[foepys]

> In other words, it's supposed to make platforms fail and people lose money, because each hack exposes a bad contract and takes it out of the environment.

I can already hear my grandma say "I'm glad I lost all my savings, now the platform gets safer."

Apart from that, it's naive to think that this makes the ecosystem safer. We still have SQL injections and XSS in the wild even though everybody should know how to avoid them after literal decades of exploits.

[nostrademons]

The issue with SQL injection and XSS is that there is usually no cost to the website with the vulnerability. They can keep on doing business as usual, after a suitable mea culpa, without significant consequences.

When there's a crypto vulnerability, the contract usually gets drained. It goes bankrupt. There is no funds and no viable business there. Therefore, there's not just a significant incentive to guard against security holes, but there's also a selection mechanism.

People underestimate the power of bankruptcy, failure, death, revolution, nonexistence, and other selection mechanisms. Selection bias is the most powerful force in nature, because natural systems without a selection mechanism tend to get selected away. Arguably a lot of the problems with our current economy come about because we fail to let things fail.