Skip to main content

Etherium: Hacked

Image result for hackers images

Somehow bitcoin imitators have gotten the impression that designing a new crypto currency is easy.

It isn't. It was a subtle work of coding and for that matter an unlikely convergence on infrastructural questions that produced bitcoin. Others have successfully piggybacked on that, creating alternatives with a tweak here and there. But bitcoin retains its dominance. And trying to do the whole thing again from scratch? Good luck. Miracles don't cluster, as Daniel Webster used to say.

Enter Etherium. This is a crypto currency supported by the largest crowdfunding project in history and software called the Decentralized Autonomous Organization, or DAO.  

Early on Friday, June 17th, someone began exploiting a flaw in the DAO and stole 3.6 million of the "Ether" (the units of this currency) -- given the dollar/ether exchange rate just before the attack, this amounts to a loss to the participants of US$80 million.

In the words of Tom Simonite, who wrote about this raid for the MIT Technology Review, "Suddenly Etherium and the idea of putting complex software in control of money doesn't look so smart."

Here's a technical explanation of how the hacker/hackers pulled it off.



  1. Did you consider picking the most recommended Bitcoin exchange service: CoinMama.

  2. On Bonus Bitcoin Faucet you can get faucet bitcoins. 300 to 5,000 satoshis every 15 minutes.


Post a Comment

Popular posts from this blog

A Story About Coleridge

This is a quote from a memoir by Dorothy Wordsworth, reflecting on a trip she took with two famous poets, her brother, William Wordsworth, and their similarly gifted companion, Samuel Taylor Coleridge.

We sat upon a bench, placed for the sake of one of these views, whence we looked down upon the waterfall, and over the open country ... A lady and gentleman, more expeditious tourists than ourselves, came to the spot; they left us at the seat, and we found them again at another station above the Falls. Coleridge, who is always good-natured enough to enter into conversation with anybody whom he meets in his way, began to talk with the gentleman, who observed that it was a majestic waterfall. Coleridge was delighted with the accuracy of the epithet, particularly as he had been settling in his own mind the precise meaning of the words grand, majestic, sublime, etc., and had discussed the subject with William at some length the day before. “Yes, sir,” says Coleridge, “it is a majestic wate…

Great Chain of Being

One of the points that Lovejoy makes in the book of that title I mentioned last week is the importance, in the Neo-Platonist conceptions and in the later development of the "chain of being" metaphor, of what he calls the principle of plenitude. This is the underlying notion that everything that can exist must exist, that creation would not be possible at all were it to leave gaps.

The value of this idea for a certain type of theodicy is clear enough.

This caused theological difficulties when these ideas were absorbed into Christianity.  I'll quote a bit of what Lovejoy has to say about those difficulties:

"For that conception, when taken over into Christianity, had to be accommodated to very different principles, drawn from other sources, which forbade its literal interpretation; to carry it through to what seemed to be its necessary implications was to be sure of falling into one theological pitfall or another."

The big pitfalls were: determinism on the on…

Philippa Gregory

My recent reading includes large helpings of Philippa Gregory's latest, THREE SISTERS, THREE QUEENS (2016), another of her fictionalized takes on love and betrayal among the royals of Renaissance Europe.

In this book, the focus is on the early Tudor dynasty, and especially on Margaret Tudor, the eldest daughter of Henry VII, founder thereof, and the older sister of the future Henry VIII. Margaret became Queen of Scotland with an arranged marriage to James IV. She reigned and ruled under the title of Dowager Queen after James' death at the Battle of Flodden in 1513.

So who, you ask, were the other two sisters of the novel's title? One is Margaret's blood sister, Mary Tudor, who was known as one of the great beauties of the age. Mary was the inspiration for the name her brother Henry gave to his older daughter. More important for Gregory's story, she wed the King of France (Louis XII) in 1514, and Anne Boleyn served as her maid of honor at that ceremony.

The third &…