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As far as I can tell, no one has argued that transaction validation for this specific smart contract should be built into wallets. You're arguing with a straw m

by giaour 5y ago

As far as I can tell, no one has argued that transaction validation for this specific smart contract should be built into wallets. You're arguing with a straw man. The point I see made instead is that the smart contract should not be coded to behave as it does. If a financial product at a retail bank set a pile of cash on fire when you used it incorrectly, regulators would swoop in and make the industry add some safety features, even if that safety came at the cost of convenience.

capableweb 5y ago
It's very hard to draw parallels from cryptocurrencies to other things as it's not like other things we have today. Some sort of analogy could be margin calls/puts. Imagine someone who doesn't know how margin trading works used it, and lost half a million dollars. Who's at fault here? The bank for allowing it, the financial system for having the feature or the user for not educating themselves enough to understand how it works?
- giaour 5y ago
  > Some sort of analogy could be margin calls/puts. That is not a comparable situation. The ETH/WETH trader misused a negotiable instrument, and 500K disappeared forever. Someone who loses 500K gambling on margin was gambling and lost. If they somehow mistakenly placed an order on margin, there's probably a process to reverse the transaction and get your funds returned within a specific time window (that's just a guess on my part, though, and it probably depends on the brokerage used). > It's very hard to draw parallels from cryptocurrencies to other things as it's not like other things we have today. I don't think this is true; cryptocurrency in this situation is very similar to cash. You can get mugged while holding 500K in a briefcase, and the funds are unrecoverable absent legal restitution. But that's why banks make you sign a waiver of liability when you withdraw large sums in cash.

by giaour 5y ago

capableweb 5y ago

It's very hard to draw parallels from cryptocurrencies to other things as it's not like other things we have today. Some sort of analogy could be margin calls/puts. Imagine someone who doesn't know how margin trading works used it, and lost half a million dollars. Who's at fault here? The bank for allowing it, the financial system for having the feature or the user for not educating themselves enough to understand how it works?

giaour 5y ago
> Some sort of analogy could be margin calls/puts. That is not a comparable situation. The ETH/WETH trader misused a negotiable instrument, and 500K disappeared forever. Someone who loses 500K gambling on margin was gambling and lost. If they somehow mistakenly placed an order on margin, there's probably a process to reverse the transaction and get your funds returned within a specific time window (that's just a guess on my part, though, and it probably depends on the brokerage used). > It's very hard to draw parallels from cryptocurrencies to other things as it's not like other things we have today. I don't think this is true; cryptocurrency in this situation is very similar to cash. You can get mugged while holding 500K in a briefcase, and the funds are unrecoverable absent legal restitution. But that's why banks make you sign a waiver of liability when you withdraw large sums in cash.