Soo.. what is it that happened?

[Anonymous No.4236290]

i mine ETH, is there now additional reasons for me to kill myself?

[Anonymous No.4236641]

>>4236290
Kill yourself now so you won't have to see eth drop to $10.

[Anonymous No.4236667]

>>4236290
mine something else and sell your bags

[Anonymous No.4236682]

A 14 y/o script kiddy was able to lock away a million ether through the parity smart contract

[Anonymous No.4236691]

>>4236667
Time to mine something that's actually secure

[Anonymous No.4236699]

>>4236682
This.

There was an error in a single smart contract that somebody wrote. Not a problem with ETH itself, at all. Literally fucking nothing but a small dip. Anyone smart is buying.

[Anonymous No.4236733]

>>4236290
nothing really happend some wallet was poorly coded and some kid exploited it.

ETH is fine.

[Anonymous No.4236763]

>>4236733
anyone that uses third party wallets deserve this tbqh

doesn't matter if its hardware or software, you are fucked either way, all of them have backdoors and weak spots

just use the mist wallet, its the official wallet and it just works, if thats too hard for you, use myetherwallet

fucking normiefags making my coins dip again rooooooooooooooooooooooooooo

[Anonymous No.4236768]

>>4236641
Watch it go back to $300

[Anonymous No.4236774]

Basically what happened was a bunch of idiots sold and I got a great deal on some ETH at $288

[Anonymous No.4237037]

>>4236768
Oh it will. I just wanna see OP sell.

[Anonymous No.4237363]

[Anonymous No.4237386]

>>4236290
It's getting replaced by LTC as we speak.

[Anonymous No.4237405]

>sell

[Anonymous No.4237424]

>>4236682
How come he didn't transfer everything to his wallet instead
Sure if he was allowed to freeze that shit he should be allowed to transfer right? Because the smart contract thought he was the real owner. Redpillme.

[Anonymous No.4237451]

>>4237424
He was just a stupid kid? He didn't think it would work or what it would do.

[Anonymous No.4237607]

>>4237424
because that would be stealing and stealing is wrong

[Anonymous No.4238150]

>>4236290
can someone explain me what exactly happend?
i have no idea how ethereum works or what happend to cause this problem

[Anonymous No.4238231]

>b-but it was just a third party wallet guys!

You braindead faggots don't get it. This is a big deal because it exposes the fact that the nature of smart contracts makes ETH a horrifically terrible choice as a long term store of value. Most people with a brain knew this already, but 90% of ETH holders are normies who got into crypto a week ago.

Are we going to need a hard fork every time some incompetent developer writes an ill thought out smart contract? Smart contracts add an additional layer of complexity (ie an additional way for things to go wrong) that make ETH utterly impractical as a store of value, let alone a currency.

[Anonymous No.4238244]

>>4238231
how many ethers for a gf like that

[Anonymous No.4238262]

>>4237424
He accidentally killed the contract that lets you take money out

Rightly he assumed Parity being such a big org wouldn't have such an easy vulnerability affecting $300M

[Anonymous No.4238278]

>>4238231
Etherium Alliance doesn't care bout one shitty app man. You think the other coins have no vulnerabilities? Just wait until they get some more traction. Lots of them will be exploited and hacked. ETH survives. The whole fucking blockchain ecosphere will die without etherium

[Anonymous No.4238302]

>>4237424
Parity is a smart contract. Apparently the guy was just sending random kill() or suicide() commands to contracts and parity multisig wallets were coded so poorly that it killed everyone who had eth in them. It didn’t even steal it, just destroyed access to the eth.

[Anonymous No.4238323]

>>4236763
I'm laughing so fucking hard at this gif

[Anonymous No.4238331]

>>4237405
this makes me hard

[Anonymous No.4238344]

>>4236699
>>4236733
>>4236774
I thought so

[Anonymous No.4238370]

>>4238150
the pajeet parity developers wrote a bad wallet contract that allowed someone else to overwrite it and kill it it. so people who decided to use that contract for their wallet now can't move their ETH, they're locked up/burned. the eth blockchain and the official wallet are fine.

[Anonymous No.4238442]

>>4236763
Still illustrates the fact that smart contracts on ETH are easy to fuck up.
That alone should worry investors about the platform potential to screw you.
Yes you could only rely on code you write but that kind of defeats the purpose...

[Anonymous No.4238486]

>>4238231
Also, what guarantees you that you can actually get a hard fork fix after a fuckup?
Suck ETH core maintainers' dick?

