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>To trust a cryptocurrency, you must trust the algorithm that runs it. It's fully auditable and predictable. What happens when Ethereum 2 inevitably hits a sec
by kingaillas 6y ago
>To trust a cryptocurrency, you must trust the algorithm that runs it. It's fully auditable and predictable.
What happens when Ethereum 2 inevitably hits a security bug, much like the ones Ethereum 1 hit that led to the DAO hack/theft (some might say... worked exactly as coded)?
- parksy 6y agoCompare it to traditional security. If you want to steal a few dollars you just need a sharp bit of metal and an easily frightened shopkeeper. Of course when you leave, the shopkeeper (assuming you didn't murder them) can use a phone to inform the authorities. Then a manhunt begins involving resources like police and their cars, radios, guns, protocols, legal justice system, forensic investigators etc. Is the sharp piece of metal a bug? Is the patch just more force, monitoring and authority? Edit: And is the cost and risk of trusting an algorithm comparable to the human cost and risk in maintaining current securities "authenticity", which is basically a might is right system?