The banks pretty much state that their software is an approximate implementation of the contract not the real contract itself. They specify that the real contract is what their lawyers drew up as interpreted by a human judge considering hundreds of years of legal case law.
The DAO basically said screw the lawyers and case law and precedent bullshit, the contract is nothing more or less than the results of running this program on the Ethereum VM.
As the program executed a way to transfer 10s of millions of dollars and they specifically stated that the program was the contract, by The DAO no contract violation occurred, hence no hack.
The DAO basically said screw the lawyers and case law and precedent bullshit, the contract is nothing more or less than the results of running this program on the Ethereum VM.
As the program executed a way to transfer 10s of millions of dollars and they specifically stated that the program was the contract, by The DAO no contract violation occurred, hence no hack.