3 ms·

> if code isn't really law then we're just back to systems of social consensus This is one reason why I'm still cold on blockchain tech in general. When push c

> if code isn't really law then we're just back to systems of social consensus This is one reason why I'm still cold on blockchain tech in general. When push came to shove and Ethereum was hacked, the solution was an informal social consensus to fork the chain. Which proved that as far as the flow of value is concerned, the buck stops not at the tech but at the social consensus. So all this mental effort going into fancy byzantine algorithms is effectively just smoke and mirrors and the rest is a Merkle tree.

kristianc 4y ago
> This is one reason why I'm still cold on blockchain tech in general. When push came to shove and Ethereum was hacked, the solution was an informal social consensus to fork the chain. Worse than this. Code is law, but some insiders are above the law.
asenna 4y ago
You realized Bitcoin was rolled back early in its history as well right (someone figured out a way to mint billions of BTC)? It doesn't make sense to take an example of what happened in the infancy of a technological innovation like Ethereum and think that that's what still defines it. A rollback like the one the one that happened in 2016 is almost impossible right now as the tech and the community/ecosystem has matured and grown.