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You seem knowledgeable so maybe you can help me with this. So you said: > Smart contracts eliminate the intermediary. Whether you are selling for $2 or $2M, it

You seem knowledgeable so maybe you can help me with this. So you said: > Smart contracts eliminate the intermediary. Whether you are selling for $2 or $2M, it's gunna cost the same small fee (and the fee is going to be negligible within a year). Okay, fair enough intermediaries suck. Let's replace them with smart contracts. But what happens if there was a bug in the smart contract? What happens when a situation such as death occurs that wasn't considered when the smart contract was written? Who settles such disputes?

dumbfoundded 5y ago
Governance tokens & DAOs are helping to bridge the human divide. Not everything can be coded, humans have to make judgement decisions sometimes. The smart contract is just the agreed upon structure of cooperation. For cases like escrow over digital goods, it should be perfect in a p2p context without human involvement. It already is for any web3 good like tokens or nfts. Bugs happen but these contracts are often simple and used lots of times. We'll settle on more and more common standards to implement simple transactions.
carlosdp 5y ago
That's entirely fair, but the perspective of those in web3 is that this property exists on a spectrum. The present day incumbent side of that spectrum is that the DNS registrar could decide one day to just take your domain from you, and there's not much you could do about it. Sure, you could sue, but that takes time and meanwhile your business could be ruined. A more concrete example of this is social handles. Earlier this week, there was a story about a girl that had the Instagram handle @metaverse, and Facebook decided to just take it from her with no recourse. Our contention is that shouldn't be possible. But here's the thing: if you prefer to have a centralized entity control your assets just like today, you have the choice to do that! Everyone that has their assets on Coinbase today is making that choice, and that's totally fine. The big innovation is, they can decide at any time to take custody of it themselves if they want, or move it to another centralized holder! Just like you have the choice to leave your money in the bank, or you can withdraw it to cash and keep it in a safe in your house. We're just giving users that same choice for digital assets.
- ShamelessC 5y ago
  > Our contention is that shouldn't be possible. Trust me, this will always be possible, "web3" or not. The proper solution here is maybe something federated like Matrix and definitely has to do with encouraging more people to self-host their own services, possible with "web1" tech. I think it would serve this initiative a lot better if you just completely left the notion of currency, value, and markets _all_ the way out of it. Focus on IPFS, IPNS, federation, BitTorrent, etc. if you want this to succeed. Leave money out of it. Money is invariably going to be loved by the winners and hated by the losers. It also makes it incredibly challenging to trust incumbents as they have everything-to-gain (and potentially alot-to-lose) by shilling that which increases the value of the coin they hold.

dumbfoundded 5y ago

Governance tokens & DAOs are helping to bridge the human divide. Not everything can be coded, humans have to make judgement decisions sometimes. The smart contract is just the agreed upon structure of cooperation. For cases like escrow over digital goods, it should be perfect in a p2p context without human involvement. It already is for any web3 good like tokens or nfts. Bugs happen but these contracts are often simple and used lots of times. We'll settle on more and more common standards to implement simple transactions.

carlosdp 5y ago

That's entirely fair, but the perspective of those in web3 is that this property exists on a spectrum. The present day incumbent side of that spectrum is that the DNS registrar could decide one day to just take your domain from you, and there's not much you could do about it. Sure, you could sue, but that takes time and meanwhile your business could be ruined. A more concrete example of this is social handles. Earlier this week, there was a story about a girl that had the Instagram handle @metaverse, and Facebook decided to just take it from her with no recourse. Our contention is that shouldn't be possible. But here's the thing: if you prefer to have a centralized entity control your assets just like today, you have the choice to do that! Everyone that has their assets on Coinbase today is making that choice, and that's totally fine. The big innovation is, they can decide at any time to take custody of it themselves if they want, or move it to another centralized holder! Just like you have the choice to leave your money in the bank, or you can withdraw it to cash and keep it in a safe in your house. We're just giving users that same choice for digital assets.

ShamelessC 5y ago
> Our contention is that shouldn't be possible. Trust me, this will always be possible, "web3" or not. The proper solution here is maybe something federated like Matrix and definitely has to do with encouraging more people to self-host their own services, possible with "web1" tech. I think it would serve this initiative a lot better if you just completely left the notion of currency, value, and markets _all_ the way out of it. Focus on IPFS, IPNS, federation, BitTorrent, etc. if you want this to succeed. Leave money out of it. Money is invariably going to be loved by the winners and hated by the losers. It also makes it incredibly challenging to trust incumbents as they have everything-to-gain (and potentially alot-to-lose) by shilling that which increases the value of the coin they hold.