• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: Breaking: DCG And Genesis Close Initial Agreement With Creditors
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: DCG And Genesis Close Initial Agreement With Creditors
Vegetabile
Advertisement

Andrew Vegetabile of Litecoin Association Opposes DAO Fork

Tyson O'Ham by Tyson O'Ham
7 years ago
in Bitcoin Breaking News Brief, Altcoin News, Blockchain, Breaking Bitcoin News, Breaking News, News, News teaser
0
Advertisement

Andrew Vegetabile, Director of the Litecoin Association, came out against a fork of Ethereum/The DAO, Decrying interference with The DAO by outside crypto developers in an open letter to  “Vitalik Buterin, The DAO, future smart contract developers, and the throngs of individuals within the crypto ecosystem” today.

Read Also:  How The Verge’s Russell Brandom Misrepresented the DAO Attack, Bitcoin

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Andrew Vegetabile Calls Buterin’s Intervention “Unprecedented”

 

VegetabileHe Cites the widespread negative impact outside of The DAO as significant disincentive:

“…now Ethereum is having to face this very situation. From legal to sociological effects, the direction the leadership of a coin takes can have long outstanding impacts not only to the specific coin, but also to the entire crypto ecosystem by setting a dangerous precedent.”

He calls Buterin’s involvement in affecting an outcome to The DAO attack  “unprecedented” and draws parallels to the bank bailouts of 2008 financial crisis due to the central nature of the intervention. This may seem an extreme comparison, but he isn’t far off here, unfortunately:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

“Never in the history of crypto for as far as I can remember has a developer been intimately involved with a third party application in attempting to resolve said applications issues. The best analogy that I can think of at this point is if there was a bug in counterparty code and the Bitcoin core devs got involved.”

VegetabileButerin, unlike Satoshi, is a known entity in the crypto community, and the degree of influence he has over the Ethereum community  leads to frequent comparisons of his role to that of a “benevolent dictator.” His mention of a soft fork to “fix” The DAO attack has been overwhelmingly accepted by people with a stake in ETH and The DAO, while other, less invasive solutions have fallen by the wayside.

It is clear that Vegetabile wants the takeaway to be that central intervention is antithetical to the core concepts that make Ethereum and other Cryptocurrencies successful. Furthermore, he posits that the outcome of the DAO attack will not be isolated to Ethereum and smart-contracts.

“My word of advice to all of you is to do absolutely nothing at all.”

 

Vegetabile is also very careful to keep his statements reasoned and civil. It comes off as a level-headed, honest word of warning rather than a vitriolic attack on a competing cryptocurrency. The DAO’s failure will affect the entire cryptocurrency market, after all, and the handling of its consequences by Ethereum and DAO participants will shape how smart contracts and Crypto will be treated by investors, developers, and in court moving forward.

 

How do you think The DAO’s failures should be handled? Leave your thoughts in the Comments below!


Images Credit to: Wikimedia, Litecoin Foundation

 

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Tyson O'Ham

Tyson O'Ham

Related Posts

cbdc

Bank Of England, UK Treasury Support ‘Digital Pound’ Project, Say UK Likely To Need CBDC

2 days ago
Polkadot DOT DOTUSDT

Automotive Giant Toyota Explores Polkadot Project To Increase Business Efficiency

6 days ago
Alameda

Breaking News – Why Alameda Research Is Suing Voyager Digital For $446 Million

1 week ago
Blockchain

Blockchain For Traceability: Thailand’s Biggest Food Exporter Uses Tech To Monitor Goods

1 week ago
FTX

FTX: U.S. Authorities Seize Nearly $700 Million Of Sam Bankman-Fried’s Assets

2 weeks ago
Genesis

Genesis Bankruptcy Filing Sparks Conspiracy Theory In Crypto Community

3 weeks ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • The 7 Best Altcoins to Buy Now to 10X Your Money

    18 mins ago
  • These 7 Best Cryptocurrencies to Buy During Presale

    48 mins ago
  • Which Is The Best Crypto Meme Coin To Invest In 2023...

    2 hours ago
  • Cardano On The Climb, Whilst Big Eyes Coin Extends 200%...

    2 hours ago
  • Big Eyes Coin can boast the biggest pre-sale in recent...

    2 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.