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The flip side of that is, any smart contract that has stood the test of time (say compound, makerdao, etc) should be expected to be rock solid, because the ince
by rawtxapp 5y ago
The flip side of that is, any smart contract that has stood the test of time (say compound, makerdao, etc) should be expected to be rock solid, because the incentives to hack them are very strong.
- ARandumGuy 5y agoEh, I wouldn't be so sure. Just because no one has found it, doesn't mean it's not there. There have been major exploits discovered in widely used applications that had been sitting there for years (Heartbleed comes to mind). While you can certainly be more confident with older smart contracts, that confidence will never reach 100%.
- rawtxapp 5y agoI mean nothing is 100% secure, including our current financial system. There's non-zero chance that the whole system could collapse tomorrow (even worse than in 2008). Also, big difference wrt to something like heartbleed is that any exploits in these smart contracts will be known immediately when even the tiniest amounts are moved.