$600M taken in largest DeFi hack to date

Re:$600M taken in largest DeFi hack to date by diamond559 on Tuesday August 10, 2021 @08:02PM (#28136345)

The Ethereum core devs didn't unilaterally decide to roll back the blockchain, that's not how the governance system works. The majority of the community decided to return the funds, the dissenters left and formed Ethereum Classic. The community decides what is law, not the code or the devs.

[ Parent | on HN ]

Re:$600M taken in largest DeFi hack to date by jshen on Tuesday August 10, 2021 @09:24PM (#28136831)

Next they’ll learn why we have this thing called democracy and how it’s used to enact laws and oversee enforcement.

Wait, what is crypto about again? I can’t figure it out.

[ Parent | on HN ]

Re:$600M taken in largest DeFi hack to date by DSingularity on Tuesday August 10, 2021 @10:36PM (#28137288)

These days it is about anything can meme and get people to make fomo-driven buys of crypto at spot prices.

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?

[ Parent | on HN ]

Re:$600M taken in largest DeFi hack to date by jshen on Wednesday August 11, 2021 @01:00AM (#28138194)

It’s almost like the finance system we have today is the result of complex adaptation. It’s not perfect, but it seems less corrupt, more stable, more approachable, and more useful than the crypto space.

[ Parent | on HN ]

Re:$600M taken in largest DeFi hack to date by DSingularity on Wednesday August 11, 2021 @09:13AM (#28141575)

Definitely. Cryptocurrency had a chance to be very useful (to society) in a niche but then it blew up in scope. Now, everyone seems to have missed the forest for the trees.

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?

[ Parent | on HN ]

Re:$600M taken in largest DeFi hack to date by diamond559 on Tuesday August 10, 2021 @10:00PM (#28137070)

The governance process is essentially democratic, it's been like that since the beginning. Many, probably most, of the strict "code is law" are more aligned with bitcoin and left after the DAO fork.

[ Parent | on HN ]

Re:$600M taken in largest DeFi hack to date by jshen on Wednesday August 11, 2021 @12:58AM (#28138189)

You and I have very different ideas about the definition of democratic.

[ Parent | on HN ]

Re:$600M taken in largest DeFi hack to date by spookthesunset on Tuesday August 10, 2021 @09:06PM (#28136734)

Community == mob rule.

[ Parent | on HN ]