Wait, what is crypto about again? I can’t figure it out.
It used to be about decentralized peer-to-peer money that is highly resistant to censorship.
Then that got blown to bit because satoshi didn’t possess enough foresight to realize that one day it will get owned by a handful of people who will leverage the artificial scarcity to conduct endless pump-and-dumps to enrich themselves at the expense of the poor.
How do you think Satoshi would have reacted to the current state of affairs? You think he would see this “cryptocurrency” space as the path to solving the problem of money and corruption in finance?
You can’t fix fundamental problems in modern economics by fixating on the properties of money which can be altered (presumably for the better) through technology?
Going to think about this while I walk. That is a tough argument to counter.
Still, last time they called it a bug and rolled back the chain.
Code is law, bro. These aren't hacks or bugs. They are inert chunks of code that all play by. Even "bugs" in the execution engine are fair game when code is law...
The fine folks who carefully investigated the DAO smart contract and transferred lots of its value to their possession are just as entitled to that wealth as the people who possessed it in the first place. There was no hacking and no thievery. The smart contract was executing exactly as it was written. I argue the only people playing in bad faith were the makers of ethereum and the DAO, who rolled back the blockchain and stole the funds back into their hands.
Now this argument sounds silly, but I stand by it. Code is law is a horrible idea. But if you want to live in that world... all "bugs" are just as much of the "law" as the stuff that isn't a "bug".