These incidents really illustrate the main flaw of smart contracts: a single bug in your code can lead to incredible losses. I simply don't think it's possible for human beings to write good enough software for smart contracts.
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SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
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Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#42These incidents really illustrate the main flaw of smart contracts: a single bug in your code can lead to incredible losses. I simply don't think it's possible for human beings to write good enough software for smart contracts.
Human beings write software that flies people around the world and shuttles people between the Earth and space. Managing money is not more important than many things we use software for.
Software that you can't update is borderline not-software.
It's hardware with no joysticks for humans to adjust. It just happens to be hardware that's implemented in code.
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#43These incidents really illustrate the main flaw of smart contracts: a single bug in your code can lead to incredible losses. I simply don't think it's possible for human beings to write good enough software for smart contracts.
How is that different from a traditional contract written by a lawyer? A single word could leave a huge unexpected hole in a traditional contract.
The parties in a dispute like that are likely to settle out of court, in a somewhat reasonable manner, instead of blindly applying the law until a judge automaton reaches a decision following the letter of the law.
With a smart contract, there can be no negotiation and attempt at reconciliation. The price here will never recover from $0, so at a single point in time $248,000 was transferred from bag holders to beneficiaries.
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#44There is no such thing as a stablecoin, it's a made up term to try to lend legitimacy to new crypto scams. And I say this as someone who just bought some Ethereum in the hopes of making a profit :)
This is uninformed. What do you call USDC, which is directly redeemable for US Dollars by anyone with a Coinbase account? Every USDC is backed by one USD of deposits in a US-based bank.
USDC is a stablecoin, and there are plenty of others out there.
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#45So what type of exploit is this? Is this a problem with smart contracts? Could this be a problem for other cryptocurrencies with smart contracts, like Ethereum?
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#46Zero counts as stable. Nothing further is ever going to happen to that price, I'll bet :)
Not really. If owning a coin becomes illegal it can fall below zero where you are paying someone to take your coins. Something similar to oil happened a while ago when storage had become an issue so prices fell below 0$
Oil is physical; it takes up space, and needs special protections to not pollute the container it's stored in.
Digital goods, meanwhile, can just be transferred permanently "into the void" (i.e. to an account without an associated key.)
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#47These incidents really illustrate the main flaw of smart contracts: a single bug in your code can lead to incredible losses. I simply don't think it's possible for human beings to write good enough software for smart contracts.
Human beings write software that flies people around the world and shuttles people between the Earth and space. Managing money is not more important than many things we use software for.
Those systems have built in redundancies. They don't assume trustless 100% bug-free code.
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#48These incidents really illustrate the main flaw of smart contracts: a single bug in your code can lead to incredible losses. I simply don't think it's possible for human beings to write good enough software for smart contracts.
Human beings write software that flies people around the world and shuttles people between the Earth and space. Managing money is not more important than many things we use software for.
I'm not saying you're wrong, but that software in most cases isn't constantly under attack from another team of engineers trying to blow up all the planes.
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#49These incidents really illustrate the main flaw of smart contracts: a single bug in your code can lead to incredible losses. I simply don't think it's possible for human beings to write good enough software for smart contracts.
Human beings write software that flies people around the world and shuttles people between the Earth and space. Managing money is not more important than many things we use software for.
1. Not always correctly, as seen with the 737 MAX.
2. We have a general AI exception handler called a pilot.
3. Many of those systems have hardware redundancies, so even if there is a bug, hardware can stop it. A fuse might blow instead.
Re: SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon
#50There is no such thing as a stablecoin, it's a made up term to try to lend legitimacy to new crypto scams. And I say this as someone who just bought some Ethereum in the hopes of making a profit :)
Maybe the world just needs less people trying to get something for nothing. If the scammers operating these currencies teach the greedy traders a lesson we'll all be better off.
WORD!