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Re:SafeDollar ‘stablecoin’ drops to $0 following DeFi exploi... by snewman on Monday June 28, 2021 @03:23PM (#27666538)
I'm not sure this follows.

It's a fair point that any easy-to-find bugs in large, time-tested contracts will have been found. Any medium- or hard-to-find bugs also will probably have been found. But there might still be a very-hard-to-find bug lurking; and given the value of finding such a bug, people might look hard enough to find it.

In other words, the same scale that ensures there is no low-hanging fruit, also provides the incentive to pick high-hanging fruit.

> I have a lot more trust in that kind of product than in a product where contracts are subject to interpretations by humans which may or may not be reliable.

This is a valid concern, but it's also extremely well-understood at this point; we have centuries of global-scale experience with traditional financial and legal systems. They're certainly not flawless, but it's rare for gigantic new flaws to emerge. An important point is the existence of mechanisms for rolling back bad transactions and challenging / appealing flawed decisions.

Re:SafeDollar ‘stablecoin’ drops to $0 following DeFi exploi... by jwblackwell on Monday June 28, 2021 @06:10PM (#27668897)
> it's rare for gigantic new flaws to emerge

There are countless instances of rouge traders, high level financial crime and corruption.

Wirecard is one recent example costing billions. The Libor scandal another that comes to mind.

Re:SafeDollar ‘stablecoin’ drops to $0 following DeFi exploi... by NicoJuicy on Monday June 28, 2021 @07:32PM (#27669707)
Who were the victims with wirecard?

They faked the numbers, but they didn't manage people's money.

Re:SafeDollar ‘stablecoin’ drops to $0 following DeFi exploi... by rawtxapp on Monday June 28, 2021 @07:39PM (#27669768)
I can't tell if you're sarcastic or not. In case you're serious, you don't see how a company with a market cap of 28B$ going belly up causes damage to investors, the markets, their partners, clients and employees?
Re:SafeDollar ‘stablecoin’ drops to $0 following DeFi exploi... by NicoJuicy on Tuesday June 29, 2021 @02:59AM (#27672735)
The stock going belly up is the consequence of the fraud, but not the actual fraud. Just like the other people you've mentioned.

Eg. Their clients switched payment processor.

When a btc exchange frauds or a coin hacked or a smart contract is bugged, they get away with all your money. Which is the actual fraud.

In some cases they post a postmortem on medium and call it a day.

I don't think wirecard's fraud is comparable with all the crap in crypto town.