Code != Law

by Dr Bryant Joseph GILOT Code is Cruel generated criticism and discussion which I read with great interest. Ethereum: What’s the fuss? shows my enthusiasm for the Ethereum Project. Below, I continue the conversation. The Current Situation The DAO was hacked on 17 June 2016.  The Ethereum Community voted for the soft fork proposed by the Ethereum Foundation only to abort it due to a denial of service vulnerability.  A hard fork is now widely viewed as the best approach to recover the ‘stolen’ funds.  The DarkDAO is subject to a 27 day holding period under the terms of the DAO Ethereum contract.  This will prevent the DarkDAO from being drained until 27 days after 17 June 2016.  I have not confirmed the exact moment

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Code is Cruel

by Dr Bryant Joseph GILOT – 19 June 2016 Recent events at the Decentralized Autonomous Organization (DAO) are unfortunate. Despite the gravity of the consequences; we, the cryptocurrency community, must be certain to proceed in a very thoughtful, prudent and deliberate manner. A reactive and emotional response will have a long lasting impact on the entire cryptocurrency community, including Bitcoin. I wish to offer my condolences to all those who have been negatively impacted. What has happened has been perpetrated by a cruel individual or individuals, is unfair, and is not consistent with the true spirit of the DAO smart contract code. A vulnerability of the DAO contract code has been exploited causing the DAO, its courageous participants and the

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Blocksize: A Matter of Logistics

Discussions regarding the block size are often burdened by complex technical and engineering details, but fail to emphasize the key driver of Bitcoin’s future success. The critical driver of Bitcoin’s future success is its continued utility. If Bitcoin should for any reason become useless, it will become irrelevant! If it were to become inaccessible, or if it were to perform poorly in its main functions (1) assuring the security of the cryptographically scarce counterfeit resistant digital token bitcoin or (2) fail to securely facilitate the movement of these tokens from one address to another in an efficient, reliable, predictable and affordable manner – Bitcoin & bitcoin would become irrelevant. The original maximum allowable block size was 32MB1. In the early

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Ethereum: What’s the fuss?

The inspiration for Bitcoin has largely emerged from discussion and work based in the cypherpunk movement beginning in the 1970s into the 1990s and continuing into today[1],[2],[3].  The thought of digital currency entered into the collective consciousness via Neal Stephenson fictional work Cyrptonomicon[4] published in 1999.  However in 1982, David Chaum published[5] an article formally introducing secure digital cash.  Chaum went on to form DigiCash[6] in 1990 applying his ideas about digital currency. Bitcoin evolved beyond this original work by removing the need for a trusted third party.  This was achieved with the innovation of a peer-to-peer, consensus based public ledger (blockchain) cryptographically secured by digital signatures[7] and proof of work[8],[9],[10],[11] which eliminated the need for a trusted third party[12].  The token, bitcoin, is tracked

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Primer: Think about accepting bitcoin.

Many friends label me a Bitcoin fanatic, however let me first state that Bitcoin alone will not save your business, will not make you wealthy, and is not essential for a successful business; at least not today.  Bitcoin remains small[1], but important in a growing niche payments technology space.  We will see more of it in the future.  In 2009, Bitcoin introduced two fundamental innovations[2]; the blockchain: a secure public ledger managing the possession of a cryptographically scarce counterfeit resistant digital token.  That token, bitcoin with a small ‘b’ is what a merchant may accept at the register alongside cash and credit cards.  That token, BTC (aka XBT), in the last 7 years, has achieved a real world value which

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