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> crypto bros wanted decentralized finance where code is law Ethereum and associated "defi" people are emphatically not the same people as the "code is law" p
by wyager 2y ago
> crypto bros wanted decentralized finance where code is law
Ethereum and associated "defi" people are emphatically not the same people as the "code is law" people. One of the first things Ethereum did was throw out the whole notion of "the rules are the rules" during this event, when they rolled back the entire ethereum blockchain after a clever trade that wiped out a (now defunct) shitcoining operation: https://en.m.wikipedia.org/wiki/The_DAO https://en.m.wikipedia.org/wiki/The_DAO
Lumping everyone into "crypto bro" is doomed to incorrectly predict the social-political dynamics here
- TacticalCoder 2y ago> when they rolled back the entire ethereum blockchain The Ethereum did a dick move but there was no rollback of the chain. None. Zero. What happened is that the ETHs from the DAO hacks were locked for a few weeks (months?) in a smart contract, even after the hack. The (dark side) hacker couldn't get them immediately. So kid Vitalik quickly changed the code and pushed a new versions in which the rules of the game were modified, preventing the unlocking of the stolen ETHs. But at no point was a single transaction rolled back.