Why I Think the 30K of Exploited GRC Should be Burnt
As I'm sure you are all aware there is currently an upgrade in process that fixes some security issues with Gridcoin. While testing some exploits TomasBrod managed to extract around 30K of Gridcoin from the main network that should never have been minted.
Now that the exploits have been patched there is an ongoing poll to decide what to do with the coins. Here are the possible options:
- Burn Them
- The Foundation
- Public Faucet
- Use As Development Bounties
- Rain, Based On Magnitude At The Time Of The Hacks
- Abstain
Out of the list of options in my opinion the best course of action is to Burn Them. The reason why I think the full 30K should be burnt is because the coins should never have existed in the first place. Doing anything other than burning the coins could potentially put downward pressure on the coin when people come to sell them.
I know it's not much and will likely make no difference to the price but it's about principle. The dev team are now getting paid to find and solve issues like this and the exploited coins should not be rewarded to the dev team or anyone else because if they are, where do you draw the line?
Can the devs exploit millions of GRC in the future and have it all rewarded as bounties?
As of this writing Use As Development Bounties is in the lead and in my opinion this should not happen. I don't even think it should have been an option on the poll.
It was good of Tomas to find the exploit, fix it, and then notify everyone, but I think it sets a bad example if the coins wrongly minted are then given to the rest of the developers or anyone else.
My Vote: Burn Them
I agree - they should never have been minted and therefore should be burnt. It's the right thing to do. If there is a cause that does need the 30k GRC donated to it, take it from the Foundation wallet.
Yeah, the foundation wallet is quite big already :-)
Understatement of the year. =P
I couldn't agree more. I proposed the rain alternative under the impression that they were taken from the other researchers via the mag, but it seems like that's not the case from what I could tell. As you said, if it wasn't for the exploit they would never have existed.
My Vote: Burn Them
Yeah, same here. I thought rain was the right thing to do until you mentioned that no one was affected by the exploit :-)
agree also, burning over raining if they weren't intended for POR
Anyone wondering should also read the "discussion url" to see why the other options were added and my opinion on using them as bounty. Thankfully the poll is almost over. Lot of people voted for Bounties, but thankfully they haven't enough weight.
Kek - love it.
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Exploit coins should never exist!!
They are intangible and therefore burning them will create nothing nor destroy anything!!
Courtesy of @joshoeah
That banner ad is sooo good :-)
Well said. I agree.
aggree with you. thx for the feedback
Agreed Out of the obvious reasons. Burn them is for me the only valid option.
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STOPWhy not burn them and reward him with legit coins then? Whistleblowers should be praised not punished.
He did get compensated for his hard work on fixing the issue.