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Smart contract technology is wildly immature, fails to learn from thousands of years of experience with contracts going wrong, and most people using it are in miles over their heads

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Ars Technica

@arstechnica

Feb 2

A "smart contract" bug led to a blockchain startup losing $31 million in digital coin to hackers. trib.al/YhGohkA

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badidea

@0xabad1dea

Feb 2

We are many years of research, testing and learning away from being able to trust smart contracts with actual money, yet people will put millions into these extremely fragile systems

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There's a huge difference between the simple smart contracts supported by Bitcoin such as 3-of-5 multisig which becomes 2-of-5 multisig after 5 years vs. writing complex contracts in the equivalent of JavaScript where you're near guaranteed to have bugs/deficiencies ship with it.

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and

I don't really understand how programmers can think that complex smart contracts are a good idea. It really needs to be a much more limited and declarative system without much complexity per contract where regular people can actually have a hope of understanding all the details.

12:04 AM · Feb 3, 2022Twitter Web App

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