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

Re:SafeDollar ‘stablecoin’ drops to $0 following DeFi exploi... by Analemma_ on Monday June 28, 2021 @06:47PM (#27669291)

Thank goodness we've gotten away from a system where the government can arbitrarily decide to steal my money and towards a glorious future where a bunch of randos on the internet can arbitrarily decide to steal my money. I feel so much better.

[ Parent | on HN ]

Re:SafeDollar ‘stablecoin’ drops to $0 following DeFi exploi... by CryptoPunk on Tuesday June 29, 2021 @03:55AM (#27673091)

(copy-pasting)

The DAO was a very extraordinary event that occurred under very unique and unrepeatable circumstances.

1. Ethereum had just launched. There was a sense of everything being in beta.

2. The Ethereum stakeholder set was very small, so obtaining consensus for such a controversial hard fork was much easier to accomplish than it would be today.

3. The economy on Ethereum was very small, so

a) a hard fork was far less disruptive than it would be today.

b) an undermining of Ethereum's commitment to neutrality/immutability jeapardized far fewer decentralized application projects than it would today.

4. Smart contracts were completely new, so there was a sense that people could be forgiven for their mistakes.

5. The Ethereum Foundation had promoted the idea of a DAO on their website, and several Ethereum founders had promoted the specific DAO that ended up being hacked. These facts made the DAO appear to be more than a completely third party app.

Ethereum is very different today than it was in 2016, and a DAO-scale mishap would never lead to a hard fork again.

[ Parent | on HN ]