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Whoever comes up with a way to encode this dynamic in a smart contract(s) could make a killing - or at least raise a lot of money hehe.
by jrvarela56 4y ago
Whoever comes up with a way to encode this dynamic in a smart contract(s) could make a killing - or at least raise a lot of money hehe.
- Gigachad 4y agoThe dynamic is having some trusted 3rd party to manage disputes. Which defeats the point of crypto.
- jrvarela56 4y agoIt's just a useful feature the fiat system has. The bigger point of crypto is that this trust can be parametrized and made transparent in a public ledger with less intermediaries. I see it as getting to feature parity, not as something that undermines trustless-ness - don't throw the baby out with the bathwater.
- Gigachad 4y agoWhat actual value does this provide the buyer or seller? All of these blockchain solutions throw out a lot of buzzwords but after over a decade, I'm still yet to see any kind of benefit being provided.
- searchableguy 4y agoPlenty of escrow services exist to resolve this and there are a few variation of on-chain court for dispute handling such as kleros. The reality is very few people know they can chargeback and most use debt & instant payment option for low ticket high volume transactions. If something was holding crypto from being used to pay for daily essentials, it is not charge back ability.
- guntab-dan 4y agoYep this is true. I work in online escrow. It's basically the original "smart contract", and until we are able to reliably digitize purchase events it's hard to beat. I have friends who talk about smart contracts, not understanding that it's currently very difficult for a computer to recognize events like "buyer has taken possession of merchandise", whereas it's pretty easy for a human.