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Smart contracts are really really really cool! I was able to write a contract to take out a loan, distribute funds to various pools and pull the funds out. Hav
by unemphysbro 5y ago
Smart contracts are really really really cool!
I was able to write a contract to take out a loan, distribute funds to various pools and pull the funds out. Having that sort of atomic control over financial transactions or data is simply amazing. Anyone with the knowledge can do it. Just understand the vulnerabilities and caveats with the languages/apis that interact with the various blockchains.
- skulk 5y agoAfter you pass a certain threshold, it makes zero sense to trust your assets to code that _you, personally_ haven't 100% authoritatively verified to be bug-free. Traditional financial institutions don't work like this; if there's an obvious "bug" in bank logic that lets someone take all of your assets, it gets rolled back. Doing away with this protection is fine, but the big bucks will stay away.
- unemphysbro 5y agoOf course not, the dao hack is a case in point. I am happy the ecosystem is spurring growth in formal verification. It's still the wild west and I encourage anyone interested to swing a lasso.