BitcoinThe Bizarre Fallout of Ethereum’s Epic FailDavid Z. MorrisWe reported back in June when one of the most ambitious blockchain projects so far unceremoniously faceplanted on launch.The DAO—a crowdsourced venture capital platform based on the Ethereum blockchain and touting its ability to dispense with lawyers and financial institutions—fell victim to a $60 million dollar hack soon after opening.As of this past Friday, according to Bitcoin Magazine, the still-anonymous attacker is able to sell some of the stolen cryptocurrency.But huge efforts by the Ethereum community to recover from the hack have left those takings much less valuable than they were in July—and stirred controversy among blockchain pioneers.Get Data Sheet, Fortune’s technology newsletter.RelatedFortune 500Hackers Leaked ‘Orange Is the New Black’ Despite Receiving $50,000 RansomFortune 500Hackers Leaked ‘Orange Is the New Black’ Despite Receiving $50,000 RansomImmediately following the hack, developers said they intended to shut down The DAO and return all funds to its original investors.

But that proved much more difficult than advertised, because the very nature of a blockchain is to make any executed transaction irreversible—even if it's the result of an exploit.bitcoin betalingenIn the absence of any controlling authority who could simply return the money, a group of white hat hackers known as Robin Hood worked to, in essence, steal the money back.That effort was partially successful, but in the end the only real fix was the nuclear option—a so-called “hard fork” of the entire Ethereum blockchain.lucky bet bitcoinIn this case, a hard fork meant a full rollback of the malicious DAO transactions, essentially rewriting the Ethereum transaction ledger to remove about 12 million Ether tokens from the hackers’ accounts.bitcoin wallet hash

Ethereum developers lobbied for the hard fork, and completed it in late July with the consensus of most operators of Ethereum servers (a.k.a.bitcoin countdownminers).But not everyone was happy with the solution.bitcoin regulation in mexicoA portion of the Ethereum community, and of the blockchain community more broadly, felt that the hard fork involved both conflicts of interest and a compromise of the basic principles of The DAO, Ethereum, and blockchains as a whole.The entire idea of blockchains is that, as it is often put, “code is law.” Anti-fork contrarians, describing themselves as "radical crypto-decentralists," argued that any forced change to the Ethereum blockchain—even to reverse a crime, even to correct an unintentional glitch in the code—would itself undermine that fundamental tenet.hungary bitcoin exchange

This was only more troubling, they said, because the hard fork was being lobbied for by influential players who had themselves contributed to The DAO, and therefore stood to personally benefit from an override of the blockchain.For more on blockchain and cryptocurrency, watch our video.bitcoin wikipedia bahasa indonesiaA faction of the Ethereum community acted on this skepticism, continuing the old blockchain, which is now known as Ethereum Classic (ETC).bitcoin glossary of termsAmazingly, that blockchain—with the DAO hacker’s holdings substantially intact—today has a total market value of $119 million, making it the sixth-largest cryptocurrency in the world.bitcoin angela merkelBitcoin Magazine reports that the thief still controls about 5% of all Ethereum Classic tokens, or somewhere around $7 million dollars’ worth.Meanwhile, the hard fork has stabilized Ethereum, but the attack’s consequences haven’t been rolled back.

The market value of Ethereum proper is down roughly 15% from levels preceding the DAO’s launch and subsequent hack.It is still the second-largest cryptocurrency in the world after Bitcoin.But the protocol, long touted as a more sophisticated heir to Bitcoin’s throne, has undeniably been battered.And its most ambitious promise—that code can completely supplant the role of institutions and laws in securing financial transactions—may be down for the count. and other brainwallets may lie.Many a person has stated warning from afar, such as tech wizard Jeff Garzik who shouted “No!”firm warning raised, and such as Robin Hood (of the Digital Age), where our tale lies today.The term ‘brainwallet’ has been in the Bitcoin space for a while; the first I heard about it was last summer (2013)..Brainwallets are Bitcoin wallets generated uniquely from a passphrase that the users keeps in his mind so that it is required and sufficient to move the funds.~Filippo.ioSoon I heard about people losing their funds via the site, and reading through a variety ofwarnings on bitcointalk I decided never to use the site myself.The consensus is that humans simply cannot generate a secure brain wallet versus someone with an FPGA farm (a relatively fair amount of computing power).FOR GOD’S SAKE.

YOU MAY THINK YOU ARE SMART ENOUGH.SO DID EVERYONE ELSE WHO GOT ROBBED.As has happened recently with this particular redditor,he deposited 35 Bitcoins, which quickly disappeared.I had 35 Bitcoin spread across 18 wallets and the coins have been sitting idle for months.Sometime last night, all 35 coins were moved to two addresses~LostAllOfMyBtcA tragic blow, that lost him “95% of his Bitcoin Holdings”.He was fortunate in this case as Robin Hood was soon on the scene.Robin Hood in this scenario is something that is referred to as aWhite Hat hacker, someone who hacks with an altruistic nature (someone who gives and cares for others rather than takes and cares just for themselves).Robin Hood returned the 35 Bitcoins ($20,440 on 27th June ($584) average).So as a warning to one and all;Final Edit: My coins have been returned to me!!!!It is not secure.I am one lucky dumbass!~LostAllOfMyBtcFind the latest bookmaker offers available across all uk gambling sites - Bets.Zone - Betting Zone Use our complete list of trusted and reputable operators to see at a glance the best casino, poker, sport and bingo bonuses available online.