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> Why would I ever agree to let software ALONE enforce a contract? And if there is a human process to override the outcome of the contract, what advantage does

> Why would I ever agree to let software ALONE enforce a contract? And if there is a human process to override the outcome of the contract, what advantage does it have over a "dumb contract". The cost of enforcing and collecting on a smart contract is much cheaper. Depending on the dollar amount and use case I can see the advantage.

CPLX 8y ago
Why? It seems like reviewing complex software code to make sure it’s well understood and no edge cases exist is a costly endeavor.
- atomical 8y ago
  The same could be said for online banking and deposits. There are efficiency gains to be had by taking additional risk.
  - carbocation 8y ago
    The FDIC insures deposits up to a limit, whether or not one uses online banking.
    - atomical 8y ago
      And eventually there will be smart contracts that are insured.
      - csorrell 8y ago
        I'm not sure why you're being downvoted. I think this is a very reasonable projection. The technology isn't just going to stagnate, it's going to continue to evolve until it finds a useful place in the world. Having insured financial intermediaries executing smart contracts isn't a far fetched idea to me.
  - CPLX 8y ago
    OK so what are those efficiency gains? Both scenarios require review by well trained specialist experts. You can also similarly “gain efficiency” by signing complex contracts without consulting attorneys. Many people do for smaller scale agreements. Where does the part happen where using computer code is cheaper than using a piece of paper?
    - atomical 8y ago
      > Where does the part happen where using computer code is cheaper than using a piece of paper? That's the case for almost all internet technologies. In the case of smart contracts it allows instant settlement.
- ericdykstra 8y ago
  There may be standardized contracts for certain things, I don't know. If I'm wrong and there are no good use cases for smart contracts, they won't be used. It seems reasonable that they will find a use case, though.
  - CPLX 8y ago
    So why haven't they found a use case yet? Crypto and smart contracts have been around for awhile, and have certainly had enough hype and money thrown at them. So why aren't there any serious uses of these things yet? How long did it take online travel booking, or ordering books from Amazon, to have a clear and growing market once the basic concept had been developed? How long did it take Instagram to get users? How about Stripe? Why do people keep talking about how in the future we "will" do this and that other thing with blockchain, but years go by and we're not doing it? Is it possible that the use case comes first and building out the tech comes second?
    - mbrock 8y ago
      What about MakerDAO?

CPLX 8y ago

Why? It seems like reviewing complex software code to make sure it’s well understood and no edge cases exist is a costly endeavor.

atomical 8y ago
The same could be said for online banking and deposits. There are efficiency gains to be had by taking additional risk.
- carbocation 8y ago
  The FDIC insures deposits up to a limit, whether or not one uses online banking.
  - atomical 8y ago
    And eventually there will be smart contracts that are insured.
    - csorrell 8y ago
      I'm not sure why you're being downvoted. I think this is a very reasonable projection. The technology isn't just going to stagnate, it's going to continue to evolve until it finds a useful place in the world. Having insured financial intermediaries executing smart contracts isn't a far fetched idea to me.
- CPLX 8y ago
  OK so what are those efficiency gains? Both scenarios require review by well trained specialist experts. You can also similarly “gain efficiency” by signing complex contracts without consulting attorneys. Many people do for smaller scale agreements. Where does the part happen where using computer code is cheaper than using a piece of paper?
  - atomical 8y ago
    > Where does the part happen where using computer code is cheaper than using a piece of paper? That's the case for almost all internet technologies. In the case of smart contracts it allows instant settlement.
ericdykstra 8y ago
There may be standardized contracts for certain things, I don't know. If I'm wrong and there are no good use cases for smart contracts, they won't be used. It seems reasonable that they will find a use case, though.
- CPLX 8y ago
  So why haven't they found a use case yet? Crypto and smart contracts have been around for awhile, and have certainly had enough hype and money thrown at them. So why aren't there any serious uses of these things yet? How long did it take online travel booking, or ordering books from Amazon, to have a clear and growing market once the basic concept had been developed? How long did it take Instagram to get users? How about Stripe? Why do people keep talking about how in the future we "will" do this and that other thing with blockchain, but years go by and we're not doing it? Is it possible that the use case comes first and building out the tech comes second?
  - mbrock 8y ago
    What about MakerDAO?