AroundTheBlock_

It doesn't. His example is nonsensical.

The best use cases for smart contracts are gambling apps (i.e., financial markets, exchanges), escrow services (collateral-based trustless loans), and perhaps some identity services

Actually, 51% of miners can't cause a hard fork (which TheDAO was).

I mean the notion of "exactly" is nonsensical in so many ways, especially when it comes to thinly traded exchanges. I can sell $1 to my friend for $1.10 break the US dollar. Lol.

MakerDAO just launched their token based product, and it's an insanely powerful app, and I use it regularly.

Ok sure, connect to another node. But a light client is its own node.

It is very complex, but also very, very early. No one is pretending that any of this is production ready or user friendly. These are just glimpses into what is being worked on for over the next 5-10 years

No, they're not using the Light Client yet for that very reason, but easily could in the future. But in any case, no crypto wallets are light clients. All Bitcoin wallets, for example, use servers because it's impossible to do Bitcoin light clients (at least, they haven't found a solution yet).

This app is more about having WeChat with crypto payments and with app interactions. Light client could come later though.

Yep, TheDAO fork represents one of the best things about the community, which is a)ability to make rapid, high pressure decisions, yet still offer fair choice to everyone.

People forget that the ETC exists and is viable for anyone who wants it.

Everyone needs to stop talking about developer losses and whatnot. They gave us a choice, there is 100% consensus on the ETH chain, and there is 100% consensus on the ETC chain. If you want to blame anyone, blame the users. But the dev team has been incredibly top notch and professional all around.

Yep we seriously believe it. It's no more crazy than using crypto for actual money.

Except ETC is hard forking in a few months to change their coin issuance for no reason other than to make their own pockets richer.

Because it's not immediately clear, this is a project developed by Coinbase, but under its own brand. The demo, which is available on the Apple Store and Google Play store uses TestNet Ether for now.

>The analogy to the legal system is that mob rule supersedes (digital) contract law and property rights.

That's basically true. I don't dispute that. That's basically how Bitcoin works as well. There's currently a coup attempt going on to overthrow Bitcoin Core. If the mob grows big enough they will succeed.

>Eating the loss doesn't stop you from developing better software. Heck, I'd say that it's a pretty good way to prevent things in the future by giving people a real incentive to prevent bugs in the first place. If it's socially acceptable to roll back the clock because somebody wrote a dumb smart contract then it's a sign that writing dumb smart contracts is socially acceptable.

Eat the loss or not eating the loss doesnt affect development. The development track is the same either way. One saves a sad sack of idiots from losing money and the other doesn't. It's not the development team's job to teach people basic life skills about risk. Users had a choice to be on the chain where they lost money or the one that they didn't. Shocker, they chose to recover their money. Has nothing to do with developing better software or not.

>That's a false dichotomy. In the analogy Musk doesn't go to jail unless he willfully released something that he knew could kill people or otherwise programmed the cars to drive on the sidewalk. In ETH's case they could have absorbed the loss, hardened the systems, and moved on. Honestly it would have added a lot more credibility to the whole endeavor by showing that they were willing to put their (ETH) money where their mouths are.

No one willfully released TheDAO code to suck. It just sucked by accident. Absorbing the loss would NOT have hardened the system. Everything would be exactly the same. It wouldn't have made Eth any more or less credible if we absorbed the loss. And if you are put off, that's fine. If you want to join a blockchain with perfect credibility, good luck. Bitcoin has forked ~3 times, and Ethereum Classic has forked 2 or 3 times now as well.

Maybe blockchain technology is too nascent, or it just isn't for you. But the takeaway here is that _we are all still striving and working hard to make this technology be meaningful for the world, so stop shitting on it just to get your rocks off_. Not you personally, but others clearly do.