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Re:DeFi bug accidentally gives $90M to users by wyager on Friday October 01, 2021 @09:17AM (#28718042)
Code hasn’t been law for “defi” since Ethereum reverted the DAO hack in 2016. Then the DAO went defunct later that year anyway!
Re:DeFi bug accidentally gives $90M to users by grandphuba on Friday October 01, 2021 @10:22AM (#28718801)
Code seems to be the law, hence why they're resorting to begging and blackmailing
Re:DeFi bug accidentally gives $90M to users by miracle2k on Friday October 01, 2021 @11:51AM (#28720014)
Underrated comment. Very wise.
Re:DeFi bug accidentally gives $90M to users by bhaak on Friday October 01, 2021 @09:49AM (#28718396)
Not “anyway“ but because of the hack. TheDAO was done for after it was hacked. The code was too bad and trust was gone as well. That was clear pretty soon.

The only thing to decide was if they would let the hacker get away with at the time 15% of the whole supply. If they did that it would have endangered the decentralization of the eventual proof-of-stake switch.

Re:DeFi bug accidentally gives $90M to users by canjobear on Friday October 01, 2021 @11:10AM (#28719475)
> it would have endangered the decentralization

So the solution to save "decentralization" was for a centralized cabal to literally rewrite history?

Re:DeFi bug accidentally gives $90M to users by bhaak on Friday October 01, 2021 @02:26PM (#28721878)
Technically, there was no rewriting of history. Just a single (but very large) transaction was added to the consensus rules that (IIRC) replaced the TheDAO smart contract code.

Given that this incident resulted in the Ethereum/Ethereum Classic split, the "centralized cabal" was not very effective. The community voted with their feet and many went to Ethereum Classic.

Re:DeFi bug accidentally gives $90M to users by wyager on Friday October 01, 2021 @10:52AM (#28719184)
> it would have endangered the decentralization

So they decided to kill it outright?

Re:DeFi bug accidentally gives $90M to users by bhaak on Friday October 01, 2021 @02:28PM (#28721900)
You have to specify what kind of decentralization you're getting at.

The distribution of ETH was less decentralized before the hard fork than afterwards. 15% of the whole supply in one hand is quite a concentration in the distribution.

Re:DeFi bug accidentally gives $90M to users by yokem55 on Friday October 01, 2021 @10:10AM (#28718634)
Because 'code is law' is a terrible expression to begin with. Law can be expressed with code, but law is ultimately a construct of human consensus. In the case of the DAO hack, the human consensus forked away from the bugs in the code.
Re:DeFi bug accidentally gives $90M to users by wyager on Friday October 01, 2021 @10:51AM (#28719170)
There are many laws that have nothing to do with human consensus. Physical laws, for example.
Re:DeFi bug accidentally gives $90M to users by canjobear on Friday October 01, 2021 @11:08AM (#28719458)
Physical laws and legal laws don't have anything in common except the name.
Re:DeFi bug accidentally gives $90M to users by wyager on Friday October 01, 2021 @02:11PM (#28721742)
They have a lot in common. They are admissibility conditions under a rule system. Same thing with laws encoded in a computer system.

Your argument is circular; “code isn’t law because I’ve redefined the word ‘law’ to explicitly preclude it”.

Re:DeFi bug accidentally gives $90M to users by suikadayo on Friday October 01, 2021 @11:26AM (#28719704)
Ethereum the project never talked about it as “code is law” anyway. It was the company that created The DAO that memed it into existence.