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Immutable code is a poor replacement for trust in a company. It shifts the trust from the company as it is now to the same company (and their capabilities) some
by arlcode 4y ago
Immutable code is a poor replacement for trust in a company.
It shifts the trust from the company as it is now to the same company (and their capabilities) sometimes in the past. Preferably the company is operated completely anonymously.
It seems like the crypto community would do anything to avoid the legal/regulatory system and it's established processes of operation requirements, insurance and liabilities.
Doing that they regularly fail at performing the most basics of basic financial duties like not getting hacked and not throwing the keys to the kingdom.
I've yet to hear of a bank loosing funds and getting away with telling "tough luck" to their customers, but we've witnessed many crypto "banks" doing just that.
- pjc50 4y agoThe closest I can think of is the TSB migration failure: https://www.theguardian.com/business/2019/nov/19/tsb-it-meltdown-report-computer-failure-accounts https://www.theguardian.com/business/2019/nov/19/tsb-it-melt... That also involved failing to have a viable rollback plan. It affected so many people so badly that questions were asked in Parliament; TSB were down for a week. Now with cryptocurrency we've disintermediated the bank to produce a much better solution: your contract can be down forever and there's no Parliament to ask questions in.