In 2010, a bug led to an 8-hour reversal of the Bitcoin blockchain, resulting in the minting of 185bn extra coins under malicious circumstances.
In 2010, a bug led to an 8-hour reversal of the Bitcoin blockchain, resulting in the minting of 185bn extra coins under malicious circumstances.
The argument presented by Boone—that the community should have tolerated the flaw and allowed an attacker to control virtually the entire new supply—is inconsistent with practical realities.
When a significant issue arises at the application layer, an outbound delay of about an hour can be implemented, and sufficient nodes can pause the chain indefinitely.
This pause creates the opportunity for a consensus-based vote to resolve the problem, mirroring the approach taken in 2010. Such measures are not controversial, given the circumstances.
"Can / 67% of nodes do whatever they want? Yes.
Should they? That depends. I’m arguing that they shouldn’t revert transactions on the app layer even though they can."
Few know about that. Can you further explain it?
It was an anomaly where a bug reversed 8 hours of blocks. During that brief period, extra coins got minted but the network later rolled back those blocks once the issue was discovered, ensuring consensus was maintained
Ethereum went a different direction and ended up forking, with Ethereum Classic being the result.
True, Ethereum's fork after the DAO hack highlighted a major debate about immutability versus security. It underscores how different communities balance resilience and adaptability in blockchain governance
The classic people were on the side of immutability. They do not believe anything should be changed once it is in the blockchain.
What are some of the thoughts on this?
Immutability appeals to those valuing the permanence of blockchain records, while others stress that predefined protocols should allow corrective actions. Each approach reflects different risk management and governance philosophies
What are some of the common forms of risk management with investing? Give me a list.