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Do you even know what going out of business means? Hint: It's not cut and dry. The Amiga company is still in business. Radio Shack still exists. MySpace isn't
by astrodust 8y ago
Do you even know what going out of business means?
Hint: It's not cut and dry. The Amiga company is still in business. Radio Shack still exists. MySpace isn't dead. GeoCities got killed, it didn't go out of business.
Smart contracts won't help you here. Blockchains won't help you here. This is a complex legal problem and you're suggesting it's easy, that the Magic of Blockchains will solve it.
Whatever man.
- gargarplex 8y agoOne could precisely define solvency conditions. "If cash minus liabilities exceeds $1million, perform_unwind_operation()" _Obviously_ these conditions could entail more complex business logic Obviously this idea is getting HNmocked and I'm not going to be able to talk my way out of it, and yes I realize that ideas of property ownership and managing contract disputes are one of the cornerstone of the justice system and society itself. In that way I am somewhat of a crypto radicalist and I'm talking my book as I do have a long crypto position.
- astrodust 8y agoThat definition would make a lot of healthy companies arbitrarily bankrupt. Not many companies keep their assets in cash. Plus this also presumes that people report faithfully, accurately, and that zero mistakes are made. The biggest problem with immutable ledgers and smart contracts is simple: Shit happens.