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> This is one of the biggest flaws in crypto. Small errors can erode hundreds of millions of value. That's reality. Same thing would have happened if they had

by jdasdf 4y ago

> This is one of the biggest flaws in crypto. Small errors can erode hundreds of millions of value. That's reality. Same thing would have happened if they had put all that cash on a boat, and accidentally sunk it.

michaelt 4y ago
Sure - but a lot of systems have a safety net of test environments and change control, and a safety net as they can revert changes, and a safety net as they can restore backups, and a safety net as they can ask counterparties nicely to help undo things, and a safety net through the legal system, and a safety net of insurance. The normal banking industry is operating chainsaws very cautiously, with a lot of safety equipment and training. The cryptocurrency industry may be operating the same chainsaws, but they're trying to juggle them naked, on a floor slick with the blood of their peers.
- jdasdf 4y ago
  There's no reasons those safety nets can't exist here. Test nets, and insurance can take on those resposnibilities with the same effect.
SkipperCat 4y ago
Cash, being paper, would probably float.... Sadly for oceanic finance transfers, it's mostly gold, and that stuff sinks fast.
pjerem 4y ago
Sure. But there is no reason to put all your cash on a boat, so nobody does it (or it's because the risks outweighs the benefits).
glofish 4y ago
> Same thing would have happened if they had put all that cash on a boat, and accidentally sunk it. Are you saying that it is impossible to get valuables out of a boat that sunk? "Treasure trove of gold and jewels recovered from a 366-year-old shipwreck in the Bahamas" https://www.livescience.com/bahamas-shipwreck-gold-jewels https://www.livescience.com/bahamas-shipwreck-gold-jewels
- jdasdf 4y ago
  I'm saying cash dissolves in water. If you'd prefer you can throw your gold bullion into a volcano, or perhaps mix it in with radioactive fuel.
jpambrun 4y ago
But we moved away from moving currency in sinkable boats hundreds of years ago. Error in plain old finance today can often be fixed. Do we need to regress back to antiquity?
pjc50 4y ago
This is a deeply stupid analogy, because as everyone is pointing out .. why would you do that? Why would you choose to build a system in which this is a risk, when it's not actually imposed by the laws of nature? But there were a few instances in WW2 where large amounts of value had to be transferred by boat, and in at least one case sunk by enemy action. HMS Edinburgh: https://www.warhistoryonline.com/instant-articles/hms-edinburgh.html https://www.warhistoryonline.com/instant-articles/hms-edinbu...

by jdasdf 4y ago

michaelt 4y ago

Sure - but a lot of systems have a safety net of test environments and change control, and a safety net as they can revert changes, and a safety net as they can restore backups, and a safety net as they can ask counterparties nicely to help undo things, and a safety net through the legal system, and a safety net of insurance. The normal banking industry is operating chainsaws very cautiously, with a lot of safety equipment and training. The cryptocurrency industry may be operating the same chainsaws, but they're trying to juggle them naked, on a floor slick with the blood of their peers.

jdasdf 4y ago
There's no reasons those safety nets can't exist here. Test nets, and insurance can take on those resposnibilities with the same effect.

SkipperCat 4y ago

Cash, being paper, would probably float.... Sadly for oceanic finance transfers, it's mostly gold, and that stuff sinks fast.

pjerem 4y ago

Sure. But there is no reason to put all your cash on a boat, so nobody does it (or it's because the risks outweighs the benefits).

glofish 4y ago

> Same thing would have happened if they had put all that cash on a boat, and accidentally sunk it. Are you saying that it is impossible to get valuables out of a boat that sunk? "Treasure trove of gold and jewels recovered from a 366-year-old shipwreck in the Bahamas" https://www.livescience.com/bahamas-shipwreck-gold-jewels https://www.livescience.com/bahamas-shipwreck-gold-jewels

jdasdf 4y ago
I'm saying cash dissolves in water. If you'd prefer you can throw your gold bullion into a volcano, or perhaps mix it in with radioactive fuel.

jpambrun 4y ago

But we moved away from moving currency in sinkable boats hundreds of years ago. Error in plain old finance today can often be fixed. Do we need to regress back to antiquity?

pjc50 4y ago

This is a deeply stupid analogy, because as everyone is pointing out .. why would you do that? Why would you choose to build a system in which this is a risk, when it's not actually imposed by the laws of nature? But there were a few instances in WW2 where large amounts of value had to be transferred by boat, and in at least one case sunk by enemy action. HMS Edinburgh: https://www.warhistoryonline.com/instant-articles/hms-edinburgh.html https://www.warhistoryonline.com/instant-articles/hms-edinbu...