4 ms·
Banks break things too, but they typically operate within legal structures (laws, regulations, and contracts) that supersede broken code.
by snowwrestler 5y ago
Banks 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.