How the Verge Totally Misrepresented the DAO, and Bitcoin

Verge DAOVerge DAO

According to The Verge’s Russell Brandom, The recent attack on the DAO is somehow related to the past failings of Bitcoin.

Also read: Technical Analysis: Long-Term Bitcoin Price Corrections to Come?

Ethereum DAO

Ethereum DAOThat’s right: your eyes are not playing tricks on you, I promise that you read that correctly.

I’ve seen my share of tinfoil-hatting on the subject of cryptocurrency and security, but Brandom’s conflation of these two completely different technologies takes the cake. The sheer ignorance required to put pen to paper and excrete a work like his recent article on the subject is astounding, but apparently achievable, as he so readily demonstrates.

For those  of you that aren’t fond of supporting the spread of FUD through ad revenue, I’ve compiled a few highlights:

“To understand how this could have happened, it’s necessary to know a little bit about how Ethereum works. The system is built on the same blockchain that powers Bitcoin.”

Indeed. ETH uses SHA256 based proof-of-work, all ETH transactions are logged transparently

Read more ... source: TheBitcoinNews