Lost ether debates

CoinDesk Daily is sponsored by itBit
February 7, 2018

"Historically, the claim of consensus has been the first refuge of scoundrels; it is a way to avoid debate by claiming that the matter is already settled." 

― Michael Crichton

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THE FEATURE

Ethereum Users Are Losing Money and Devs Don't Quite Know What to Do

Ethereum is once again at a familiar crossroads.

As the price of its cryptocurrency ether has soared (and then corrected) in 2018, one thing has remained constant – users continue to lose money due to hacks, faulty code and human error. It's an issue that in the past has split the platform into rivaling forces and left lingering debates – and, as recent activity on GitHub shows, tensions are escalating again.

Pumping new life into the debate is the resurgence of a chat channel formed in the wake of the loss of 513,000 ether by startup Parity last year. In particular, the forum has reignited with the release of a sketch for how fund recovery proposals could be standardized to make them easier to implement.

It's the second major action the team have taken, after first helping arrive at possible methods to return the lost Parity funds, a proposal that was hotly rejected.

Led by developer Dan Phifer from Musiconomi (an ICO issuer that saw 16,475 ether lost in the Parity freeze) and two developers from a startup called Tap Trust, the document offers a way to make it easier for ethereum clients to implement so-called state changes, or system-wide upgrades that would require all users to upgrade their software to versions reflecting redistributed fund balances.

Yet, some vehemently disagree that such a mechanism is needed, going so far as to suggest the idea is out of line with the guiding ethos of the world's second-largest blockchain protocol.

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