Ethereum/DAO Hacked!

Can we say; clearly Maidsafecoin is not affected with this?

@tanebel168

Can we say; clearly Maidsafecoin is not affected with this?

Everything is connected, but there is no technical connection between what is reported about TheDAO today and how SAFEnetwork works.

How the market responds to this remains to be seen. Nobody can predict that.

2 Likes

https://www.reddit.com/r/ethereum/comments/4oi2ta/i_think_thedao_is_getting_drained_right_now/d4csip3

1 Like

Well the price of the Maidsafe Token has dropped slightly, But the project itself shouldn’t be affected at all.

“Digital currency Ethereum is cratering amid claims of a $50 million hack”

1 Like

griff @channel Update: The person has their ETH locked in a Child DAO, so they will not be able to get the ETH out for a long time, there will be a fix. The entire Ethereum Ecosystem is collaborating on a solution

Hopefully this is good news, though we’ll have to wait and see…

So after all they are going to fork the project to save one sub-project? This is as damaging as if Bitcoin was forked to lift the 21M cap.

Maybe i am just overly skeptical but this seems like a case of the cure being worse than the disease. Previously only DAO was gone, now ETH is bent on destroying their reputation also?

Don’t know if youv’e been watching the market at all, But their reputation is pretty damaged at the moment anyway.

DAO tokens are up over 100% in 15 minutes, so it can’t be too bad :wink:

I don’t think they’ve detailed the solution yet, but there’s no reason to think it must be a distructive solution, but you’re right that the wrong kind of solution could be more damaging to the whole Ethereum ecosystem than losing $50m of value from the DAO.

Hopefully it’s an elegant and non-compromising solution.

Edit: it is a proposed hard fork of Ethereum that basically cancels the DAO project for now, allowing token holders to extract their ETH, with the attacker not being able to do anything with the ETH they’ve tried to steal. It’ll be interesting to see what impact this has on the wider Ethereum ecosystem.

“operating solely with the steadfast iron will of unstoppable code.” ( from https://daohub.org/ )

Hopefully today’s episode brings a new light on the meanings of this sentance, and reminds people why there is a emergency stop button on man made machines.

4 Likes

Panic selling comes in several waves, I’m expecting to see $0,04 today.

3 Likes

Yup, and if that policy includes unhappy maid owners/traders causing a decline in the maid price every now and then… I rather have that than waking up to losing 60-80% of my investment overnight.

4 Likes

absolutely not. If safe network gained a built-in kill switch then it won’t be the same project any more. All this teaches us is to require higher standard of proof before investing in a profit sense.

7 Likes

Pretty pleased with myself about selling my dao when maid dipped to 7k to get more a couple of days ago lol… phew.

9 Likes

I also had dao but i sold bit by bit in few last days when price was rising fast. Today i was lucky and sold last coins before the big crash. Now all my coins are in maid… phew :sweat_smile:

9 Likes

This makes me sad. Brilliant concept but they oversold their own ego.

4 Likes

I would assume, until we get an official statement, that it is simply the planting of false stories in order to manipulate the market

official statements have been released

https://blog.slock.it/dao-security-advisory-live-updates-2a0a42a2d07b#.35he73v8o

5 Likes

OK, and they say that a hard fork will recover all the Eth.

We have seen existential crises with Bitcoin that were resolved with some prompt coding. I predict that Ethereum, and DAO, will come through this strengthened. They still have the limitation of a blockchain, but it is not the end of their world. If i was a trader I would say that this is a buying opportunity.

4 Likes