What does $200 Ether mean?
Vinay Gupta

So many pretty words, so little pragmatic truth. Ethereum’s fork-away-money-from-people-who-use-our-code-as-law-we-don’t-like strategy ripped out any ethical or moral compass that Ethereum is supposed to have.

Ask the people running the forked ETC classic coin, I’m sure they have plenty to say. Other than rambling about marketcap (where anyone who issues a coin with a bazillion units and offers them at 1 USD can claim the top spot), this essay is really about hubris and lack of reason.

Yes, “blockchain” technology is fascinating and will mutate into many different things. The mistake is thinking that the kilometers-wide attack surface of ETH’s turing-complete script language isn’t a vulnerability.

There’s a reason that Bitcoin has a limited script set, limited commands, and frankly isn’t meant to be used as a programmer’s sandbox. Its security, and more importantly, preventing the very attack vectors that Ethereum is completely open to.

Much like the country yokel that leaves their door unlocked, it is ETH that has moved to the big city and doesn’t understand when someone ransacks their apartment for the umpteenth time.

Combine this with the utterly centralized “gas” price (its a two-tier system, a central body decides how much per unit programs cost to run), and the utter catastrophe of the DAO offering, ETH is a classic example of misallocation of capital, which will no doubt express itself fully as time goes on.

I don’t mind alt-coins, I just wish that people would do more due diligence than “its SO hot right now”.