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> Since software will always have bugs, how do developers of smart contracts intend to fix this kind of problem? They don't. I doubt most are even thinking abo

> Since software will always have bugs, how do developers of smart contracts intend to fix this kind of problem? They don't. I doubt most are even thinking about it, and of those that are, most probably think it can't happen to them. Crypto tries to make financial programming more like web development, and less like writing code for a bank, but there's a reason writing code for a bank is such a pain in the ass: it has to work more or less perfectly, every time, at least on the backend. If you trust your financial framework to someone who took a UDemy course last weekend, you get what you deserve.

charcircuit 4y ago
>They don't This is wrong. It's pretty standard for contracts to be able to be upgraded. Usually you want to put a delay before updates are applied. This time delay allows users to see what is happening with the upgrade and gives them a chance to cash out if it's bad. There might also be a way to do an emergency upgrade, but typically this account is much more locked down compared to just being able to make a normal update.
kelnos 4y ago
And when there inevitably is a problem with the code at a bank, you call a real person who investigates and then fixes the problem and makes you whole. This process is far far far from perfect, but at least it exists. When a smart contact developer makes a mistake, your money is just gone, forever, with no recourse.