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Everytime I see the argument that smart contract allow for no third party payment I always think that people are diminishing the role of third party. In most t
by maeln 9y ago
Everytime I see the argument that smart contract allow for no third party payment I always think that people are diminishing the role of third party.
In most transaction, the third party also act as an insurance, a safety. If something goes wrong, the third party is supposed to be here to make sure everybody got their fair share without the need to take legal action, which can be difficult to near impossible sometime.
If I get scamed, does the smart contract allow a chargeback ? Who is going to make sure I was scam and not abusing ? etc.
- jancsika 9y agoIt's almost like you read the two words "third party" in my response, then triggered a canned reply based on the existence of those words. What insurance would you need when sending a Bitcoin donation to a site where thousands of researchers already benefited by retrieving scientific journal articles? I didn't write, "cryptocurrencies will replace all third party payment systems." I gave a single example of a situation where third party payment systems don't function and Bitcoin does.