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by arcticbull
2039 days ago
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Programmable money sounds the worst. Because it’s final, irrevocable and written in software. Not a day goes by without a smart contract losing all the money in it. Most of the entire worlds Ethereum was lost in the DAO (remember that?) — it was so bad they had to make a whole new Ethereum and start over. I guess transactions are final for Grandma’s life savings but if it affects Vitalik, different rules apply. Just 3 days ago stablecoin OUSD lost all its money, $7M, and was reduced to begging scammers to please give it back. Same with hospitals getting hit with ransomware. Permissionless just means it’s a haven for criminals and terrorists. North Korea has built up a sizeable stockpile of permissionless crypto. [1] this is the definition of the reason currency has permissions. So it doesn’t get used by hermit kingdoms to finance their nuclear weapons programs. [1] https://www.google.com/amp/s/www.technologyreview.com/2020/0... |
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