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Comment by ojr | Hacker News Reader

You wouldn't trust a bank with an SQL-injection vulnerability or a hospital running on an old version of Windows either but that doesn't mean all banks and hospitals are not trustworthy

A new monetary system created 3 years ago and is highly demanded might have some growing pains

You hold $0 of Ether but suggest on how to spend it, you wouldn't send ether to a contract that was coded poorly or vulnerable so the language is not as important as you make it seem.

Ethereum has a great bug bounty program so contracts that are vulnerable get exposed fast. Each new smart contract should learn lessons for previous contracts and the software will improve over time, imagine that...

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> You wouldn't trust a bank with an SQL-injection vulnerability or a hospital running on an old version of Windows either but that doesn't mean all banks and hospitals are not trustworthy

I would and do, because that's the reality of things. You're discounting the fact that if my bank has a SQL-injection exploit used against it and my account is drained, the federal government will reimburse me up to $250,000.

That type of peace of mind does not come with Ethereum; in fact it's billed as a feature.

it is because the federal government mints and controls the currency of dollars, with Ethereum you can create an arbitrary token and mint this token to any amount, essentially be your own federal reserve, Ethereum is an interesting software platform. Coinbase is fully insured all their digital currency is backed if a breach was to happen the customers will be refunded. So I suggest you keep your $250000 in there.

What does this first sentence even mean?

I translated it as "if there is a market opportunity for there being a private, ethereum-backed federal reserve, one will emerge."

the federal government can reimburse the person I was replying to because they control and mint dollars. With Ethereum you can control and mint your own currency, I didn't want to use the word currency earlier, it is more of a digital asset or app credits.

How often do you hear of someone loosing thousands of dollars perminantly because of a banking error? Almost never, because if a bank did not reimburse people who lost money, their reputation would be destroyed. How often do you hear of people losing thousands of dollars because of a cryptocurrency? All the time, because no one is responsible for the lost money, so no one will replace it or work extra hard to ensure it is safe. Security doesn't matter when you have a central authority dedicated to ensuring you don't loose your money, and which had been successfully doing so for decades.

Don't worry, they'll just do a fork and magic your money back. So much for avoiding the problems of central banking.

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