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Don't make it a small premium then, or make yourself the beneficiary, you're in control of the terms, the other party can choose to accept them or not. "It’s i
by InsomniacL 5y ago
Don't make it a small premium then, or make yourself the beneficiary, you're in control of the terms, the other party can choose to accept them or not.
"It’s important to note as well that each of the fields in the contract are totally open for customization. You can make the “Agreed upon 3rd party” the lender. Or you can change the collateral amounts based on trust levels. If you feel like there’s an asymmetry of risk, you can up the collateral on either side of the contract before signing. It’s all in your hands."
- qeternity 5y agoSometimes I read things from crypto maxis and wonder if they’ve ever read what history was like when there was no trust (and thus no credit) and everything operated in manners such as the above. Like, I get it, I do: the Fed is out of control (ahem, my username) and inflation yada yada. But in no way is this better from a capital efficiency/economic utility/user experience perspective. I’d rather just book a hotel or airbnb where my credit card can play the role of escrow, or judge and jury (or an actual judge and jury if things really go sideways).
- kristjansson 5y agoI'd suppose the maxis would argue that services would spring up to take a small fee, post the collateral, negotiate fair resolution to disputes, etc ... but then they're halfway to reinventing rental agencies, insurance and credit cards and all that with sprinkling of operational and exchange rate risk thrown on top.
- qeternity 5y agoWould you be surprised that there is a “justice as a service” startup that is reinventing the court system on blockchain?