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Do not attempt to compete with Pinboard. http://pinboard.in  maciej@ceglowski.com +1 415 610 0231

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    1. Dillon Kuehner‏ @Astrophizz Oct 12
      Replying to @nuttycom @Pinboard

      For black hats?

      1 reply 0 retweets 2 likes
    2. Kris Nuttycombe‏ @nuttycom Oct 12
      Replying to @Astrophizz @Pinboard

      It means that the participants in a system bear the costs of flaws in that system. Legacy institutions externalize the cost of security failures - it's borne by the people whose private information is leaked, not the institutions themselves absent lawsuits.

      1 reply 0 retweets 2 likes
    3. Dillon Kuehner‏ @Astrophizz Oct 12
      Replying to @nuttycom @Pinboard

      That's still the case with these, as far as I can tell. What recourse do you have with whatever party created the smart contract for you that had a critical flaw?

      1 reply 0 retweets 1 like
    4. Kris Nuttycombe‏ @nuttycom Oct 12
      Replying to @Astrophizz @Pinboard

      Usually, the party that created the smart contract has a large amount (everything) to lose if there's a flaw in their contract.

      1 reply 0 retweets 0 likes
    5. Dillon Kuehner‏ @Astrophizz Oct 12
      Replying to @nuttycom @Pinboard

      Their business might fold if it's a big enough problem across their customer base, but I imagine that's cold comfort for the victims.

      1 reply 0 retweets 0 likes
    6. Kris Nuttycombe‏ @nuttycom Oct 12
      Replying to @Astrophizz @Pinboard

      The alternative today is that after 5 years, you get an award of $2 and a subscription to an identity-theft-monitoring service as the result of a class-action lawsuit. I'm not sure how that's much more comfort than seeing the company go under.

      1 reply 0 retweets 0 likes
    7. Dillon Kuehner‏ @Astrophizz Oct 12
      Replying to @nuttycom @Pinboard

      While there are scenarios where you often don't get everything that you need there are scenarios where you do and at a minimum, there is a chance of restitution. With immutable, self-reliant contracts there is none.

      1 reply 0 retweets 0 likes
    8. Kris Nuttycombe‏ @nuttycom Oct 12
      Replying to @Astrophizz @Pinboard

      Sure; on the other hand, it's much easier to perform accurate risk assessment when you can (either personally or by proxy) audit the code of the contracts you choose to interact with. Trying to do that with a centralized institution is hopeless.

      2 replies 0 retweets 0 likes
    9. Pinboard‏ @Pinboard Oct 12
      Replying to @nuttycom @Astrophizz

      I wouldn't put as much faith in auditing as you do. Remember we live in a world where binary search in one of the most popular computer textbooks (a 15 line algorithm) was broken for 20+ years.

      3 replies 0 retweets 4 likes
    10. Kris Nuttycombe‏ @nuttycom Oct 12
      Replying to @Pinboard @Astrophizz

      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.

      1 reply 0 retweets 0 likes
      Pinboard‏ @Pinboard Oct 12
      Replying to @nuttycom @Astrophizz

      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.

      2:30 PM - 12 Oct 2021
      • 3 Likes
      • Keith Jonathan Woodard Dillon Kuehner
      0 replies 0 retweets 3 likes

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