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I don't think any "people" are claiming it will ALWAYS go your way, and if they are they are wrong. The point is at least you have a shot at some sort of remedi
by specialp 4y ago
I don't think any "people" are claiming it will ALWAYS go your way, and if they are they are wrong. The point is at least you have a shot at some sort of remediation. You can appeal to courts and work it out. Sometimes there can be an error so egregious that you end up losing your money. But in general the intent of a contract is strongly considered with human decisions. Computers have no concept of intent. Yes incompetence is everywhere, but how often does one messed up line lose millions of dollars? Even skilled developers make mistakes. We saw it at the very dawn of smart contracts with the DAO being broken, and Ethereum forking which blew up the "irreversabilty feature", and showed that there is great potential for a contract to be not what was intended.
With crypto if the cryptography is secure you have absolutely zero recourse to get your money back. Ever. One of the selling points of cryptocurrencies and smart contracts is the non reversibility/mutability of them. However it has been shown many times that that causes harm more often then it has benefit. Loads of assets have been stolen/lost/rendered irrecoverable.
In this case ALL parties would agree that it is definitely not was desired when they went into the contract so it would not even have to go to mediation. They could simply write a new contract rendering the other void in the non crypto world.