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comment by kleinbl00
kleinbl00  ·  380 days ago  ·  link  ·    ·  parent  ·  post: Sam Bankman-Fried tries to explain himself

    tech's awful, finance is awful, god forbid they combine

So look. Here's the thing.

you can't bullshit a smart contract.

Something that the normie press hasn't quite figured out is pretty much everything we know about FTX's actions since their balance sheet leaked is due to normies investigating public data on the blockchain.

Something the normie press hasn't narrowed in on is that the algorithmic contracts engaged in distributed finance with FTX? got paid. It's an equation, not an agreement, and you can't bullshit it.

Done right? Tech and finance combine in a way where the assholes can't fuck it up. Catherine O'Niel, in Weapons of Math Destruction, said that the difference between a good algorithm and a bad algorithm is the good algorithm is (1) transparent (2) trainable. Smart contracts on Ethereum are open. You can't run opaque code. And they cost per execution, so the more efficiently they run the less they cost. DeFi, done properly, replaces "the unholy alliance of tech and finance" with "good algorithms."

But we gotta clear all this bullshit out first because it's getting in the way.

steve  ·  380 days ago  ·  link  ·  

    But we gotta clear all this bullshit out first because it's getting in the way.

all of this... yes... please.

It's so frustrating that the insane gains from crypto haven't been enough for some people... they have to bring in traditional banking/finance fraud and schemes into crypto... because people like me are dumb and don't code - but for crying out loud - I'm tired of the old tricks ruining the news cycles for what could be.