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by redox99 1462 days ago
Why sarcasm?

Centralized crypto "banking" institutions are the worst of both worlds. You are giving away your money to someone else, and there are no regulations to protect you from being screwed over by them.

With DeFi (decentralized finance) you have transparency over what the smart contract does.

(Of course you have to be careful because a lot of things claim to be decentralized but are actually centralized)
2 comments
ceejayoz 1462 days ago
> With DeFi (decentralized finance) you have transparency over what the smart contract does.

No, you don't. People find subtle bugs in open source code all the time, some of them disastrous. Unintentional bugs in smart contracts have lost tens of millions of dollars multiple times; imagine what you could accomplish with intentional holes.

Parity lost $280M alone. https://www.cnbc.com/2017/11/08/accidental-bug-may-have-froz...

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redox99 1462 days ago
Smart contracts for sure have their issues. But I would still choose a smart contract any time over these crypto companies which are completely opaque and unregulated, and basically "just trust me bro".
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ceejayoz 1462 days ago
That's a false dichotomy; "neither" is an option.
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ClumsyPilot 1462 days ago
Thats a major problem, but it's a different problem to the one OP is talking about - some shady guy taking or misusing your money on a whim
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ceejayoz 1462 days ago
What if said shady guy wrote a subtle bug into the contract intentionally?
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ClumsyPilot 1461 days ago
Has this ever happened or its just a hypothetical?
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throwingrocks 1462 days ago
It seems that the remaining players will get larger leading to more centralization.
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