4 ms·

"Code is law" is a dream that is not actualized. It's not actually law, it's just code. I'm pretty sure law enforcement will gladly prosecute for a lot of these

by twox2 4y ago

"Code is law" is a dream that is not actualized. It's not actually law, it's just code. I'm pretty sure law enforcement will gladly prosecute for a lot of these "hacks".

gizmo686 4y ago
What specific law was broken? In the US, generic "hacks" generally fall under the computer fraud and abuse act, which is notoriously vague about what qualifues as "authorized". Perhaps some other lawvis applicable. But I cannot think of any that are obviously on point. Nor can I think of a clear precedent that clarifies the issue.
- buzzdenver 4y ago
  > What specific law was broken? Market manipulation, fraud.
  - Dylan16807 4y ago
    Market manipulation might work, but since it was all inside of a flash loan that's harder to argue. I'm skeptical that any fraud happened here.
knorker 4y ago
Indeed it cannot be actualized, as it connects to the real world. This is why things like "land registry on the blockchain" will never happen. When a court decides that a sale of a house was unlawful, then the blockchain is wrong and irrelevant. Code isn't law. Law is system that ultimately sends people to your house and puts you in a locked house that you're not allowed to leave, and lets other people live in "your" house now. Math can't enforce who lives in your house.
- antisthenes 4y ago
  Exactly. Law isn't law unless it's been enforced through courts, precedent and ultimately someone with authority to use force to force compliance.
  - twox2 4y ago
    In other words, "code is law" only if it complies within the existing framework of our laws. IMO, this still leaves a lot of room for creative applications of smart contracts.
    - knorker 4y ago
      Could be. But then any smart contract system needs to acknowledge this overarching law, and give it "super user access", if you will. And these systems could exist. But they are not the systems that are being designed. They are in fact antithetical to the stated goals of all of these cryptocurrencies and smart contract systems.
marcosdumay 4y ago
If you widely publicize that "code is law", and get customers due to that promise, things are not that black on white.
- ummonk 4y ago
  Can you point to a single instance where Indexed Finance advertised "code is law"?

by twox2 4y ago

"Code is law" is a dream that is not actualized. It's not actually law, it's just code. I'm pretty sure law enforcement will gladly prosecute for a lot of these "hacks".

gizmo686 4y ago

What specific law was broken? In the US, generic "hacks" generally fall under the computer fraud and abuse act, which is notoriously vague about what qualifues as "authorized". Perhaps some other lawvis applicable. But I cannot think of any that are obviously on point. Nor can I think of a clear precedent that clarifies the issue.

buzzdenver 4y ago
> What specific law was broken? Market manipulation, fraud.
- Dylan16807 4y ago
  Market manipulation might work, but since it was all inside of a flash loan that's harder to argue. I'm skeptical that any fraud happened here.

knorker 4y ago

Indeed it cannot be actualized, as it connects to the real world. This is why things like "land registry on the blockchain" will never happen. When a court decides that a sale of a house was unlawful, then the blockchain is wrong and irrelevant. Code isn't law. Law is system that ultimately sends people to your house and puts you in a locked house that you're not allowed to leave, and lets other people live in "your" house now. Math can't enforce who lives in your house.

antisthenes 4y ago
Exactly. Law isn't law unless it's been enforced through courts, precedent and ultimately someone with authority to use force to force compliance.
- twox2 4y ago
  In other words, "code is law" only if it complies within the existing framework of our laws. IMO, this still leaves a lot of room for creative applications of smart contracts.
  - knorker 4y ago
    Could be. But then any smart contract system needs to acknowledge this overarching law, and give it "super user access", if you will. And these systems could exist. But they are not the systems that are being designed. They are in fact antithetical to the stated goals of all of these cryptocurrencies and smart contract systems.

marcosdumay 4y ago

If you widely publicize that "code is law", and get customers due to that promise, things are not that black on white.

ummonk 4y ago
Can you point to a single instance where Indexed Finance advertised "code is law"?