SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon

Post by raverbashing » Mon, Jun 28, 2021, 6:15 PM UTC

jwlake wrote: post #27

lalaland1125 wrote: post #8

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.

Mostly it involves people making systems that are too complex to trivially analyze. You can not write arbitrarily complex secure code. You need to limit your scope and do one very simple thing extremely tersely and correctly. You can make powerful systems with simple correct independent components. You can not make complex secure monolithic systems. It gets even worse when you look at contracts with delegation. The p…

Post by wizzwizz4 » Mon, Jun 28, 2021, 6:16 PM UTC

tumblewit wrote: post #56

derefr wrote: post #46

Earlier quoted context omitted.

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.)

Interesting didn’t know this. I always assumed it had to go to someone else. So digital currency can’t go below zero (or where you are paying someone to take it off you).

Post by rspeele » Mon, Jun 28, 2021, 6:17 PM UTC

tylersmith wrote: post #37

lalaland1125 wrote: post #8

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.

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.

Post by derac » Mon, Jun 28, 2021, 6:17 PM UTC

omk wrote: post #31

A point that most crypto heads miss is that the world does not run algorithmically. Legal contracts do not work like a software program and that characteristic is a feature not a bug. Not being able to reverse transactions that were part of an exploit is in infact a bug. Businesses need that tolerance for error. You need an oracle in your system. The oracle can maintain transparency of the attestations carried out if…

Post by __MatrixMan__ » Mon, Jun 28, 2021, 6:17 PM UTC

cutler wrote: post #15

aerovistae wrote: post #5

There 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.