Ethereum has died 10 times
Adaptability and flexibility may not necessarily be completely positive features in the world of public blockchains. When changes can be made to the protocol with relative ease, it’s possible that the network will move away from the base principles that gave the system value in the first place. Source (cached)
Imagine a $50 million diamond heist that isn’t investigated by any police body, and more than four days later, the broken vault that made the whole thing possible remains unfixed and suffers follow-on attacks by a group of marauding copycats. In essence, that’s what’s happening to an elite group of investors holding Bitcoin rival Ethereum, and the events threaten the very survival of the fledgling cryptocurrency.
If you want a smart contract that you can actually use, you have to be certain that it is bug-free before it is deployed. there are no known tools or methods available to Solidity developers which could provide an appropriate level of certainty. Such tools will take years to be developed and until they are in common use, no Ethereum smart contract should be trusted. Ethereum is doomed. Source (cached)
Bitcoin, having no single point of failure, reliant on the word and competence of nobody, and with an unfathomably enormous processing power arsenal protecting it will remain in a class of its own. And anybody who doesn’t believe that will pay a heavy price for failing to understand this, like what happened with the suckers who invested in the DAO.
Several months ago I reposted an article about the troubles that Ethereum were facing. At the time I thought that it may still be possible to salvage something out of this generic turing complete smart contract platform. Well, I finally spent a some time to figure out how Ethereum works in order to convince myself about it’s technical merits. I had in the past spoken to its technical head Gavin Wood, and on occasion debated some economic issues with Vitalik on social forums but I had never really put in the time to learn about Ethereum myself, so refrained from making any