It’s not easy to keep silent, we must

It’s not easy to keep silent, we must

Last week has been an absolutely wild week for anyone involved in cryptocurrencies, blockchains and related topics.

I am convinced it will be considered a watershed moment for the industry due to the sheer magnitude of what has happened and what the follow-up will be.

In short: due to a bug in the coding of the DAO, a hacker could siphon off about $ 60,000,000 worth of Ether, the native token of the Ethereum project.

It’s a simple sentence, and if you just told this to someone in the street, he would most likely just gawk at you with a vacant stare, unable to take in the message. I myself still have difficulty, and going by the reactions from the communities, most of us can’t.

Sixty million dollars! I am not even going to try to break that down into manageable chunks to wrap my mind around.

For me, with two and a half year in the Nxt community, the whole episode felt like a rerun of a problem our community had, namely the theft of 5% of the toal supply early in our development. We, too, had to come to terms with a third party messing up our system by sloppy security and were offered a forking choice. Luckily, our devs only offered the choice and then refrained from any comment on the matter.

Why do I say “Luckily”. I answered that question almost two years ago in an interview about the issue which i just dug up.