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Hey - I get it, I used crypto precisely because I wanted to avoid government regulation when buying black market goods back when the silk road was still a thing
by horsawlarway 4y ago
Hey - I get it, I used crypto precisely because I wanted to avoid government regulation when buying black market goods back when the silk road was still a thing.
But I think you're absolutely bonkers if you think that any crypto today is actually a real solution to your lack of trust.
Here's my take:
You think that by using crypto, you're avoiding trust in governmental and financial institutions - and in some (incredibly limited - aka drug/gun) markets you are, but the exchange that you are making (intentionally or not) is not trivial, and not acceptable for most people most of the time.
What you are giving up is the power of the governmental institutions to enforce any sort of agreement or contract you make using crypto. Not their currency, not their problem. It's now your problem to resolve scams and fraud, and you have to do it using your limited powers.
And to be clear - you have really, REALLY fucking limited powers here. Unless you are so wealthy that those "entities" that you so dislike are mere nuisances dealt with by the law firm you have on retainer, or you can fund your own black-ops team, you're living in lala land if you think you can personally enforce the contracts you make. You can't. You don't have the oomph. Full Fucking Stop.
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So I understand your lack of trust, but hate to break it to ya, bud - crypto is not solving your problem.
Simple example: You hire a contractor to remodel your bathroom, and you pay him in crypto (and we'll ignore for a moment just how laughably absurd the chances of this actually happening are...). You agree to pay 20K for the remodel, with 10K up front. He runs off with your 10k. Now fucking what?
- zaphod12 4y agoin crypto land, you would never do that! You'd set up a smart contract to automatically move money from your wallet to his as milestones are hit in the project! It's beautiful! Maybe they could run off with your $1k upfront, but maybe your smart contract can even get that back if a milestone isn't hit in time. Now all you need is connected oracle that can judge completion percentage of a bathroom and communicate with the blockchain! /s
- zaphar 4y agoNow flip the story and you are the contractor and hit the first milestone. The customer however refuses to acknowledge that milestone and holds on to the funds demanding some extra work not in the original contract. You are out the labor and materials with no payment and no recourse. It's not beautiful for the contractor why would he agree to this with no arbiter between the two of you. And as soon as you introduce an arbiter you are back to someone else enforcing the agreement not the blockchain. The blockchain adds nothing here that a standard court of arbitration doesn't.