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.

  3. Did you ever try to automate your free satoshi collections by using a BTC FAUCET ROTATOR?

  4. eToro is the most recommended forex broker for rookie and professional traders.

  5. Easy crypto multicurrency mining pool & 1-click GUI miner.

    Mine effectively with your computer or smartphone. Download MINERGATE.


Post a Comment

Popular posts from this blog

England as a Raft?

In a lecture delivered in 1880, William James asked rhetorically, "Would England ... be the drifting raft she is now in European affairs if a Frederic the Great had inherited her throne instead of a Victoria, and if Messrs Bentham, Mill, Cobden, and Bright had all been born in Prussia?"

Beneath that, in a collection of such lectures later published under James' direction, was placed the footnote, "The reader will remember when this was written."

The suggestion of the bit about Bentham, Mill, etc. is that the utilitarians as a school helped render England ineffective as a European power, a drifting raft.

The footnote was added in 1897. So either James is suggesting that the baleful influence of Bentham, Mill etc wore off in the meantime or that he had over-estimated it.

Let's unpack this a bit.  What was happening in the period before 1880 that made England seem a drifting raft in European affairs, to a friendly though foreign observer (to the older brother…

Cancer Breakthrough

Hopeful news in recent days about an old and dear desideratum: a cure for cancer. Or at least for a cancer, and a nasty one at that.

The news comes about because investors in GlaxoSmithKline are greedy for profits, and has already inspired a bit of deregulation to boot. 

The FDA has paved the road for a speedy review of a new BCMA drug for multiple myeloma, essentially cancer of the bone marrow. This means that the US govt has removed some of the hurdles that would otherwise (by decision of the same govt) face a company trying to proceed with these trials expeditiously. 

This has been done because the Phase I clinical trial results have been very promising. The report I've seen indicates that details of these results will be shared with the world on Dec. 11 at the annual meeting of the American Society of Hematology. 

The European Medicines Agency has also given priority treatment to the drug in question. 

GSK's website identifies the drug at issue as "GSK2857916," althou…

Francesco Orsi

I thought briefly that I had found a contemporary philosopher whose views on ethics and meta-ethics checked all four key boxes. An ally all down the line.

The four, as regular readers of this blog may remember, are: cognitivism, intuitionism, consequentialism, pluralism. These represent the views that, respectively: some ethical judgments constitute knowledge; one important source for this knowledge consists of quasi-sensory non-inferential primary recognitions ("intuitions"); the right is logically dependent upon the good; and there exists an irreducible plurality of good.

Francesco Orsi seemed to believe all of these propositions. Here's his website and a link to one relevant paper:

What was better: Orsi is a young man. Born in 1980. A damned child! Has no memories of the age of disco!

So I emailed him asking if I was right that he believed all of those things. His answer: three out of …