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A loss of 0.1% of all the money NOT stored in crypto would be huge news.

cinntaile 5y ago
This reminds me of the "If my grandma had wheels, she would be a bike." meme. Yes but that is irrelevant. It is unfortunate this happened of course, proper security audits of your smart contracts is very important in cases like these.
- cinntaile 5y ago
  I should know better than to comment in crypto threads, the "discussions" are rarely interesting. Here's the meme, you'll understand why it's so fitting. There's probably a more proper name for this type of fallacy but I don't know it. https://youtu.be/A-RfHC91Ewc https://youtu.be/A-RfHC91Ewc
  - travisjungroth 5y ago
    It’s not fitting. The comment you replied to is a pretty clear rebuttal.
    - cinntaile 5y ago
      0.1% of all non crypto money stolen is not comparable to 0.1% stolen of defi locked up money. They're just too different. I think both are "huge" news, but the "rebuttal" does not add any weight to the argument because they're not comparable.
      - travisjungroth 5y ago
        > they're not comparable. Yes, they are. Things don’t have to be the same to be comparable. People compare them all the time and very reasonably so. “Should I put my money into traditional finance or defi? What are the pros/cons?” An axis that should be compared when choosing a finance system is “how likely is my money to disappear?”. A single event where an amount of money that’s this fraction of the overall system and this much value is a newsworthy, meaningful, relevant, comparable event.
        cinntaile 5y ago
        > “Should I put my money into traditional finance or defi? What are the pros/cons?” I have no issues with this question, because you want to compare the two and find out what properties suit your goals. > An axis that should be compared when choosing a finance system is “how likely is my money to disappear?”. This is not what was being discussed, but it is certainly an important question to ask if that is the choice one is making. > A single event where an amount of money that’s this fraction of the overall system and this much value is a newsworthy, meaningful, relevant, comparable event. We already agree that the two events are newsworthy. The thing we disagree on is the following: If 0.1% of traditional money is stolen is newsworthy, then this adds further evidence that 0.1% of DeFi money being stolen is newsworthy. I don't agree with that.

This reminds me of the "If my grandma had wheels, she would be a bike." meme. Yes but that is irrelevant. It is unfortunate this happened of course, proper security audits of your smart contracts is very important in cases like these.

cinntaile 5y ago
I should know better than to comment in crypto threads, the "discussions" are rarely interesting. Here's the meme, you'll understand why it's so fitting. There's probably a more proper name for this type of fallacy but I don't know it. https://youtu.be/A-RfHC91Ewc https://youtu.be/A-RfHC91Ewc
- travisjungroth 5y ago
  It’s not fitting. The comment you replied to is a pretty clear rebuttal.
  - cinntaile 5y ago
    0.1% of all non crypto money stolen is not comparable to 0.1% stolen of defi locked up money. They're just too different. I think both are "huge" news, but the "rebuttal" does not add any weight to the argument because they're not comparable.
    - travisjungroth 5y ago
      > they're not comparable. Yes, they are. Things don’t have to be the same to be comparable. People compare them all the time and very reasonably so. “Should I put my money into traditional finance or defi? What are the pros/cons?” An axis that should be compared when choosing a finance system is “how likely is my money to disappear?”. A single event where an amount of money that’s this fraction of the overall system and this much value is a newsworthy, meaningful, relevant, comparable event.
      - cinntaile 5y ago
        > “Should I put my money into traditional finance or defi? What are the pros/cons?” I have no issues with this question, because you want to compare the two and find out what properties suit your goals. > An axis that should be compared when choosing a finance system is “how likely is my money to disappear?”. This is not what was being discussed, but it is certainly an important question to ask if that is the choice one is making. > A single event where an amount of money that’s this fraction of the overall system and this much value is a newsworthy, meaningful, relevant, comparable event. We already agree that the two events are newsworthy. The thing we disagree on is the following: If 0.1% of traditional money is stolen is newsworthy, then this adds further evidence that 0.1% of DeFi money being stolen is newsworthy. I don't agree with that.