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> smart contracts don't work and are broken This absolute statement is asserting that ALL smart contracts don't work. There is overwhelming evidence of some sm

> smart contracts don't work and are broken This absolute statement is asserting that ALL smart contracts don't work. There is overwhelming evidence of some smart contracts working just fine, and of course a lot of smart contracts also have problems. It is wild to just drop all of the nuance of such a complicated issue. What new technology has been flawless without any failures along the way?

colesantiago 4y ago
This 'flawless argument' is an irrelevant statement, we have given blockchain technologies over 15 years to improve, but the scams have been getting bigger in an unregulated environment. I also don't recall any regulated bank accounts getting automatically drained or losing everybody's money due to a single scammer or a bad actor. One single error or exploit in these smart contracts results in millions being drained. This happens on a weekly basis with a giant lack of consumer protection, unaccountability or any chance of getting your money back (which that is a huge unsolved problem). So yes, these smart contracts do not work. It's a system designed to fail with thousands of disasters, rug pulls and scams just waiting to happen.
- datadata 4y ago
  This is what the arguments you are making sound like to me: One single failure on an airplane can kill hundreds of people, even a single line of code could crash several planes. There are just thousands of accidents waiting to happen. Planes do not work. They have had a hundred years to make planes perfectly safe. Every year more and more people fly. It is a system designed to fail.
  - colesantiago 4y ago
    The main difference you're not getting is that there is accountability and regulations for when these issues happen, Crypto has none of these and it has been over 15 years in its existence. Crypto is a lawless 'decentralised' wild west that has zero accountability for when anyone loses their money in smart contract hacks, scams, wallet draining and rugpulls, in all cases your money is gone with no refunds or consumer protection. So yes, it is a system designed to fail.
    - datadata 4y ago
      Do you honestly think there is zero accountability or regulations for all of crypto? Would not a single fee levied towards a crypto company for violation of a law invalidate the point you are trying to make? I would agree with you that more regulation is needed, but to keep saying there is zero regulation is either ignorant or disingenuous. Regulation can also coexist with something that is decentralized and is not obviously adversarial, e.g. we have regulations for gold markets to prevent scams, etc.
      - colesantiago 4y ago
        It wouldn't invalidate anything because I can list countless examples of scams, hacks, rugpulls, wallet drainings, fraud, ransomware enablement that the crypto space is responsible for. Any example of the opposite doesn't change the fact that the negative aspects are significantly greater than whatever source you can provide. The list of course is too large for this comment section so somebody has already done parts of the work. [0] Any user would be very lucky to get their money back in these situations, but like I said, no refunds or consumer protection in the crypto space when you lose your money. --- EDIT: So? My point still stands about accountability, regulations or not, even Paypal knows the buying and selling of crypto assets is completely unregulated after 15 years. The main point of this thread is that there is more evidence of broken smart contracts causing more damage to consumers and there is nobody to hold scammers accountable when a rugpull happens. Because nobody is going to get their money back for them. How is crypto, this brittle, 'decentralised' broken and unregulated system going to augment or replace the current financial system? [0] https://web3isgoinggreat.com/ https://web3isgoinggreat.com/
        datadata 4y ago
        You have said several times, "there is no regulation in cryto". If you know that this statement is not true, then why do you say it? Just say that there are many instances where lack of regulation has lead to bad results. I agree with that.
    - elcamino44 4y ago
dmitriid 4y ago
Those things are neither smart nor contracts. They are just pieces of code in esoteric programming languages running on world's slowest VMs. They encode primitive trivial rulesets and are still so complex that their own authors fail to see trivial errors even after multiple audits. An actual real world contract such as buying or selling property (which I've done several times now) would be a beast of such byzantine proportions that it would take until the heat death of the universe to write and audit it. And it would still be unenforceable after that.

colesantiago 4y ago

This 'flawless argument' is an irrelevant statement, we have given blockchain technologies over 15 years to improve, but the scams have been getting bigger in an unregulated environment. I also don't recall any regulated bank accounts getting automatically drained or losing everybody's money due to a single scammer or a bad actor. One single error or exploit in these smart contracts results in millions being drained. This happens on a weekly basis with a giant lack of consumer protection, unaccountability or any chance of getting your money back (which that is a huge unsolved problem). So yes, these smart contracts do not work. It's a system designed to fail with thousands of disasters, rug pulls and scams just waiting to happen.

datadata 4y ago
This is what the arguments you are making sound like to me: One single failure on an airplane can kill hundreds of people, even a single line of code could crash several planes. There are just thousands of accidents waiting to happen. Planes do not work. They have had a hundred years to make planes perfectly safe. Every year more and more people fly. It is a system designed to fail.
- colesantiago 4y ago
  The main difference you're not getting is that there is accountability and regulations for when these issues happen, Crypto has none of these and it has been over 15 years in its existence. Crypto is a lawless 'decentralised' wild west that has zero accountability for when anyone loses their money in smart contract hacks, scams, wallet draining and rugpulls, in all cases your money is gone with no refunds or consumer protection. So yes, it is a system designed to fail.
  - datadata 4y ago
    Do you honestly think there is zero accountability or regulations for all of crypto? Would not a single fee levied towards a crypto company for violation of a law invalidate the point you are trying to make? I would agree with you that more regulation is needed, but to keep saying there is zero regulation is either ignorant or disingenuous. Regulation can also coexist with something that is decentralized and is not obviously adversarial, e.g. we have regulations for gold markets to prevent scams, etc.
    - colesantiago 4y ago
      It wouldn't invalidate anything because I can list countless examples of scams, hacks, rugpulls, wallet drainings, fraud, ransomware enablement that the crypto space is responsible for. Any example of the opposite doesn't change the fact that the negative aspects are significantly greater than whatever source you can provide. The list of course is too large for this comment section so somebody has already done parts of the work. [0] Any user would be very lucky to get their money back in these situations, but like I said, no refunds or consumer protection in the crypto space when you lose your money. --- EDIT: So? My point still stands about accountability, regulations or not, even Paypal knows the buying and selling of crypto assets is completely unregulated after 15 years. The main point of this thread is that there is more evidence of broken smart contracts causing more damage to consumers and there is nobody to hold scammers accountable when a rugpull happens. Because nobody is going to get their money back for them. How is crypto, this brittle, 'decentralised' broken and unregulated system going to augment or replace the current financial system? [0] https://web3isgoinggreat.com/ https://web3isgoinggreat.com/
      - datadata 4y ago
        You have said several times, "there is no regulation in cryto". If you know that this statement is not true, then why do you say it? Just say that there are many instances where lack of regulation has lead to bad results. I agree with that.
  - elcamino44 4y ago

dmitriid 4y ago

Those things are neither smart nor contracts. They are just pieces of code in esoteric programming languages running on world's slowest VMs. They encode primitive trivial rulesets and are still so complex that their own authors fail to see trivial errors even after multiple audits. An actual real world contract such as buying or selling property (which I've done several times now) would be a beast of such byzantine proportions that it would take until the heat death of the universe to write and audit it. And it would still be unenforceable after that.