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A comment on Cryptocurrency scams cost owners $7.7B in 2021, driven by DeFi-based “rug pulls”. Parent comment

Re:Cryptocurrency scams cost owners $7.7B in 2021, driven by... by TimJRobinson on Thursday December 16, 2021 @01:16PM (#29581650)
It's the same as open source software, most people don't personally look at the source code of the Linux Kernel, but they trust it more than Windows because they know many thousands of others have looked at it and haven't found issues.

Open systems lead to less trust required, because anyone can verify and report issues. Open finance leads to less trust required because anyone can verify and report issues with the smart contracts.

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Re:Cryptocurrency scams cost owners $7.7B in 2021, driven by... by tata71 on Thursday December 16, 2021 @04:02PM (#29583872)
> haven't found issues

No, they have.

https://www.cvedetails.com/vulnerability-list.php?vendor_id=...

That's just less important than running free software to some people. For better or worse.

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Re:Cryptocurrency scams cost owners $7.7B in 2021, driven by... by pjc50 on Thursday December 16, 2021 @02:36PM (#29582762)
> anyone can verify and report issues with the smart contracts.

.. anyone who finds an issue in a smart contract can just steal it. Potentially all of it. Pseudonymously.

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Re:Cryptocurrency scams cost owners $7.7B in 2021, driven by... by astrange on Thursday December 16, 2021 @06:33PM (#29585525)
Don't the smart contract systems not allow patching, so there's no point in reporting issues?
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Re:Cryptocurrency scams cost owners $7.7B in 2021, driven by... by TimJRobinson on Monday December 27, 2021 @09:21AM (#29702681)
Many are upgradeable, though it's the common libraries that people use that matter. The Ethereum ones have been battle hardened over years of exploits so you can use them just like you can build on common Unix primitives to avoid mistakes in new projects.
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