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Protocols have bugs, yep. Audited and battle tested protocols, less often though. For example, there are hacks every day where people exploit smart contract bug

Protocols have bugs, yep. Audited and battle tested protocols, less often though. For example, there are hacks every day where people exploit smart contract bugs, yet there are contracts securing billions of dollars that have not been hacked. Both can be true at once. Something like this wouldn't be widely used without lots of iterations to iron out issues like that. $5 wrench attack is easily thwarted by splitting ownership across multiple geographically separated people, easily doable by giving control of the domain name to a shared contract. This would require lawyers in the current system!

deleted 5y ago
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hypertele-Xii 5y ago
If you think it's so easy, maybe you should do it to demonstrate. If you mean that it'll become easy enough over time, that's an assumption I don't buy.
- thebean11 5y ago
  Similar software already exists.. https://ens.domains/ https://ens.domains/ as does other blockchain software handling tons of value.. It was probably thousands of talented dev hours, who said it was easy? Just curious are you at all familiar with smart contracts in general?
  - hypertele-Xii 5y ago
    ens.domains just sounds like selling plots on the Moon, or names of distant stars. It only matters to those who buy in. Current system domains are cheap and work fine for most people. If your local government is oppressive and won't let you own a domain, you can't really solve that political problem technologically. My understanding of smart contracts is that it's like a distributed virtual machine of consensus. A single program that runs on all the networked computers, all executing the same set of functions on the same set of data producing the same result. But it's slow and expensive, because it's "trustless", and it turns out that trust is very valuable and embedded in our traditional methods, and people get scammed left and right because they think trustless means they don't need to trust, but that's a lie.

deleted 5y ago

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hypertele-Xii 5y ago

If you think it's so easy, maybe you should do it to demonstrate. If you mean that it'll become easy enough over time, that's an assumption I don't buy.

thebean11 5y ago
Similar software already exists.. https://ens.domains/ https://ens.domains/ as does other blockchain software handling tons of value.. It was probably thousands of talented dev hours, who said it was easy? Just curious are you at all familiar with smart contracts in general?
- hypertele-Xii 5y ago
  ens.domains just sounds like selling plots on the Moon, or names of distant stars. It only matters to those who buy in. Current system domains are cheap and work fine for most people. If your local government is oppressive and won't let you own a domain, you can't really solve that political problem technologically. My understanding of smart contracts is that it's like a distributed virtual machine of consensus. A single program that runs on all the networked computers, all executing the same set of functions on the same set of data producing the same result. But it's slow and expensive, because it's "trustless", and it turns out that trust is very valuable and embedded in our traditional methods, and people get scammed left and right because they think trustless means they don't need to trust, but that's a lie.