Why the Wrong Response to The DAO Attack Could Kill Ethereum
On 8th July, 2011, bitcoin’s first big bubble burst. It would go on to lose an astounding 94% of its value, eventually dropping from $31 to a mere $2. As you may have noticed, it has since recovered quite nicely. Ethereum is now in a moment of crisis. The DAO has been hacked, destroyed and a big chunk of funds have been stolen. Like bitcoin did, ethereum can recover – but a panicked response could kill it forever. Unfortunately, we seem to be heading toward that panicked response. Ethereum has value for one reason and one reason only – it is the Turing-complete, smart contract protocol. In....
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