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Yes, it is naive. All code has bugs. Some time ago some people though it would be good idea to encode contractual agreements with code. I guess it should be no
by beefield 8y ago
Yes, it is naive. All code has bugs. Some time ago some people though it would be good idea to encode contractual agreements with code. I guess it should be no sutprise that someone found a bug in the contract and got him/herself most of the money that was tied into the contract framework. If I recall correctly, we are talking about tens if not hundreds of millions of dollars of involuntary bug bounty in this particular case (google DAO hack of you have not heard)
Further, in my opinion there does not seem to be any solid logic what me and other humans think that is right or wrong, which makes it quite difficult to spell out preferred laws into code. (If someone disagrees, I am happy to hear one counterexample of moral axiom that holds always, without any exceptions whatsoever, realistic or unrealistic. Even for one single person)
- 0xBA5ED 8y agoLoopholes are essentially bugs, and they're common. Is there a reason to believe another way of encoding laws would necessarily be more bug-prone than it currently is?
- dsfyu404ed 8y agoToday's compromise is tomorrow's loophole.
- pnw_hazor 8y agoOne person's loophole is another persons civil right.
- zentiggr 8y agoLoopholes are another level of 'business logic', and would be the 20% of the code that takes 80% of the effort.
- pault 8y agoI'm not saying you're right or wrong, but the hard fork after the DAO hack returned all of the money that was stolen.
- beefield 8y agoYes. Which means that Ethereum guys quite quickly after DAO hack started to think that "code as law" is actually a really stupid idea. What is beyond my understanding is how anyone believes into the smart contracts using Ethereum after that, though.
- candiodari 8y agoThis happens with real contracts too. Even been in government contracting ? Same with large companies.