Open letter to Ethereum community

Dear Ethereum team and community.

There are a lot of voices, opinions and concerns from every side.

We are (investors or some will say speculators) just part of it and aren’t going to discuss the different kinds of forks and their implications.

We just want to say “thank you Ethereum Team” for trying to protect us from the theft. And we want to ask the community to unite in this effort.

We (humans) tend to make the things complicated. But sometimes they aren’t that complicated.

The money was stolen. If someone suddenly learns how to open the door to my car or house it doesn’t mean I should just let him inside and take everything he wants. Right? The act of stealing can not and should not be tolerated in any community.

So we appreciate a lot the way Vitalik and team reacted and trying to solve the situation.

We also appreciate a lot the democratic and transparent way this issue is communicated.

For the ones who are feeling resistance to the proposed path..Try to think (for a moment) in a way like a normal Joe Doe. Imagine, this Joe Doe is about to invest some money into the blockchain project (be it on Ethereum or some other smart platform).

If our Joe Doe knows that (and we believe the news will be delivered in this way):

  • there was a clear act of stealing
  • there was a way not to let the thief go away with the money
  • there was even a clear path to recover all the stolen funds

but

  • the community of the people behind the Ethereum (whatever the reason) decided not to do it

he will most probably be thinking: “not going to put anything there”. And he will be right to do so. Because the bugs can happen to anyone and anytime. Rest assured, the news will mention it as well. There is no way to prevent it. At least we don’t know anyone who can write 100 % secure code.

But we have a choice how to react to anything what happens to us.

So let us make a smart choice. I believe, thinking like Joe Doe will help. Let us find a solution where he would wish to join our amazing community soon.

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Author: Ravno_108

Sentiment wave rider. Product creator. Yogi

6 thoughts on “Open letter to Ethereum community”

  1. As I understand it, it takes a soft fork (easy to implement) to block the attacker (and anybody else) withdrawing funds from the DAO (there is a lot of support for that). To have the ‘normal’ investors (us) get their ether back from the DAO it would require a hard-fork, that miners would ‘vote’ on by installing (or not installing) an update. Since there is about 14% of all ether in the DAO, a ‘no’ would be bullish in the long run.
    I didn’t get the impression that having the thief get 5% of all ether is an option. There was a link to a chat log of the ether team with exchanges on Reddit (can’t find it any more). In the chat log it shows that initially the ether team thought the stolen funds were taken out of the DAO and exchanges were willing to stop deposits/withdrawals to block the thief, with the foundation offering to cover all losses for exchanges.

    That said: I am amazed to see a 50% discount on the DAO. How do people feel about picking up some? (It looks like an overreaction but unlike with buying ether, I can’t sit out the ride with DAO if it goes south).

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    1. This: https://youtu.be/GvgTivwzcuo. Pretty much everything this guys says.

      I didn’t get into the DAO as I didn’t think I understood it well enough to absorb the risk. But after turning this thing around in my head all morning, I’m ending up pretty much where he is, as far as a hard fork and a way forward is concerned.

      So Joost, I don’t know. I don’t plan to buy DAO right now simply because I’m not in it already. I have a little stack of USD that I put a portion of into ETH yesterday as a way to show support, and I plan to drip the rest in as the opportunities feel right. I don’t care if I lose a little in the short term (yesterday’s buy was at $15.4). I believe in this new digital ecosystem… there will be other DAOs and we’ll get through this. I mean, I’ve been holding BTC since 2013 and am finally making money there (at least at the moment), so it can happen!

      Ravno, as far as a letter I am all for the sentiment and I still believe in the team and their decisions so far. I think that’s maybe all we really need to say? I’m sure there are differing opinions even in this readership as to whether forking or other actions is the answer. So maybe a statement on behalf of a group is premature…

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      1. Yeah, I changed the text to make it more focused on “thank you team” and “let us build the way to the future”.
        Any trades now are highly speculative.
        Can be very profitable, can be huge loss.

        High profit always come with high risk together.

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  2. So sad that the flagship project TheDAO failed so terribly. That was a shock for me.
    Unfortunately now it looks like a loose/loose situation for Ethereum:
    1: No fork –> DAO token holders loose lot of money, bad PR for Ethereum, hostile person owns huge amount of ETH and that threatens transition to POS.
    2: Ether is recovered from the DAO –> Good for DAO token holders, but bad PR for Ethereum because that would show that smart contracts could be stopped by humans.

    I think lot of people had put so much trust into TheDAO because of Vitalik’s picture on curator’s list so no wonder that Vitakik now trying to help people who trusted him and his team.

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    1. Stopped by humans by consensus. Consensus is how Ethereum – and any blockchain – always works. Miners and users will decide by upgrading the consensus algorithm they use. The Foundation will simply make it available to them, and they will choose

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    2. Head up, Alex. As I said in one post, we needed this event (huge DAO) to be pushed to the limit. Then we experience pain, transformation and continue to grow up.
      I see the Ethereum to learn the lesson and do the whole platform more secure and able to cope with financial contracts.

      Like

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