#bitcoin #nostr note of the day ... ETH = 💩coin
The Decentralized Autonomous Organization (DAO) was the first implementation of smart contracts on the Ethereum network. After more than $150 million was invested in this smart contract, an attacker was able to execute the code in a way that diverted around one-third of all the DAO's assets to his own account. ... In the aftermath of the DAO hack, Ethereum developers created a new version of Ethereum where this inconvenient mistake never occurred, confiscating the attacker's funds and distributing them to his victims. This re-injection of subjective human management is at odds with the objective of making code into law, and questions the entire rationale of smart contracts.
If the second largest network in terms of processing power can have its blockchain record altered when the transactions do not go in a way that suits the interests of the development team, then the notion that any of the altcoins is truly regulated by processing power is not tenable. The concentration of currency holding, processing power, and programming skills in the hands of one group of people who are effectively partners in a venture defeats the entire purpose of employing a blockchain structure.
- The Bitcoin Standard
G'daystr! 😁