I’m new to DeFI, so I might be missing a lot.
In fact, I REALLY HOPE I am.
A friend recently told me about an “amazing opportunity” that can make one a millionaire in no time.
I researched into it, and what I found, is a decentralised, unstoppable ponzi scheme in its best.
I mean this:
So, through what turned out to be one of the most popular ponzi projects on Ethereum, I realised that complete decentralization is far from perfect.
How come this worthless shit dapp, takes up 13% of the Ethereum network resources, causing congestion and high fees by doing nothing but channeling money between abusers and naive newbies?
And then this made me realise in horror, that:
ANY smart idiot that knows coding can deploy ANYTHING, and the nodes will execute it blindly - as long as it does not violate “code law”. For better and for worse.
However, we are human beings, governed by much more than just “code” - we have ethics, values, conscience, community, etc.
On the dark side, we have greed, the desire to do something naughty, illegal, criminal.
I mean, it could be anything!
A dapp dealing with drugs, illegal weapon, child porn - whatever.
Is this really so, that any dapp that is deployed by anyone, could potentially become an unstoppable good or evil plaguing the network, and no one could do anything about it?
Or am I - hopefully - missing something?