There are three non-fraud foundational problems with "web3": 1. No way to reference anything in the real world (oracle problem) 2. Immutable code makes any smart contract its own bug bounty. 3. Everything breaks (more) unless expensive distributed systems are run in perpetuity.
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Fair point.
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I don't think audits give you certainty. But I also don't think that we should regard the present arrangement of our financial institutions with anything but the greatest skepticism - I think that regulatory capture and self-dealing are rampant; those externalities matter.
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I agree with you, but as a *user* the financial system protects me in a way that these architectures don't. The "decentralized" model relies just as much on trusted entities, except ones that don't have any of the institutional machinery around them and are run by mountebanks.
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And this doesn't even touch on the security of the contract interpreters or Ethereum virtual machine implementations...

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Those don’t have a great attack surface, given that the whole network has to validate a transaction, and there are multiple VM implementations that would all have to share the same vulnerabilities for that sort of attack to work.
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