smart contracts may not be as smart as you think hmm nope smart contracts are supposed to be just that smart kind of like smart cars you ever seen a smart car smart cars are the stupidest road vehicles ever created and conceived of by man have you ever driven in a smart car have you have you I mean they're called smart cars right they're not smart you could they're literally driving it's like driving a coffin I mean I drove in one because I like to I like to drive all the types of cars so I drove a smart car and I was driving with my friend we weren't even we weren't even on the highway we're on a industrial an old industrial highway and we were the the I remember a Ford f-150 passed us and we almost blew I mean we're driving here right in this smart car and it blew by us and I was like oh my god guys not smart smart cars aren't smart it sounds like smart contracts aren't smart either guys that's the joke but I'll bump however some smart contracts currently circulating aren't quite making the grade with vulnerabilities exposing a millions of dollars worth of aetherium to potential theft might be some of the coins that you've invested in smart contracts our computer protocols meant to digitally facilitate verify or enforce the execution of contracts smart contracts ability to partially or fully self execute and self enforced makes third parties unnecessary when completing transactions that's the whole idea and thus provides a superior security and lower costs when compared to traditional contracting however not all smart contracts are created equal and some house rather serious security vulnerabilities according to motherboard upwards of thirty four thousand smart contracts in circulation currently feature coding bugs potentially exposing millions of dollars to potential theft the first warning sign came in late November when an individual known as DevOps $1.99 to control of an aetherium smart contract destroyed it and partly locked up 150 million worth of cryptocurrency a feat which theoretically should have never been allowed to happen now a team of researchers from the National University of Singapore Yale in u.s. college in Singapore and University College London claimed to have discovered 34,000 more unsecured smart contracts they also claimed that six million dollars worth of ether could be stolen from roughly 3,000 of those not-so-smart contracts which doesn't bode well for the other thirty one hundred or thirty one thousand one of the report's authors a sergej told motherboard well we're dealing with applications that have to a very unpleasant traits they manage your money and they cannot be amended Sergi also put breaking into smart contracts into layman's terms liking the process to breaking into a vending machine wow that's not a good analogy vending machines are very rudimentary systems and if you can break into a vending machine and you can break in a smart contract like it's easy to break in a vending machine it doesn't bode well my friends imagine your goal isn't to interact with the vending machine in a proper way but rather you want to break it or get it to use get it to serve you for free assuming we put a few coins in the machine and just start randomly pushing buttons hoping the inner workings of the vending machine of the vending machine which we have no knowledge about Springs and whatnot eventually they releases the latch so you can take of the candy Sergi that's not a very good example you kind of ruined it man the research report they claims that were able to reproduce reproduce real exploits at a true positive rate of 89% is currently being peer-reviewed the team was unsuccessful in their attempts to notify the creators of the unsecured smart contracts probably because all of them are in Russia and the likelihood that said vulnerabilities will be fixed isn't particularly strong it said Sergey if someone wants to exploit this idea they'll have to do they'll have to do at least as much work as we did with millions of dollars at stake cyber thieves doing just that is far from inconceivable not really when it comes to the honeypot some of these contracts are hogging it up guys it's worth digging deep and hackers I know let's just say I know a few people that know a few people that know a few people that are hackers let's put it that way these guys are worth their salt guys hackers that can really hack if there's any type of honeypot that's worth more than seven figures they'll dig into it my friends and with smart contracts laying a boot lay in a boot with money sloshing around we might even see more of this type of hacker II and theft in the future so I'm gonna throw it right back to you guys for many of you guys have been watching me for a long time you already know my development and engineering perspective of smart contract technology and why I find it to be mmm I wouldn't say a fatal flaw but in many ways ridiculously unsecure so let me know in the Bitcoin dot pub or the comments section below your thoughts on smart contracts are they smart or is that just a misnomer for not being that really that smart not that I'm smart but anyway & smash the like button for Bitcoin and proof of work you know why because I've just works
