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> This is going to turn out to be important the first time a DAO gets significantly scammed Badger DAO got scammed for 120 million USD last week and I doubt th
by tpxl 5y ago
> This is going to turn out to be important the first time a DAO gets significantly scammed
Badger DAO got scammed for 120 million USD last week and I doubt they were the first.
- ajross 5y agoTo be clear, that attack (also the The DAO event that caused the ethereum fork) was a hack. It was a bug in the contract that got exploited. And that's a risk too. But even if a DAO does everything right, technically, they're still subject to the problem of having to trust entities in the real world (e.g. "whoever on the Blender foundation gave them the address to pay") to behave the way they promise (e.g. "actually hand them an address under the control of the Blender Foundation"). It's trivially easy in this world to just cheat. And in the real world, with real people on both sides of the transaction, that's addressed in the courts. And it works, and fraud as a proportion of our economy is quite small. But that protection doesn't extend to anonymous smart contracts.
- tpxl 5y agoDon't get me wrong, I agree with you completely. There's nothing to be done in this case since the hackers are anonymous, but alas, noone seems to care.