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This is also why I don't believe in "Smart Contracts" and the term "code is law", ultimately people want people to be answerable to people. We have courts speci
by samwillis 5y ago
This is also why I don't believe in "Smart Contracts" and the term "code is law", ultimately people want people to be answerable to people. We have courts specifically to address contract and financial disputes, they are essential and provide a level of insurance over business and financial operations.
With smart contracts you have none of this as well as the risk of a bug or backdoor in the code. No one is going to be auditing all smart contracts. They want to be able to use the legal system to address a problem after the fact if it goes wrong.
Admittedly I am no expert, but those concerns have kept me away from ever considering exploring them.
- lostmsu 5y ago> This is also why I don't believe in "Smart Contracts" and the term "code is law", ultimately people want people to be answerable to people. We have courts specifically to address contract and financial disputes, they are essential and provide a level of insurance over business and financial operations. This is exactly wrong. Some people ultimately want people to be answerable to people. There are plenty of people however, who want to be answerable to code instead. Unlike with other people, you can potentially verify that the code you trust in is neither irrational, nor cruel.