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A comment on Top stablecoins shed $7B in May as traders redeem tokens en masse. Parent comment

Re:Top stablecoins shed $7B in May as traders redeem tokens ... by chx on Monday May 23, 2022 @12:28PM (#31481148)
I quoted the point. The hubris of Ethereum where software bugs result in the loss of money is just astounding. While obviously banking software can have bugs as well, the regulations make the consequences much, much less severe. With Ethereum, one bug, money is gone and you are done for. And as we learned, often the money is gone to North Korea. That's what hubris and cryptobros brought upon us: they made a funnel of savings of poor people caught in the hype tsunami to North Korea of all places.

https://web3isgoinggreat.com/

https://www.cnn.com/2022/04/14/politics/fbi-north-korea-hack...

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Re:Top stablecoins shed $7B in May as traders redeem tokens ... by Jommi on Tuesday May 24, 2022 @02:20PM (#31495681)
Not sure where the idea that "hubris" is what causes these bugs that result in loss of funds. Sounds like a very subjective take.

Yes, it's costly to build an anti-fragile system. This is not a surprise to anyone.

Our current monetary system is not anti-fragile. We saw it in 2008. Because of these regulation safeguards you mention, moral hazard appeared and true safety has never been achieved.

Now to be clear, I am not saying this is the only way to build a monetary system. It's just one way.

>often the money is gone to North Korea. another flavored, subjective take. You link to one such case.

You are using multiple logical fallacies in your comment, I would re-evaluate what you actually want to discuss/learn and then respond accordingly. Currently it just seems like you are angry at something.

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