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It's almost like there's a reason banks try not to "move fast and break things"...
by bcrl 5y ago
It's almost like there's a reason banks try not to "move fast and break things"...
- snowwrestler 5y agoBanks break things too, but they typically operate within legal structures (laws, regulations, and contracts) that supersede broken code.
- bcrl 5y agoYes, but banks tend to have policies and procedures in place where large transactions require multiple parties to review and approve. When those procedures get broken, it's usually a result of fraud and appropriate legal actions can be taken. While DeFi can implement these kind of policies and procedures, the rate at which seemingly undertested (untested?) code is being deployed and given unfettered access to a large values of tokens definitely falls under the "move fast and break things" category. Clearly the people involved don't grasp the level of risks they're taking or there would be a heck of a lot more emphasis on QA over deployment-to-the-blockchain.
- nathias 5y agobanks break things all the time, thats why crypto exists
- ashtonkem 5y agoThat’s a pretty glib and incorrect way of explaining crypto’s creation. Really, it was created because of the misguided belief that the fed breaks things, not “banks”. Basically, it was goldbug ideology on steroids. If we’re comparing who “breaks” things more, crypto or banks, crypto will lose every single time. So far I’ve never had my bank account wiped out and the website replaced with a single page that says “penis”.
- hef19898 5y agoWell, not the same way SV does. They did almost break the global economy in 2008, so...
- SkipperCat 5y agoAnd the government stepped in to save them. Not a fan of that but it's just what happened. Government will not step in to save crypto, at least not yet. There's also the possibility that governments will actively ignore cryptos problems just to de-enforce crypto's utility.
- rchaud 5y agoThe repeal of the Glass-Steagall Act in '99 opened the gates for reckless risk-taking. Banks behave nicely only when they're legally obliged to.
- dragonwriter 5y ago> Banks behave nicely only when they're legally obliged to. Not even then, as repeated illegal actions by banks (Wells-Fargo in particular has been getting caught a lot recently, but is hardly the only offender) demonstrate.