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Banks get hacked all the time

TAForObvReasons 9y ago
Banks have government backstops and other provisions in place to ensure that a hack doesn't result in customer loss of funds. No equivalent here
- fleitz 9y ago
  Suddenly lots of people with guns to go get your money back is a very useful feature compared to some cryptographic guarantees that people with guns can't get your money back.
  - EGreg 9y ago
    Oh please, consider the freedom of people to lock up their money and not get it back! These men{!} with guns first send a letter to an ETH autonomous corporation, then when it doesn't respond, they threaten it with guns. That's the State. {!} Thanks to today's progressive reforms the State now also employs women with guns. We should just say people with guns to not be sexist.
    - derefr 9y ago
      A given "ETH autonomous corporation" might not have any controlling entities that are accessible to the wronged State. Foreign shell companies are already hard enough for most governments to deal with—and that's with trade agreements that enable them to compel disclosure of ownership. DACs are foreign shell companies without a governing state to point guns at. Sure, if the DAC does business in the US, the US government can shut that business down—much like the US government can shut down a domain name associated with foreign illegal activity. But that doesn't stop the business from operating anywhere else. Nobody has the ability to shut down the whole business.
- jcoffland 9y ago
  There is an equivalent with Ethereum. When millions were stollen from the DAO they hard forked the currency to take it back. That's why there is Ethereum and Ethereum Classic. Some people didn't approve of forking to correct a bug in a high profile crypto contract. I've been wary of Ethereum ever since. There are bound to be many more incidents such as this in various cryptocurrencies. There are now thousands of them. But it would be ignorant to dismiss the technology for a lack of understanding it.
  - SilasX 9y ago
    That accomplishes the same thing, but that doesn't make it equivalent in the important senses. That requires everyone to change their core interface with the currency. It's not a trivial thing! The analog in national currencies would be if everyone had to immediately stop using the old notes and replace them with new ones that a new anti-counterfeit feature. Or migration to the Euro. When banks are hacked or whatever, they have some kind of insurance that just replaces the money. They don't have to get the rest of the system to update anything.
Someone1234 9y ago
Is Ethereum FDIC covered?

Banks have government backstops and other provisions in place to ensure that a hack doesn't result in customer loss of funds. No equivalent here

fleitz 9y ago
Suddenly lots of people with guns to go get your money back is a very useful feature compared to some cryptographic guarantees that people with guns can't get your money back.
- EGreg 9y ago
  Oh please, consider the freedom of people to lock up their money and not get it back! These men{!} with guns first send a letter to an ETH autonomous corporation, then when it doesn't respond, they threaten it with guns. That's the State. {!} Thanks to today's progressive reforms the State now also employs women with guns. We should just say people with guns to not be sexist.
  - derefr 9y ago
    A given "ETH autonomous corporation" might not have any controlling entities that are accessible to the wronged State. Foreign shell companies are already hard enough for most governments to deal with—and that's with trade agreements that enable them to compel disclosure of ownership. DACs are foreign shell companies without a governing state to point guns at. Sure, if the DAC does business in the US, the US government can shut that business down—much like the US government can shut down a domain name associated with foreign illegal activity. But that doesn't stop the business from operating anywhere else. Nobody has the ability to shut down the whole business.
jcoffland 9y ago
There is an equivalent with Ethereum. When millions were stollen from the DAO they hard forked the currency to take it back. That's why there is Ethereum and Ethereum Classic. Some people didn't approve of forking to correct a bug in a high profile crypto contract. I've been wary of Ethereum ever since. There are bound to be many more incidents such as this in various cryptocurrencies. There are now thousands of them. But it would be ignorant to dismiss the technology for a lack of understanding it.
- SilasX 9y ago
  That accomplishes the same thing, but that doesn't make it equivalent in the important senses. That requires everyone to change their core interface with the currency. It's not a trivial thing! The analog in national currencies would be if everyone had to immediately stop using the old notes and replace them with new ones that a new anti-counterfeit feature. Or migration to the Euro. When banks are hacked or whatever, they have some kind of insurance that just replaces the money. They don't have to get the rest of the system to update anything.

Someone1234 9y ago

Is Ethereum FDIC covered?