Assertion Supported AI assessment confidence: 95% certainty 4/5 debate potential 4/5

Demirors: Ethereum has been rolled back and is not truly immutable

Meltem Demirors · Minting Billionaires and the Religion of Bitcoin | Meltem Demirors, CoinShares · Feb 18, 2022 · at 55:24

CoinShares CSO Meltem Demirors contrasts Bitcoin's immutability with the historical state alteration of Ethereum following the 2016 DAO fork.

0:00 / 0:05exact quote · 5.9s

▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark

“The Ethereum network has been rolled back. Ethereum's not immutable. These other chains are not immutable, right?”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

The claim, plainly

The Ethereum network has been rolled back and, along with other non-Bitcoin blockchains, is not truly immutable.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

Historical records from the Ethereum Foundation and protocol developers confirm that on July 20, 2016, at block height 1,920,000, the Ethereum network executed a controversial hard fork (specified in EIP-779) following the DAO exploit. While technically implemented as an 'irregular state change' (overriding contract balances directly into a withdrawal contract rather than deleting or reorganizing prior block history), this intervention directly reversed the economic consequences of the exploit through social consensus and protocol modification. This event is widely cited as evidence that Ethereum's state was not strictly immutable, leading to a network split where Ethereum Classic continued the original unaltered ledger.

On July 20, 2016, Ethereum activated EIP-779 at block 1,920,000, executing an official 'irregular state change' to transfer ~12 million ETH from DAO contracts to a recovery withdrawal contract.
The fork intervened in the ledger state without standard user-signed transactions to nullify the DAO hacker's acquisition of funds.
The intervention led to the creation of Ethereum Classic (ETC) by node operators and miners rejecting state modification on the grounds of strict ledger immutability.

Checked against

[1] wikipedia.org [2] binance.com [3] businessinsider.com [4] ethereum.org [5] ethereum.org [6] stackexchange.com [7] dexa.ai [8] bitstamp.net

Ethereum DAO hard fork block 1920000 irregular state transition July 20 2016 Ethereum DAO hard fork July 2016 developer records state transition

assessed as of 2026-09-02

This assessment is an AI reading of a public statement, made against the cited references with the confidence shown. It can be wrong. The quote, the tape and the references are all on this page; if something is off, use report an error below. full disclaimer →

Mentioned

Bitcoin Ethereum

⚑ Spot an error? Report it

More from Meltem Demirors

Opinion

Demirors: Bitcoin is the first technocratic religion

“I think crypto, I think Bitcoin was actually the first technocratic religion.”

Meltem Demirors Feb 18, 2022 ▶ 17:41 Minting Billionaires and the Religion of Bitcoin | Meltem Demirors, CoinShares

Prediction Not checkable as stated

Demirors: Bitcoin's proof of work acts as a global money battery

“Proof of work in and of itself is actually, I think, going to be one of the things that brings humanity into a new age of energy production, right? Right because Bitcoin is effectively a money battery. It enables you to balance, like, power on the grid”

Meltem Demirors Feb 18, 2022 ▶ 54:32 Minting Billionaires and the Religion of Bitcoin | Meltem Demirors, CoinShares

Opinion

Demirors: Crypto wealthy prioritize digital assets over traditional luxury status symbols

“Who have made money, but they're not motivated by the same status symbols as prior generations. They don't want to buy yachts. They don't want to buy private jets. They don't want to buy, you know, houses. They want to buy digital rocks. They want to buy Uniso…”

Meltem Demirors Feb 18, 2022 ▶ 7:06 Minting Billionaires and the Religion of Bitcoin | Meltem Demirors, CoinShares

Disclosure

Demirors: My 10-year vision is to mint one million new billionaires

“So I think what's been really cool to see and what I'm excited about, like my vision is in the next decade, I want to mint a million new billionaires. Who have a radically different view of what we should value as a society.”

Meltem Demirors Feb 18, 2022 ▶ 7:26 Minting Billionaires and the Religion of Bitcoin | Meltem Demirors, CoinShares

Disclosure

Demirors plans to legally establish a tax-exempt Bitcoin-centric church

“One of the things I'm going to try to do over the next few years is build a church. So when I say a church, it's a religious organization which enjoys certain tax benefits under U.S. Tax code.”

Meltem Demirors Feb 18, 2022 ▶ 21:01 Minting Billionaires and the Religion of Bitcoin | Meltem Demirors, CoinShares

Prediction Not checkable as stated

Demirors: The government system will inevitably collapse under its own weight

“It's gotten so large and so cumbersome, like, it will collapse under its own weight. It's inevitable.”

Meltem Demirors Feb 18, 2022 ▶ 28:05 Minting Billionaires and the Religion of Bitcoin | Meltem Demirors, CoinShares

Demirors: Ethereum has been rolled back and is not truly immutable

More from Meltem Demirors

Turn any episode into a week of clips.