"99% of the time it works every time"

"One in a million chances come up nine times out of ten"

That's substantially higher than the legal system in any country

Except when you can't and you must undo a transaction, and if you can't, you can't use it.

Like for example in the world of finance, where you have to be able to backtrack.

Meaning such 'contracts' are least useful for things like, well, 'currency' and 'stores of value' ... hmm ...

Sounds like you haven't wrapped your head around the basics of smart contracts.

Yes, a blockchain gives you an (ideally) immutable foundation. No, that doesn't mean that every transaction that invokes a smart contract has to be immutable. If a smart contract for a particular use case needs to have the ability to "backtrack", so it can, there's nothing stopping it.

Great reply, the rule for thumb of 'anything that can be done manually can be automated' applies here.

Needs backtrack, code it in, then everyone knows how the rules work and there isn't any side deals or exceptions.

Cheers!

The problem with exploitable systems is that the 0.00001% is not random. It's not like a random 1 in a million transactions is dropped.

I think the bigger issue is that the system is somewhat arbitrarily controlled by the large players. That could work out well in some cases (funds hacked are returned) but it could also be less optimal (e.g. you're thrown on some list and all of a sudden your transactions are not valid). We've already seen hackers and obviously malicious actors dinged, which is good. But this opens up an avenue for things like forcing participants to go through regular banking protocols that starts to affect more and more people (e.g. political dissidents). By then you just recreated the modern financial system with all its flaws and gatekeepers, except its less efficient.