So, the DAO was hacked. Let me repeat that, the DAO was hacked. Not Ethereum. An exploit gave an unscrupulous character the tools need to siphon off Ether at a rate of about 280 per minute into child DAO that they controlled. Attack vectors can be brutal.
However the Ethereum community feels compelled to save the investors from themselves. The bug in the code that allowed the theft to be perpetrated is not a bug in Ethereum. It was a bug in the DAO code. But none of that really matters.
What really matters is the way this is handled moving forward. Decentralized smart contracts suddenly become a lot less valuable if a centralized developer can convince the network to adopt a hard fork. No, this is not what needs to take place. What needs to happen, and I think we are witnessing it first hand based on trades and price action. It’s been a steady decline in the value of Ethereum over the past couple of weeks. If the attacker cannot access the stolen funds until July 15th, the markets are reacting by dumping Ether.
This of course makes the millions of hacked Ether a lot less valuable. This is what needs to happen. The network can survive a dump to the tune of millions of Ether if the values were much, much lower. A hard fork can also be implemented to increase the supply, further diluting the stolen shares. Quite possibly, there are other alternatives to rolling back all transactions to a point in time before the attack. Which IMO, is to be avoided at all costs.
There I said it, I am against the hard fork, roll back approach. Close the DAO, its useless as it stands. Roll a patch if it can be fixed and move on from this heist. Let’s just all pull together and push the price down so that whatever the thief makes off with is a whole lot less valuable than it is at this point in time. ETH = .01537 Currently.
I would love to hear some commentary on differing points of view, not just the typical fork or don’t fork debate. That’s been covered repeatedly elsewhere. Let’s hear some alternative approaches to keep the community integrity and decentralized nature intact.