Thoughts on The DAO Hack

[nitro]

Embedded systems still use archaic methods.


"We just lived through the nightmare scenario we were worried about as we called for a moratorium on The DAO: someone exploited a weakness in the code of The DAO to empty out more than 2M ($40M USD) ether.

The exploit seems to have targeted the reentrancy problem in the 'splitDAO' function..."

http://hackingdistributed.com/2016/06/17/thoughts-on-the-dao-hack/

 

[Cdntrader]

They seemed to have survived this attack by forking ether into a new version. Certainly gives one pause about the risks of crypto though.

 

[Zr1Trader]

Yup, which is also a reason I got out of ETH after Spam attacks and some of my funds were stuck for longer than I was comfortable with.

BTC has had spam attacks or volume overload where transactions got stuck as well. Spooked me out of crypto as a whole. Although in hindsight was a huge mistake selling so early. Another DAO like mishap is bound to happen after this bubble mania IMO. Regulatory bodies have to be watching this with interest of getting involved soon with these crazy Initial Coin Offerings going bananas.