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Martin Tillier, a financial advisor who writes for Nasdaq, says the recent DAO hack shows there is a vulnerability in Ethereum and that while some might have thought it would reflect negatively on bitcoin, bitcoin’s price activity demonstrates the reverse. While bitcoin does not offer the development capabilities of Ethereum, it has demonstrated better reliability.
In an opinion piece titled “What Does Ethereum’s Massive Hack Mean For Bitcoin?” Tillier noted that some have touted Ethereum as the cryptocurrency most likely to emerge as the “winner” currency, “a VHS to Bitcoin’s Betamax” for those old enough to remember that rivalry.
Confidence In Ethereum Falls
While the full implications of the $60-million-plus hack on Ethereum are not yet known, Tillier thinks confidence in the currency has suffered a setback that it won’t be recovering from anytime soon.