> In order to be able to receive the payment the other party has to register with a bank and other legal entities etc... Putting money to an ethereum contract i

> In order to be able to receive the payment the other party has to register with a bank and other legal entities etc... Putting money to an ethereum contract is closer to sending cash in an envelope to some PO box in a foreign country This shows either little understanding of smart contracts or little imagination. Retailers could make each of their sells contract a 3 party multi-sig contract where the three parties would be you, the retailer and your bank and if you complain to your bank and your bank accepts your request after reviewing the retailer's claim then the money would go back to your account. There could also be other legal entities in the multi-sig contracts such as insurances or others. > My point is that those "smart" contracts are great for thieves but of dubious values See my previous point and why this is not correct. > Regardless, do you think those people whose wallet was compromised because of the faulty contract will manage to get their money back? Who are they suing, the thieves? The wallet company who wrote the faulty contract? How you do get the money back? Can you freeze the account? Reverse the transactions? Blacklist the coins? The whole cryptocurrency system is designed to make those things impractical, if not downright impossible. They won't get their money back because they didn't pay for an insurance. Coinbase for example guaranties US$ 100k in case of theft. If Ethereum becomes a thing, there would be a whole market of insurances offering what Visa or Coinbase or your local bank offers today. Last but not least, you're getting robbed every day with fiat money with inflation policies, only you don't see it but it is happening. Inflation lowers the value of your fiat money and that's like robbing you a part of your money without your consent. And you pay a fee for that insurance you mention every time you use your credit card, so not free either and again, any ethereum or bitcoin provider could offer the same insurance for a fee (and coinbase already does to some extend).