121–126 of 126 posts
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Auditors have never fully prevented bugs in any other computing domain, i dont know why cryptocurrency would be any different.
Can't the same be said that auditors have never fully prevented fraud in the real-world?
A few years back I wrote https://medium.com/coinmonks/lashing-out-at-a-spank-channel-... about a similar hack where a contract "trusted" a given (user input) contract based on nothing other than verifying a function signature. This latest hack was smarter but ultimately it still exploited a 4 bytes hash "security" feature...
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Irreversibility is one of its best features. Imagine a scenario in 50 years when 80% of token holders are dead... This could result in a non-trivial % of tokens being lost forever; this greatly reduces the remaining circulating supply of tokens and thus makes everyone else who still remembers their keys wealthier (less supply, same demand translates to higher price). On the other hand, stocks are more susceptible to…
That's just such a naive take with no connection to reality. Occasional deaths and inheritance by retail shareholders has zero impact on share prices.
There's a serious fundamental problem with DeFi that can't be solved with blockchains. Someone starts a blockchain company and hires a bunch of devs who make, idk, $40 to $100 per hour to build the thing. Maybe more, it doesn't really matter. Even just one dev or a few devs can make all the contracts needed for this. One day that dev notices a vulnerability in the smart contract he's writing! He has two choices: (a)…
> And law enforcement is a thing! More than that, there's a minority perspective in DeFi that the code is the law. If the code allows it (e.g., withdrawals under an unintended circumstance), it's therefore legal. If it were illegal, the code wouldn't allow it.
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> Sometimes mistakes happen(a faulty system, a design bug or straight out human error and people who are trying to take advantage of those), most of the time these are correctable. These errors are correctable if the counter-parties trust each other, or at least have a relationship that they don't want to undermine by being petty. Immutable blockchain systems are valuable in part because they allow entities to transa…
How do they transact if they don't trust each other? You have the guarantee that the money your received is not going back but what kind of guarantee does the receiver of product/service has? Yes - so far, it worked well for extortion with ransomware but is that something that we want to have? Can you think of a legit business case where the merchant providing the promised service is guaranteed and all you need is a…
Full stop; I’m stuck here. Why does it need to do this?