Moral compass
The entire saga brings up some serious soul-searching questions about what crypto represents and why are we into it.
When I was eight years old, a cashier accidentally gave me five dollar bill instead of a single. It took me several difficult moments of deliberation outside the store to decide that the right thing to do was to return the money.
Would I have made the same call if we were talking about millions of dollars? Would you?
Now, add to the equation that when it comes to the Compound situation, the money potentially being kept isn't actually coming from anyone's pocket.
The COMP tokens that were mistakenly distributed came from the protocol itself, a protocol that currently has approximately $10 billion locked in it.
The major impact on other users would be that the freshly unlocked tokens would add to the circulating supply and possibly dilute the price.
Certainly, dumping them on the open market would be the wrong thing to do, but what harm would be caused by holding on to them for a bit? After all, we're here to make money, aren't we?
Despite all that and the founder's impulsive reaction, apparently some people have decided to send the money back. As reported by CNBC yesterday, a total of $38.7 million has already been returned.
This comes as little surprise to me though. The community spirit is incredibly strong in the crypto world.
This same mentality is also responsible for an Ethereum miner who recently returned an erroneous $24 million mining fee and the now famous polymath hacker who returned almost all of the $600 million stolen in a legendary crypto heist.