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According to this thread, a DeFi developer entered a single incorrect command (‘solana program close’), which bricked their entire project and lost $661k in stablecoins. Immutable! medium.com/@OptiFi/optifi

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OptiFi

@OptifiLabs

Aug 29

OptiFi's program has been closed by mistakes we made. TL;DR 1. We accidentally closed the OptiFi mainnet program and it's not recoverable 2. 661k USDC is locked in the PDAs, luckily 95% of the fund is from our team member 3. We will compensate for all users’ funds

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Genuinely confused why closing the program is permanent.

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It means the equivalent to closing a business / account rather than exiting a process. It's about closing it semantically rather than being about the code running or not. Person arguing with you doesn't know what they're talking about.

10:48 PM · Aug 30, 2022Twitter Web App

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I think it's fairly clear that arbitrary smart contracts with general purpose programming languages is not something people are capable of managing or evaluating in a rational way. Simple smart contracts built out of only a few simple declarative primitives are a reasonable idea.

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Reasonable: 3-of-5 signing keys required to spend the money and after 5 years decrease requirement to 2-of-5 Unreasonable: Contract written with hundreds or even thousands of lines of code with error prone domain specific systems which requires maintenance / updates, etc.

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Appreciate the response! That makes more sense, though the ability to orphan money still seems crazy to me.

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Even without any of the smart contract or DeFi stuff, you can lose all your backups of your keys or send your money to an address that doesn't have someone who controls keys for it. It'd be entirely possible to set a limit on inactivity but it's not usually something that's done.