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A loophole in a contract is a bug in a smart contract. The difference is if you try to egregiously exploit a loophole there's a system of checks and balances..
by swalsh 10y ago
A loophole in a contract is a bug in a smart contract. The difference is if you try to egregiously exploit a loophole there's a system of checks and balances... it's imperfect, but at least it tries to be fair.
Smart contracts are one-sided. The exploiter always wins if the contract writer made a stupid mistake.
WHY would you want that system?
- jjnoakes 10y agoThat's kind of the point. If you don't want a smart contract, use the existing systems. Why would you need Ethereum if the contracts you want to enforce shouldn't be "smart"?