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A point that most people miss is that the world is slowly being eaten by algorithms. One example would be trading floors being converter from mosh pits to elect
by TrainedMonkey 5y ago
A point that most people miss is that the world is slowly being eaten by algorithms. One example would be trading floors being converter from mosh pits to electronic ledger books. Another example would be slow advent of self driving, sure it's not here yet, but I think we can agree it is possible.
So, is it that much of a stretch to assume that some day a significant fraction of contracts will be more algorithmic? "The best way to predict future is to create it" - unatributed.
- lamontcg 5y agoThe backstop needs to be humans. The rest of the world doesn't want to lose millions due to an exceptional condition in a contract that wasn't apparent on audit. That isn't how the law works, and that's a good thing. When it comes to contract disputes you ultimately wind up before a human with hopefully decades of experience trained by a system with centuries of experience which can deploy some level of nuance. Which is not how geeks think the legal system works. Or if they do understand it works that way they feel that it is flawed. That isn't a flaw, that's a feature. Sometimes it goes wrong. But if you're ever the beneficiary of a judge going "yeah that contract term was always bullshit. you think you're clever, but i wasn't born yesterday. nullified." then you'll appreciate it.