This is like saying Heartbleed is proof the Web will never work. You can't even guarantee secure connections! What will happen when the spy agencies start using these?! Decentralization isn't proof a system has no bugs, it's proof the system works without an authoritative governance, which I will remind you is the topic at hand in this particular comment section. Is crypto a scam? Maybe, maybe not. If you think so, just don't use it!
Re:Web3 is centralized and inefficient
by hannasanarion on Wednesday March 23, 2022 @12:22AM
(#30774918)
Heartbleed didn't cause tens of thousands of financial transactions totalling billions of dollars to be retroactively reverted with a technically guaranteed lack of recourse to the people whose accounts were drained as a result.
And neither did the DAO fork, which did not roll back the chain.
Re:Web3 is centralized and inefficient
by nopeYouAreWrong on Wednesday March 23, 2022 @02:05PM
(#30781409)
No. This is more like saying Heartbleed is proof the web will never be secure. Which it won't.
That was a bug in Optimism not Ethereum. No funds on Ethereum were at risk.
Optimism is a separate project which runs a separate layer 2 network that helps run blockchain transactions faster. It uses Ethereum as its data store but is separate in most other ways.
Didn't Ethereum recently disclose a major settlement vulnerability discovered by a researcher that could've forced a hard fork had this person chosen to exploit it? He got a multi-million dollar bounty for it I believe.
This kind of certain optimism that nothing will go wrong with a piece of software reminds me of all the people back in 2007 that said the housing market could never collapse because it never had before. Folks buy into the idea so much that they forget at the end of the day, it's computers running code and shit happens all the time.
EDIT: I believe this was the story I was referring to, he received $2M[0]. There have been multiple major vulnerabilities discovered in the last couple of years.
[0] https://www.benzinga.com/markets/cryptocurrency/22/02/255731...