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Digital Currency Ethereum Is Cratering Amid Claims Of a $50 Million Hack (businessinsider.com)
Digital currency Ethereum's value has dropped amid a hack on DAO (Decentralised Autonomous Organisation), an organisation with huge holdings of Ethereum (Wikipedia page). Its value is now below $15, down from more than $21 a few minutes ago. It is believed that as much as $50 million of the digital currency has been stolen. From a blog post on DAO: An attack has been found and exploited in the DAO, and the attacker is currently in the process of draining the ether contained in the DAO into a child DAO. The attack is a recursive calling vulnerability, where an attacker called the "split" function, and then calls the split function recursively inside of the split, thereby collecting ether many times over in a single transaction.From a Quartz report: It's no surprise that cryptocurrency markets are in a panic. Funds invested in the DAO represents more than 10% of all the ether in circulation ($81.8 million worth). A massive hack on the DAO's holdings would be roughly equivalent to a successful heist at a major financial institution.
Doesn't sound very successful if the thing you're stealing becomes worthless because you successfully stole it. Unless you have significant holdings in other crypto-currencies which will increase in value due to their better security.
Luke, I am your fodder.
An attack has been found and exploited in the DAO, and the attacker is currently in the process of draining the ether contained in the DAO into a child DAO. The attack is a recursive calling vulnerability, where an attacker called the "split" function, and then calls the split function recursively inside of the split, thereby collecting ether many times over in a single transaction.
You either suck at reading or suck at metaphors.
Except if this happened at a "major financial institution", the Federal Reserve would step in and stop a panic by insuring the funds. That's why we *have* a federal reserve. See the Panic of 1907 for an example.
Just because I can hook a shark from a boat, I do no offer to wrestle it in the water.
"this is an issue that affects the DAO specifically; Ethereum itself is perfectly safe."
Source: https://blog.ethereum.org/2016...
-- MartinG To mail me: echo kewyjlcxyzvjfxbqwh | tr bcefhjklqvwxyz
Since you seem to be an expert. Rather than just listing vague claims about a language, describe how the features you listed are pertinent to this attack.
You keep reading that because the clown behind Ethereum is a known charlatan who has been shouting about how his shit is better than Bitcoin non stop for the past 3 years. Anyone who knows anything about Bitcoin knew that Ethereum was horse shit. I wouldn't be surprised if said clown was behind this, or at least on the take. But I don't care enough to find out. I wasn't dumb enough to drop money into Ethereum and I got out of the Bitcoin game years ago (wish I hadn't though).