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The majority of these tokens are just ERC20 contracts running on Ethereum, not some custom one-off chain and service; and the reputable exchanges actually do ru
by saurik 4y ago
The majority of these tokens are just ERC20 contracts running on Ethereum, not some custom one-off chain and service; and the reputable exchanges actually do run their own audits on the code they have to interface with (which I know from firsthand experience having a token listed on Coinbase). I also think it is entirely fair that if you buy a token and you can't withdraw that token due to a bug in that token, that's part of the risk of owning that token and that issue shouldn't infect any other behaviors or any other tokens at the exchange. (So, maybe "you just don't get it"? But if you aren't willing to hear such feedback then maybe you are yourself overly confident in your understanding?)
- highwaylights 4y agoEven in your example given above, if we assume (and it's a big if) that the exchanges are genuinely and thoroughly auditing every one of these tokens and their respective implementations - they're still at the mercy of any and all future bugs that might be introduced non-maliciously in the future. Sure, they can delist a token if they want to, but that's far from an instant switch and they most certainly would have an off-boarding process for their customer's balances that would not keep pace with a critical exploit in the wild.