Cryptocurrency: Europe Data Act Requires Kill Switches on Smart Contracts

grarpamp grarpamp at gmail.com
Tue Mar 14 21:11:29 PDT 2023


EuroPols just earned themselves universal idiocy and condemnation from crypto...


https://cointelegraph.com/news/europarliament-approves-data-act-that-requires-kill-switches-on-smart-contracts



[–]Bucksaway03Platinum | QC: CC 318 | CRO 5 13 points an hour ago

"The smart contract shall include internal functions which can reset
or instruct the contract to stop or interrupt the operation"

Ie. Putting the centralisation back into decentralisation

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[–]cheeruphumanityPlatinum|QC:CC653,DOGE205,r/CCs.75|r/CMS7|Futurology16
6 points an hour ago

Who would use a dapp if the devs could steal your money anytime?

We need to vote in better people.

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[–]ablablababla 3 points an hour ago

How will they even implement that? That seems difficult to enforce

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[–]arcalusPlatinum | QC: CC 182 5 points 58 minutes ago

Wouldn’t be that hard to enforce if the coin is registered on any
exchange. Then they can audit the code of the most relevant projects,
thereby eliminating any who don’t meet the criteria.

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[–]timbulance 2 points an hour ago

Yeah I don’t think they fully understand

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[–]Bucksaway03Platinum | QC: CC 318 | CRO 5 1 point an hour ago

Poorly by giving someone the keys to the kingdom

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[–]AESTHTKPlatinum | QC: CC 841, ETH 369 | MANA 8 2 points 53 minutes ago

Internal to what 😅

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[–]FrogmangyTin | CC critic 2 points 53 minutes ago

So the goverment wants to be able to rug pull the coin themself

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[–]OfulinacPlatinum | QC: CC 32 4 points an hour ago

Kill switches are a dangerous madness

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[–]AnimeFlamingo 5 points an hour ago

I’d like to know how this works technically, is it like a proxy
contract? If so, what’s the difference?

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[–]JustreadingcommentPlatinum | QC: CC 255 9 points an hour ago

Aka dumb contracts

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[–]milonuttigrainPlatinum | QC: CC 1719 | Pers.Fin.NZ 17 3 points an hour ago

Centralised shit contract

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[–]ovettaTin 1 point an hour ago

Mutable

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[–]JustreadingcommentPlatinum | QC: CC 255 2 points an hour ago

What! How does that work

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[–]The_Chorizo_BanditSilver | QC: CC 846, XRP 41 | TRX 28 2 points an hour ago

Is that even possible? Like does it work from a logistical standpoint?

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[–]cheeruphumanityPlatinum|QC:CC653,DOGE205,r/CCs.75|r/CMS7|Futurology16
5 points an hour ago

It might be possible to program for individual apps but it would make
them unusable. Nobody would put their money in a dapp that could steal
the money anytime.

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[–]RocketMoonShotPlatinum | QC: CC 16 | Accounting 121 1 point an hour ago

It's like a trap door.

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[–]Nagax456Tin 2 points an hour ago

Lol whats the point of a contract?

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[–]Titozar13Platinum | QC: CC 42 2 points an hour ago

That's against decentralization and is what governments want.

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[–]StonedRexPlatinum | QC: CC 181 2 points an hour ago

Not smart contract anymore

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[–]timbulance 1 point an hour ago

Dumb contracts

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[–]RocketMoonShotPlatinum | QC: CC 16 | Accounting 121 2 points an hour ago

Killswitch Engage

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[–]DadofHomeSilver | QC: CC 248, ETH 16 | LRC 39 | TraderSubs 14 2
points an hour ago

2 choices :

(1)Parliament is extremely ignorant of anything computer related , and
just incompetent and reactionary ..

(2) they are purposely malicious and undermining the space .

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[–]Shiratori-3Bronze | QC: CC 20 | CRO 43 | ExchSubs 43 2 points an hour ago

So they want a rug pull mechanism built in?

Doesn't sound like it will end too well .. 😅

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[–]BrocoliAssassinSilver | QC: BTC 218, CC 105 | CelsiusNet. 25 2
points an hour ago

Awesome, sounds like a horrible idea!

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[–]pizza-chitfiat miner and burner 2 points an hour ago

Who the fuck would use a smart contract that can be altered??

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[–]Hamster823 - 4 years account age. 10 - 50 comment karma. 2 points
43 minutes ago

Isn't this actually extremely bad news for any smart contract crypto?

    Centralisation in all decentralised smart contracts, who would
trust a Dapp where the developer can interrupt or kill switch the
smart contract?

    I heard someone say that this could class smart contract coins as
security's as they will have a centralised governance

    Smart contracts aren't region specific so abiding by Euro law
means kill switch/interruption would have to be worldwide?

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[–]AESTHTKPlatinum | QC: CC 841, ETH 369 | MANA 8 2 points 18 minutes ago

Smart contracts must be printed out, and signed by both parties.

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[–]bwoksa 2 points an hour ago

So that means more scam coins and rugpulls ?

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[–]Ball_bearingTin | Superstonk 57 2 points an hour ago

They are just complying with the law.

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[–]coinfeeds-botApproved CC Bot 1 point an hour ago

tldr; The European Parliament passed the Data Act on March 14. The
bill was intended to "boost innovation by removing barriers
obstructing access to industrial data." Among its provisions is an
article that would require smart contracts to be alterable. The act
also granted smart contracts equal protection with other forms of
contract.

This summary is auto generated by a bot and not meant to replace
reading the original article. As always, DYOR. Get more of today's
trending news here.

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[–]cheeruphumanityPlatinum|QC:CC653,DOGE205,r/CCs.75|r/CMS7|Futurology16
3 points an hour ago

A smart contract is not a contract dummies. It's an app.

We need better expressions in the crypto space.

Not crypto currencies, crypto assets.

Not smart contracts, dapps.

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[–]Whole_Visible 1 point an hour ago

Lol. All that hype about crypto startups looking to the EU because of
regulatory uncertainty in the US

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[–]TrokarilozTin 1 point an hour ago

Ethereum Classic and others. Time to shine

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[–]AutisticGayBear69Tin | r/WSB 15 1 point an hour ago

How do they plan on enforcing this?

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[–]flawlessfear1Tin 1 point an hour ago

So contracts nobody will want part of. Cool ill stick to bitcoin

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[–]Marrr_tyPlatinum | QC: CC 439 | LRC 7 1 point 12 minutes ago

That doesn’t sound smart

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