> That $10m out the window is like a Series A for a nefarious hacker with deep crypto skills [..]
Where "deep crypto skills" refers to someone who bothered to read the documentation on Solidity (the Ethereum contract language), specifically the section on function visibility[1], and the Parity wallet contract itself[2].
In other words, an obscure security hole was not found by a genius hacker. An obvious, trivial, simple mistake was exploited for $9m because the people investing money in it provably didn't know what they're were doing.
Would you short the US dollar because one small bank got robbed due to bad security? The flaw here was not with Ethereum, it was with the wallet developer.
Based on the relative sizes of the currencies, this is closer in scale to the Bernie Madoff scam, but happening overnight instead of gradually over 20 years.
Where "deep crypto skills" refers to someone who bothered to read the documentation on Solidity (the Ethereum contract language), specifically the section on function visibility[1], and the Parity wallet contract itself[2].
In other words, an obscure security hole was not found by a genius hacker. An obvious, trivial, simple mistake was exploited for $9m because the people investing money in it provably didn't know what they're were doing.
[1] http://solidity.readthedocs.io/en/develop/contracts.html#vis...
[2] https://github.com/paritytech/parity/blob/4c32177ef3f4521c66...