RE: Ethereum: Wallet 0.8.1 Question. How to proceed incase you choose the losing chain?

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Ethereum: Wallet 0.8.1 Question. How to proceed incase you choose the losing chain?

in ethereum •  8 years ago  (edited)

The soft fork accepts the mess-up and moves forward without the lost ether. The hard fork does not accept the mess-up, instead it creates a new chain off the original chain and recreates the lost #ether thus creating a fork.

You now have the decision for what path to be on - soft or hard fork.

notice how when you fork there are now new paths - the soft and the hard (no pun intended)

#Decentralized Philosophy, and Economic Implications

How I see it is this the #softfork accepts the faulty of the code, fixed it, and moved forward with growth without an unnatural response.

The #hardfork I believe is synonymous with a government bailing out a bank with tax payer money (stimulus). The system, in this case #theDAO unnaturally learns, and corrects. The ether is restored.

This is opposite of a natural #system like nature. For example a player of a natural system is not rewarded for misbehaving thus it corrects itself correctly when it misbehaves because more is on the line - there is no safety net. Where as a system with a safety net knows that if a mess-up were to occur again someone is there for them.

I hope this helps!

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I thought the soft fork was unsafe do to concerns of DOS or something. I remember they were about to do the soft fork to just block TheDAO funds, but somebody realized it was not safe to do and the miners reversed their position.