brink of yet another bailout..
“Following the fix for the original multi-sig issue that had been exploited on 19th of July (function visibility), a new version of the Parity Wallet library contract was deployed on 20th of July. However that code still contained another issue - it was possible to turn the Parity Wallet library contract into a regular multi-sig wallet and become an owner of it by calling the initWalletfunction. It would seem that issue was triggered accidentally 6th Nov 2017 02:33:47 PM +UTC and subsequently a user suicided the library-turned-into-wallet, wiping out the library code which in turn rendered all multi-sig contracts unusable since their logic (any state-modifying function) was inside the library.”
Today, we have seen the second largest loss of funds in Ethereum short history. It seems that over 150 million dollars worth of ETH has been frozen by mistake by a developer called "devopps199”.
Now the Ethereum community and its developers need to make a very important decision: Fork the Blockchain and recover the funds, or keep the chain untampered?
Personally I was very disappointed when the Ethereum Team decided to fork the blockchain to retrieve the stolen DAO funds, for me this time is no different and I will try to explain why…
The whole concept of a blockchain is that it needs to remain immutable, this means that its ledger and information can not be deleted or modified, no matter what! If this principle is not respected, then we are left with just another private software, like whatsapp, facebook or Microsoft Windows!
Nobody forked the Bitcoin chain when MT Gox happened, right?... you didn’t see Charlie Lee forking Litecoin to give people their coins back when cryptsy went belly up?... neither did any respectable developer because of one simple reason:People, specially software developers who are responsible for millions of dollars, need to take responsibility for their actions.
The funds that are frozen today in parity´s wallet, are frozen because of a BUG in their smart contract, the Ethereum chain is working just fine so it should not be changed because there is nothing wrong with it.
As I write this I am pretty certain that the Ethereum Foundation will fork their Blockchain, this is because they believe that “Blockchain records and contracts should be revised if a majority agrees to revise the chain”, this of course assumes that crowds have enough wisdom to make the right decision. Nevertheless, I believe, that crowds, regardless of wisdom, may not always make the correct decision and therefore Blockchain should be Immutable - once it’s written, it’s written in the stone. (pyskell, 2017)
I am of course not the only person who feels this way, let’s remember that Ethereum Classic, a 1.3 Billion coin, was created to stay true to the principles that first inspired the use of Blockchain Technology.
Source
We shall wait and see what tomorrow brings for the Ethereum Blockchain, meanwhile I would like to know your thoughts on the matter:
Why does Ethereum utilizes blockchain technology if they could just use a regular database which can easily be modified? :)
no, they must not fork again!
What's even more damaging to Parity's reputation is that the guy who triggered this whole mess claims he did it by accident!
It's crazy to think that an unskilled tinkerer managed to freeze several hundred million dollars worth of ETH just by playing around.
I was in favor of the first hardfork. I'm not sure it was done the way it should have been done.
This time is different. The funds are frozen and aren't accessible by anyone. I feel like there should be no HF. I'm surprised the markets haven't reacted more.
Not at all, any fork given due to the consequences of human actions weakens the credibility of the coin. I also believe that democracy at times can become unaware populism plus the rules of the crowd are not always optimal. JMHO
This is massive, thanks for sharing. For any of you that are interested the github issue is here: https://github.com/paritytech/parity/issues/6995
100% agree with your position! I was't a fan of Ether after they Rage Quit the DAO Hack. Let the mistakes of Highly rEsteemed! Let Ethereum pave the way to better Crypto Etiquette!
I wasn't impressed, on the contrary, I was expecting that such a thing would happen again.... and again. I'm so sorry only for all ETH investors, they should not trust a centralised system
they will fork 101%, like in the DAO hack problem.
Thanks for sharing this!
@chitty - Sir you revealed a good news.... if they wish to call a hardfork & try to recover loss by it they endanger our funds at the first sign... As you said Sir, block chain functioning without bugs, so if fork call it's a sh!t call Sir.... Nice you decided to reveal this Sir....
To get more audience, I wish to ReSteem your post.
+W+ [UpVoted & ReSteemed]
First I want to thank you for the complete news I was waiting for. Now, to answer your question, I believe that with this ocasion many people who do not agree with the decision of forking the blockchain will go with the ETC. Since I don't own any ETH, I feel like I don't have the right to criticise their decision, but still my opinion is that the blockchain should not be forked.