Re: Bad Code Has Lost $500M of Cryptocurrency in Under a Year
Most of the Bad code is a result of companies using proprietary software. In the Open source environment, proper Peer review are done, before the code is submitted and applied. Some of these companies are in such a rush to be "first to market" that they skip beta testing and review. They want to be "first to market" and then patch like cowboys in a live environment. 
This is why Bitcoin is so secure. Nothing is rushed, proper testing is done on a TestNet and submitted for Peer review. We saw what happened with rush implementation with Bitcoin XT.
This is why Bitcoin is so secure. Nothing is rushed, proper testing is done on a TestNet and submitted for Peer review. We saw what happened with rush implementation with Bitcoin XT.
Thanks for this post! I personally hadn't realized there was a lot of proprietary software being used in this space as I thought the whole point and benefit was leveraging the open source community. I'll ask my dev partners if they know of TestNet. I'm personally only familiar with TDD/BDD so love learning about any new testing paradigms that ensure the code is solid and not brittle.
On the other hand, I could say that people/users can be blame too for this inexplicable continuous hacking & bad news. Why?
Simply because most of them don't want projects that are slow on production.
Simply because most of them don't want projects that are slow on production.
Is it therefore more of a responsibility of the company to manage expectations and even use that as PR to showcase that the team is being extremely thorough in their testing of the code?
And in crypto pretty much every bit of code is critical while most devs still seem to be in happy-go-lucky start-up land, instead of in finance.
Your post gave me an inspirational idea. Would having programmers who previously worked for banks be preferred since they'll be particularly aware and sensitive to the nature of finance?
I have been part of a few airdrops with bad code. Some have completed a swap and others have decided to just shut down the project and start over again.
One really good team for finding bad code is the Ethereum Blue team. They are developing the BLUE wallet, which is supposed to be very secure. One of their goals is to use statistical analysis to find flaws in contract code and warn everyone about them. They found the Etherdelta hack, the Monero Gold scam and the Etherdoge scam. Honestly, they are doing the crypto world a huge favor.
One really good team for finding bad code is the Ethereum Blue team. They are developing the BLUE wallet, which is supposed to be very secure. One of their goals is to use statistical analysis to find flaws in contract code and warn everyone about them. They found the Etherdelta hack, the Monero Gold scam and the Etherdoge scam. Honestly, they are doing the crypto world a huge favor.
This looks exciting. I tried searching for the Github but is there only an SDK available right now?
An estimated $280 million worth of the cryptocurrency ether is locked up because of one person's mistake.
An unidentified user accidentally deleted the code library required to use recently created digital wallets within Parity, a popular digital-wallet provider,
An unidentified user accidentally deleted the code library required to use recently created digital wallets within Parity, a popular digital-wallet provider,
Your post reminded me to this older story:
https://dealbook.nytimes.com/2012/08/02/knight-capital-says-trading-mishap-cost-it-440-million/