I'm really disappointed in how the DAO heist was handled. The promise of cryptocurrencies was that they are harder to manipulate than fiat currency. If the fork succeeds (or even if it fails), I think the very notion of rolling back transactions is a step backwards.
The next time there is something like the DAO, people can invest without fear since rollbacks are the modus operandi. Isn't this why people are upset with the financial system? When people invest in stuff, they need to be responsible for the results. As someone who didn't buy a house in the crazy mid-2000s, I am paying the price for everyone else's stupidity in the form of crazy low interest rates (which have fueled record home prices). But who is standing up for me? No one. I thought cryptocurrencies were leading to a better world (or at least one where the system couldn't be rigged as easily). I guess not in this instance :(
The next time there is something like the DAO, people can invest without fear since rollbacks are the modus operandi. Isn't this why people are upset with the financial system? When people invest in stuff, they need to be responsible for the results. As someone who didn't buy a house in the crazy mid-2000s, I am paying the price for everyone else's stupidity in the form of crazy low interest rates (which have fueled record home prices). But who is standing up for me? No one. I thought cryptocurrencies were leading to a better world (or at least one where the system couldn't be rigged as easily). I guess not in this instance :(