[Anonymous No.4238559]

That's the thing with (any) crypto - once you launch your code and have an error you are fucked. So better get it reviewed several times.

[Anonymous No.4238591]

>>4237405
brainlet here. what can you infer from these meme lines?

[Anonymous No.4238654]

Everyone knows that the only reason people are finding bugs in ETH is because it has the largest userbase and the most devs. Anyone saying anything different is just trying to shill their own bags. Every piece of software has bugs. It will take a while for most of ETH's bugs are sorted, and there will be expensive mistakes made until they are, but that's how it goes.

[Anonymous No.4238761]

>>4238654
Deluded. The bug was in a smart contract, not in ETH itself. There is nothing the core dev team can do about it except hard fork. Smart contracts mean Ethereum will always be a minefield.

[Anonymous No.4238869]

>>4238761
It was in a smart contract for the Parity multisig wallet which was built by members of the Ethereum foundation. Vitalik has already posted a proposed solution for the frozen assets so it doesn't happen in the future.

Your saying though that every coin that implements smart contracts will be a minefield though... Do you not believe in smart contracts? People will find better ways of testing, this is such early days. We are still 5-10 years from mainstream adoption.

[Anonymous No.4238940]

>>4238869
I'm not inherently against the idea. Like you say, the concept is around 5-10 years away from being ready for mainsteam adoption. You're willing to admit that, but you still believe Ethereum's current value is justified?

My point is simply that Ethereum is not a safe store of value in it's current form.

[Anonymous No.4238994]

>>4238940
I don't believe any crypto is a safe store of value at this point, except for maybe BTC. That's the risk we're all taking here on /biz/, we're trying to beat the crowd and get in at ground zero. People looking for safe stores of value are looking at blue chip stocks and government bonds.

[Anonymous No.4239020]

Wallets are the biggest problem. It makes sense that hard wallets are the only way to keep funds safe. Just sucks there are so few different currencies available to own on hardwallet

[Anonymous No.4239128]

>>4236682
Any company interested in uitilizing ethereum just took a step back. It was accidental and was $300 million. Demonstrates the security flaws in anything connected to the chain

[Anonymous No.4239154]

>>4239128

Uhh no you stupid fuck, just demonstrates what could happen if you write code carelessly, has nothing to do with the security of the chain.

[Anonymous No.4239187]

>>4239154
Let’s say your a company using the chain and you witnessed another company irrevocably lose money through an accident. Not encouraging is it.

[Anonymous No.4239196]

>>4237405
holy FUCK

[Anonymous No.4239805]

>>4238869
Turing complete smart contracts are a mistake.
They should focus on simpler code that can be proved.

[Anonymous No.4240273]

>>4236763
its not the wallet code. wallet code is very easy, and if you get it wrong it doesnt do shit. just makes u cause ur own fork. the problem is these wallets using shitty smart contracts to do wallet shit. wallets should just stick to private keys and addresses.

[Anonymous No.4240442]

>>4238231
almost no smart contracts are made for holding funds though. the dao and multisig wallets are exceptions. i cant think of any other use case where a contract needs to store so much cash. most contracts money goes in and goes out right away. like the gambling ones.

[Anonymous No.4240492]

>>4238231
>b-but it was just a local brand of lockbox

You braindead faggots don't get it. This is a big deal because it exposes the fact that the nature of physical wealth makes gold a horrifically terrible choice as a long term store of value. Most people with a brain knew this already, but 90% of gold miners are normies who got into San Francisco a week ago.

Are we going to need thermite every time some incompetent ferrier constructs a poorly-designed safe? Locks add an additional layer of complexity (ie an additional way for things to go wrong) that make gold utterly impractical as a store of value, let alone a currency.

[Anonymous No.4240601]

>>4238591
it's a massive bull flag which means ethereum will break out and shoot up a metric shit ton. if it breaks out. i guess it could just fail and crash

[Anonymous No.4240710]

kek so everytime a 3rd party screws up we get rumblings of a fork

[Anonymous No.4240730]

>>4236290
I've always thought that it resembled the no man's sky logo

[Anonymous No.4240751]

>>4236290
Try mining something that has no practical use next time.

[Anonymous No.4240778]

>>4236699
>single user somehow fucks up so badly he locks up a significant portion of ETH
>not a fault of the coin that allowed that to happen

[Anonymous No.4240804]

>>4240778
You're free to buy my ETH when it's $500. Not until then.

[Anonymous No.4240829]

>not mining monero
What are you, gay?

[Anonymous No.4240883]

>>4238278
Atomic swaps > ERC20