5 ms·

According to the Wikipedia link, bucket shops are illegal gambling. So if what this is doing isn't any different than a bucket shop... I think we'll see the sa

According to the Wikipedia link, bucket shops are illegal gambling. So if what this is doing isn't any different than a bucket shop... I think we'll see the same outcome.

tylersmith 5y ago
Yes I think that's very likely. The closer DeFi gets to traditional markets the more likely enforcement is coming.
- sneak 5y ago
  What are some possible enforcement mechanisms against Ethereum DeFi smart contracts?
  - ohgodplsno 5y ago
    The greater Ethereum community accepts to put restrictions into place, or the US/EU/China puts sanctions on Eth owners and traders. You get to either move to Sealand, or accept restrictions.
    - cinquemb 5y ago
      I'd love to see the DoD/CCP conduct a metadata drone strike agaisnt addresses that were generated for a specific transaction x seconds ago, correlated with some IP addr correlated with some location that ended up being a server running in supply closet on one of their military bases. Esp for chain running evm compatible contracts that are more scalable than ethereum and can have millions of ephemeral validator nodes.
  - deleted 5y ago
    [deleted]
  - as_i_fall 5y ago
    I imagine very few people would be interested in smart contracts if it became a defacto legal standard in the US and Europe that these contracts are unenforceable. Of course this doesn't address contracts being written out of Russia or traditional financial havens, but how valuable is a vehicle which can't be used to move assets into or within the US or Europe? I think the question of enforcement is the wrong one.
    - sneak 5y ago
      Smart contracts are already unenforceable via the existing legal system. It's the blockchain that enforces them, and it will continue to do that regardless of their legal status.
55555 5y ago
Are they illegal everywhere though?
- tim333 5y ago
  The spread betting companies in the UK work very much like bucket shops and are not only legal but tax free. Unlike these blockchain things they are regulated and unlikely to run off with your money.

According to the Wikipedia link, bucket shops are illegal gambling. So if what this is doing isn't any different than a bucket shop... I think we'll see the same outcome.

tylersmith 5y ago

Yes I think that's very likely. The closer DeFi gets to traditional markets the more likely enforcement is coming.

sneak 5y ago
What are some possible enforcement mechanisms against Ethereum DeFi smart contracts?
- ohgodplsno 5y ago
  The greater Ethereum community accepts to put restrictions into place, or the US/EU/China puts sanctions on Eth owners and traders. You get to either move to Sealand, or accept restrictions.
  - cinquemb 5y ago
    I'd love to see the DoD/CCP conduct a metadata drone strike agaisnt addresses that were generated for a specific transaction x seconds ago, correlated with some IP addr correlated with some location that ended up being a server running in supply closet on one of their military bases. Esp for chain running evm compatible contracts that are more scalable than ethereum and can have millions of ephemeral validator nodes.
- deleted 5y ago
  [deleted]
- as_i_fall 5y ago
  I imagine very few people would be interested in smart contracts if it became a defacto legal standard in the US and Europe that these contracts are unenforceable. Of course this doesn't address contracts being written out of Russia or traditional financial havens, but how valuable is a vehicle which can't be used to move assets into or within the US or Europe? I think the question of enforcement is the wrong one.
  - sneak 5y ago
    Smart contracts are already unenforceable via the existing legal system. It's the blockchain that enforces them, and it will continue to do that regardless of their legal status.

55555 5y ago

Are they illegal everywhere though?

tim333 5y ago
The spread betting companies in the UK work very much like bucket shops and are not only legal but tax free. Unlike these blockchain things they are regulated and unlikely to run off with your money.