Post
Topic
Board Altcoin Discussion
Re: There was no DAO hack
by
iamnotback
on 19/06/2016, 00:42:25 UTC
If 51% of the miners decide to fork, I think I will follow the majority and support the fork to get back the money from the attacker.

Satoshi had a term for that, he called it attacking the network:

As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network ...
  - Satoshi Nakamoto (bitcoin.pdf)

So, no, there has been no "hack" or "attack" so far, but Vitalik, Tual, and their cronies are working on one.

Soft forks are 51% attacks. At best, when done for relatively-benign upgrade purposes, they demonstrate a vulnerability of the network and should still raise some level of concern that the developers and miners are able to conspire to pull off a 51% attack. When done transfer control over coins, that is outright theft.

Smooth if forks are authorized by a protocol that was designed in the coin from the start, i.e. an ability to vote on changes by stake holders for a PoS coin (e.g. DASH), then that appears to not be a 51% attack. But otherwise I agree with you, and when you have the same group of devs from the ICO able to control the politik then they are essentially running the enterprise.

There is a grey area where someone from the outside creates a fork and the users and miners spontaneously decide to switch over to it. This can be argued to be a feature of decentralization and open source, and necessary to correct deficiencies. Yet it is still a 51% attack. If done with proof-of-burn, then it is not a 51% attack.

But your analysis of the issues here seems to be oversimplified because the law interacts with all this to create more complex scenarios. Please read this:

https://bitcointalk.org/index.php?topic=1517223.msg15271289#msg15271289