One has to ask: if the full design of those systems was completely public (and attackers were smarter) would that spending be enough?
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Replying to @matthew_d_green
Enough? Of course not. Better by leagues than cryptocurrency infrastructure? Absolutely.
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Replying to @tqbf
But cryptocurrency infrastructure has been astonishingly robust. Bitcoin clients are written in C++. Heard of any network-crashing RCE? Eth uses a custom VM. Heard of any major attacks on it? Exchanges aren’t “cryptocurrency infrastructure”. They’re random websites by amateurs.
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Replying to @matthew_d_green @tqbf
While we haven't seen sandbox escape/RCE-style vulnerabilities, mistakes in its design as manifested in Solidity are largely implicated in the loss of billions of dollars worth of cryptocurrency/tokens on the Ethereum platform
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I’ve said this many times. This is definitely a flaw. But it’s not some intractable flaw. It’s a “this is v0.1 don’t put a lot of money into it you idiots” flaw.
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Replying to @matthew_d_green @bascule
It sounds like you’re saying, “don’t put a lot of money into it, you idiots, but also probably better to have your money there than in a bank”.
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Oh no. I think banks have a great risk profile. My only question is whether that’s because they’re really, really technologically robust under the hood — or if it’s because there’s so much obscurity and so many expensive human checks and delays that they get there.
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I think missing from this debate is the vast regulatory and legal apparatus around banks and bank heists, as well as the fact that regulators and judges have a deep familiarity with the financial system. Take that away and banks look a lot more like crypto
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I wonder, in th aggregate, how much that is costing us.
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Replying to @matthew_d_green @Pinboard and
Regulation? About 250-500MM in direct costs for each investment bank on The Street.
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What is that in Bitcoin?
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Replying to @Pinboard @matthew_d_green and
At present rates, or 2050 rates when crypto is the only store of value in the world?
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