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Some time ago, I wrote that I had given up on Ethereum. While the problems coming from the DAO hack are now in the past Ethereum has had a few other problems.
Granted, these problems have nothing to do with Ethereum itself. They are all exploits in the surrounding ecosystem. Hacking the CoinDash website to replace their public wallet address was particularly cheeky. This all reminds me of tales of the Wild West, when money was transferred between banks by stagecoach or by train. The technology simply didn't exist to provide the necessary security way the heck out on the prairie.
Seems like that's where we are now. The necessary technology does not exist, to provide the security that currencies like Ethereum and Bitcoin really require. Website hacks are a dime a dozen, and when a hack can be worth $millions... The same for software: When professional programmers still write code vulnerable to SQL injection - when our platforms even allow this as a possibility - then we simply do not have the technology to secure the stagecoach.
Previously:
$30 Million Below Parity: Ethereum Wallet Bug Fingered in Mass Heist
Hacker Allegedly Steals $7.4 Million in Ethereum During ICO
Used GPUs Flood the Market as Ethereum's Price Crashes Below $150
Ethereum Mining Craze Leads to GPU Shortages
Ethereum Unusable, DAO Refunds Possible
(Score: 2) by rigrig on Thursday July 20 2017, @07:48PM
It isn't like people gave the developer a bunch of smartcoins and told him to write a secure contract: the contract was there first, so everybody could(and should) have had a look at it themselves before storing their money in it.
And if you can't properly verify a contract (or know someone who you trust who can), maybe don't trust it with your savings?
As this tweet [twitter.com] about the pull request that introduced the bug [github.com] points out:
No one remembers the singer.