I love that they're continuing the Dark Forest analogy! Makes me also realize I never want to dip my toe in crypto like that. It's like an amateur going up to an entirely unregulated wall street and expecting to earn some quick cash.
Need more reasons?
Also, there are patterns where the user needs to confirm that yes they want to use the new version.
There are also systems of insurance on contracts.
Not following here, instead of process you mean no requirement to do so? The process is pretty clear and simple, there's a few different frameworks being built for smart contract formal verification along with the traditional methods working fine.
What was the last bit of code you wrote or used that was formally verified?
https://sci-hub.se/https://ieeexplore.ieee.org/document/8905...
Ethereum DeFi currently ongoing is extremely risky and insecure in the longterm for various reasons. The open smart contracting is super dangerous, the Ethereum blockchain is way too bloated, the fees are shooting up, and it was designed to be a shared computer, an EVM for running things. Bitcoin is an investment and sound money. They do not compare and don't have the same end goals.
For example, if you create a private key using something guessable [1], point a camera at a QR code [2], or make a wallet using software you didn't write yourself [3], you can expect your money to irreversibly disappear faster than you can react.
[1] https://www.wired.com/story/blockchain-bandit-ethereum-weak-...
[2] https://www.theverge.com/2013/12/23/5238764/news-anchor-rece...
[3] https://cryptonews.com/news/popular-private-key-generator-co...
Would it be Bitcoin, used for such time-honored business as drug purchases and hiring contract killers? Would it be Tether, the fiat currency for people who think that central banks are excessively transparent?
The one extra element that Ethereum brings to the table is computationally much more powerful contracts, which makes it technically intriguing, but also adds another level of scammyness and incompetence to the enterprise.
Did you pay attention to the recent Bloomberg article about cryptocurrencies being the best gaining asset class of 2020, or the article about the $2 trillion dollars worth of laundered money being done using traditional USD and banks? And how much money was laundered through Bitcoin again? A money that is very hard to hide. Bitcoin has smart contracting so it would appear you're just regurgitating things you've read rather than reaching into an in-dept knowledge on this subject.
And tulips were the best gaining asset class of 1636. The existence of speculation is not proof of the soundness of the underlying asset.
> trillion dollars worth of laundered money being done using traditional USD
The difference being that I have firsthand knowledge of honest economic activity being conducted with USD. I see practically zero evidence of cryptocurrencies being used in any honest economic activity, other than speculation.
> Bitcoin has smart contracting
Yes, but my understanding is that Ethereum can handle much more complex contracts.
Well, at least it's used for business! Do people use eth for meatspace transactions, at all?