2min chapter

Factually! with Adam Conover cover image

Popping the Crypto Bubble with Nicholas Weaver

Factually! with Adam Conover

CHAPTER

Ethereum Propouts, Code Is Law

In the early days of etherium, about ten % of all etherium got invested in a decentralized, autonomous organization. And this was supposed to be basically a a voting base mutual fund. But when you transfer money, it can be transferred to another smart contract. So somebody goes along and goes, ok, i'm going to deposit some in here now. I'm going to withdraw, withdraw to my smart contract over here,. It set the money before decramenting the balance, and actally took ten percent of all etheriam. That is the programme that's runting. That's what all it is. The thing is, is, when they say there's no central authorities there

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