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One benefit is that you can more credibly offer to keep your promises. I haven’t audited Uniswap’s smart contract code, but if I did I feel I could be pretty co

One benefit is that you can more credibly offer to keep your promises. I haven’t audited Uniswap’s smart contract code, but if I did I feel I could be pretty confident they won’t steal my money. Meanwhile, users of FTX depended on government regulation and pinky-swears to keep their money safe, but since SBF owned the platform he could do whatever he wanted. disclosure: I work for a crypto company

markdestouches 4y ago
> One benefit is that you can more credibly offer to keep your promises. We are yet to see a working example of that. > Meanwhile, users of FTX depended on government regulation and pinky-swears to keep their money safe, but since SBF owned the platform he could do whatever he wanted. These two sentences contradict each other. And no, there was no government regulation that insured FTX deposits. There was so little regulation, they didn't even keep their transaction history.
- ChadNauseam 4y ago
  > We are yet to see a working example of that. I referenced Uniswap, which seems like it works to me > These two sentences contradict each other. And no, there was no government regulation that insured FTX deposits. There was so little regulation, they didn't even keep their transaction history. There's no public insurance for it, but if there were no regulations against doing what FTX did I'm not sure why their executives are fleeing the country
  - habinero 4y ago
    Because "there are no regulations" is not permission to defraud others.
    - ChadNauseam 4y ago
      The fact that fraud is a crime is a form of regulation, although it's clearly not sufficient on its own (just like how smart contract code being auditable isn't sufficient on its own)
      - habinero 4y ago
        Sure, but it's not specific. I'm thinking more along the lines of requiring public SEC filings or prospectuses.
      - markdestouches 4y ago
        Then you are arguing for allowing fraud and crime.
        oblio 4y ago
        Yeah, but if they're not personally affected, it's fine. People who are affected are just dumb or they had it coming, anyway.
dmitriid 4y ago
> I haven’t audited Uniswap’s smart contract code, but if I did I feel I could be pretty confident they won’t steal my money. Funny how there now have been multiple contracts which successfully passed multiple audits, have survived bug bounties, and still had errors in them. But sure, do tell me how you can audit and instantly spot all the issues in a smart contract. > users of FTX depended on government regulation and pinky-swears to keep their money safe, but since SBF owned the platform he could do whatever he wanted. FTX was deliberately set up ouside of government regulation, and with no oversight.

markdestouches 4y ago

> One benefit is that you can more credibly offer to keep your promises. We are yet to see a working example of that. > Meanwhile, users of FTX depended on government regulation and pinky-swears to keep their money safe, but since SBF owned the platform he could do whatever he wanted. These two sentences contradict each other. And no, there was no government regulation that insured FTX deposits. There was so little regulation, they didn't even keep their transaction history.

ChadNauseam 4y ago
> We are yet to see a working example of that. I referenced Uniswap, which seems like it works to me > These two sentences contradict each other. And no, there was no government regulation that insured FTX deposits. There was so little regulation, they didn't even keep their transaction history. There's no public insurance for it, but if there were no regulations against doing what FTX did I'm not sure why their executives are fleeing the country
- habinero 4y ago
  Because "there are no regulations" is not permission to defraud others.
  - ChadNauseam 4y ago
    The fact that fraud is a crime is a form of regulation, although it's clearly not sufficient on its own (just like how smart contract code being auditable isn't sufficient on its own)
    - habinero 4y ago
      Sure, but it's not specific. I'm thinking more along the lines of requiring public SEC filings or prospectuses.
    - markdestouches 4y ago
      Then you are arguing for allowing fraud and crime.
      - oblio 4y ago
        Yeah, but if they're not personally affected, it's fine. People who are affected are just dumb or they had it coming, anyway.

dmitriid 4y ago

> I haven’t audited Uniswap’s smart contract code, but if I did I feel I could be pretty confident they won’t steal my money. Funny how there now have been multiple contracts which successfully passed multiple audits, have survived bug bounties, and still had errors in them. But sure, do tell me how you can audit and instantly spot all the issues in a smart contract. > users of FTX depended on government regulation and pinky-swears to keep their money safe, but since SBF owned the platform he could do whatever he wanted. FTX was deliberately set up ouside of government regulation, and with no oversight.