Ethereum: Stick a Fork in It

Squabbling and infighting rage in the crypto world. Ethereum is at the heart if it today.

Ethereum appears to be at a notable crossroads on technical direction.

At least, that was the mood at a meeting of top ethereum developers late last week where a discussion on a controversial code proposal called EIP 999 led some to speculate the scenario is now a possibility. Indeed, it's now believed the proposal, which which seeks a technical fix that would return $264 million in lost funds, is so contentious, some users may chose to defect to a new version of the code.

Those in favor of the proposal point to the frequent losses of ether due to buggy contracts, arguing that the platform should ensure against such avoidable mistakes. But on the other side, many warn that editing code after deployment could damage not only the security but also the integrity of the platform.

"It's clear no matter where you stand that the issue is contentious enough that if [EIP 999] goes forward and implements then it will generate a contentious hard fork," developer of ethereum's Mist browser Alex Van de Sande, said during the dev meeting on April 20.

"It's unavoidable that it will create a split," he continued.

Another Fork

Each split is another fork in the road.

While Bitcoin remains the top dog, it's important to note that it has numerous scalability and other issues.

The other top cryptos supposedly exist to fix flaws in Bitcoin. While doing so, they introduced new flaws.

Flawed Top to Bottom

The entire crypto setup is flawed from top down.

That does not necessarily mean the top is in, but I believe it is.

Mike "Mish" Shedlock

Comments (19)
No. 1-19
Bam_Man
Bam_Man

Virtually an entire nation of compulsive gamblers/speculators.

Bam_Man
Bam_Man

This will not end well.

Axiom7
Axiom7

Crypto is the self-driving truck of commerce. There will be accidents but the cost-cutting potential across all types of commerce is so huge that these issues will be fixed eventually. In the meanwhile the valuations will be hugely volatile.

Seb
Seb

Splitting a crypto or printing dollars... what’s the difference here? People are at least trying to improve a potential problem for the world economy. Economists and bankers would like nothing more than for the system to never change. Gold won’t replace anything. If it was flexible enough to fix the world economies it would have 100 years ago. Instead robber barons and rothschilds hoarded it at the expense of the system. Now it’s the opposite. Currency has been debased at the expense of the system. Only cryptos have the potential to meet the flexible needs of a printed currency with the tangible needs of a hard currency. Yes you can hold crypto.

xil
xil

likely not limited to a single nation