The problem here is not the instantaneous and irreversible financial consequences of badly written code. That's a feature, it makes crypto work like cash, a coi

The problem here is not the instantaneous and irreversible financial consequences of badly written code. That's a feature, it makes crypto work like cash, a coin is a coin and won't magically evaporate from my wallet because PayPal or Youtube doesn't like my face. The problem is the lack of minimal KYC information and any link to real world identity. It what enables hackers to get close to 100% of the stolen sums with close to 0 risk. Most major crypto networks are essentially giant money laundry machines: cash goes in, anonymous transactions are made over the internet, cash goes out. Of course that when you combine the two, irreversibility and anonymity, you get the giant cluster-crap of scams, embezzlement, Ponzi schemes, narcotics trafficking and cyber-blackmail that the crypto space has become. If you want to fix crypto, the problem is not a tweak to the algorithm, it's the social rules that allow it to interface with the real world. We need to establish a minimal standard of how, when, and by whom can the real identity of a user be unblinded (think Chaum e-cash) and revealed for law enforcement - without compromising the privacy of all, like in the current banking system.