Re:Nomad drained of $150m due to a coding mistake
by latchkey on Tuesday August 02, 2022 @03:49PM
(#32323423)
Cool, facts. Let's keep going.
Right now, the contract is one way and there is no way to withdraw. The code hasn't been developed yet. The ETH or "ETH" or whatever, are secure because there literally cannot be insecurity without some code to break.
Heck, even "The Merge" doesn't enable withdraw... it is scheduled for some time after (still to be decided and coded... more potential security issues) and is of course a slow trickle too (first people who can withdraw win the short market). That 10% is about as secure as you can possibly be in that it is effectively burned at this point and will require yet another hard fork to unburn it.
Let's go back to the premise of my original comment:
PoS is a lot more complicated than PoW and offers a much wider attack surface.
Any large mistake in the code that causes financial loss is going to go down a huge rabbit hole of how to manage consensus around fork choices and will likely have at least a short term devastating effect on the market.
I want to see PoS succeed, but as a 20+ year developer, I'm very skeptical it will go off without a hitch.
Right now, the contract is one way and there is no way to withdraw. The code hasn't been developed yet. The ETH or "ETH" or whatever, are secure because there literally cannot be insecurity without some code to break.
Heck, even "The Merge" doesn't enable withdraw... it is scheduled for some time after (still to be decided and coded... more potential security issues) and is of course a slow trickle too (first people who can withdraw win the short market). That 10% is about as secure as you can possibly be in that it is effectively burned at this point and will require yet another hard fork to unburn it.
Let's go back to the premise of my original comment:
PoS is a lot more complicated than PoW and offers a much wider attack surface.
Any large mistake in the code that causes financial loss is going to go down a huge rabbit hole of how to manage consensus around fork choices and will likely have at least a short term devastating effect on the market.
I want to see PoS succeed, but as a 20+ year developer, I'm very skeptical it will go off without a hitch.