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I'm not sure this follows. It's a fair point that any easy-to-find bugs in large, time-tested contracts will have been found. Any medium- or hard-to-find bugs

I'm not sure this follows. It's a fair point that any easy-to-find bugs in large, time-tested contracts will have been found. Any medium- or hard-to-find bugs also will probably have been found. But there might still be a very-hard-to-find bug lurking; and given the value of finding such a bug, people might look hard enough to find it. In other words, the same scale that ensures there is no low-hanging fruit, also provides the incentive to pick high-hanging fruit. > I have a lot more trust in that kind of product than in a product where contracts are subject to interpretations by humans which may or may not be reliable. This is a valid concern, but it's also extremely well-understood at this point; we have centuries of global-scale experience with traditional financial and legal systems. They're certainly not flawless, but it's rare for gigantic new flaws to emerge. An important point is the existence of mechanisms for rolling back bad transactions and challenging / appealing flawed decisions.

jwblackwell 5y ago
> it's rare for gigantic new flaws to emerge There are countless instances of rouge traders, high level financial crime and corruption. Wirecard is one recent example costing billions. The Libor scandal another that comes to mind.
- NicoJuicy 5y ago
  Who were the victims with wirecard? They faked the numbers, but they didn't manage people's money.
  - rawtxapp 5y ago
    I can't tell if you're sarcastic or not. In case you're serious, you don't see how a company with a market cap of 28B$ going belly up causes damage to investors, the markets, their partners, clients and employees?
    - NicoJuicy 5y ago
      The stock going belly up is the consequence of the fraud, but not the actual fraud. Just like the other people you've mentioned. Eg. Their clients switched payment processor. When a btc exchange frauds or a coin hacked or a smart contract is bugged, they get away with all your money. Which is the actual fraud. In some cases they post a postmortem on medium and call it a day. I don't think wirecard's fraud is comparable with all the crap in crypto town.

jwblackwell 5y ago

> it's rare for gigantic new flaws to emerge There are countless instances of rouge traders, high level financial crime and corruption. Wirecard is one recent example costing billions. The Libor scandal another that comes to mind.

NicoJuicy 5y ago
Who were the victims with wirecard? They faked the numbers, but they didn't manage people's money.
- rawtxapp 5y ago
  I can't tell if you're sarcastic or not. In case you're serious, you don't see how a company with a market cap of 28B$ going belly up causes damage to investors, the markets, their partners, clients and employees?
  - NicoJuicy 5y ago
    The stock going belly up is the consequence of the fraud, but not the actual fraud. Just like the other people you've mentioned. Eg. Their clients switched payment processor. When a btc exchange frauds or a coin hacked or a smart contract is bugged, they get away with all your money. Which is the actual fraud. In some cases they post a postmortem on medium and call it a day. I don't think wirecard's fraud is comparable with all the crap in crypto town.