3 ms·

smart contracts are not "literally" contracts in the legal sense, as there isn't precedent of enforceability in enough jurisdictions for any lawyer in their rig

smart contracts are not "literally" contracts in the legal sense, as there isn't precedent of enforceability in enough jurisdictions for any lawyer in their right mind to use a smart contract without an accompanying traditional text contract. this is taught in law schools as best practice and will be with us for at least a decade, almost certainly longer. sure some applications of smart contracts might streamline ops (international logistics comes to mind), but in a legal scope they just make things riskier and more tedious

deleted 4y ago
[deleted]
dmitriid 4y ago
> smart contracts might streamline ops (international logistics comes to mind) "Smart contracts" is just code. In case of crypto this code is running on world's most innefficient VM. Elsewhere its just code and code has been runnig "contracts" for as long as there have been computers. Everytime you buy a ticket inline, there's a "smart contract" running. Everytime you listen to music inline and money get accumulated and paid to artists, there's a "smart contract". etc.
- replygirl 4y ago
  i agree i was just trying to be generous to the believers
- jasmer 4y ago
  The code at Ticketmaster is not a 'smart contract' - I mean it's reasonable to use that as an example to clarify the similarity between TM and 'defi contracts' - however, it truly is 'just code'. There's nothing 'contractual' about it. The 'contracts' and legal implications are signed when you accept terms (a 'contract' between you and TM), and the transfer of money for tickets is regulated by the prevailing regulatory conventions. I think NFT's may eventually become a form of 'ownership by convention' in which case maybe we could apply a general legal principle (i.e. obtaining and NFT is tantamount to accepting some legal terms). But we'll have to see.
  - dmitriid 4y ago
    There's literally nothing contractual in "smart contracts". They enforce nothing. It's just code. Ticketmaster's tickets are actually more of a contract because the ticket you get is actually covered by laws, Ticketmaster provides certain guarantees etc.
nurettin 4y ago
By literally, I obviously meant that the word contract was in their name. I don't mean they are covered by state enforcement. If an NFT falls in the woods and nobody is there to hear, it has not fell.

deleted 4y ago

[deleted]

dmitriid 4y ago

> smart contracts might streamline ops (international logistics comes to mind) "Smart contracts" is just code. In case of crypto this code is running on world's most innefficient VM. Elsewhere its just code and code has been runnig "contracts" for as long as there have been computers. Everytime you buy a ticket inline, there's a "smart contract" running. Everytime you listen to music inline and money get accumulated and paid to artists, there's a "smart contract". etc.

replygirl 4y ago
i agree i was just trying to be generous to the believers
jasmer 4y ago
The code at Ticketmaster is not a 'smart contract' - I mean it's reasonable to use that as an example to clarify the similarity between TM and 'defi contracts' - however, it truly is 'just code'. There's nothing 'contractual' about it. The 'contracts' and legal implications are signed when you accept terms (a 'contract' between you and TM), and the transfer of money for tickets is regulated by the prevailing regulatory conventions. I think NFT's may eventually become a form of 'ownership by convention' in which case maybe we could apply a general legal principle (i.e. obtaining and NFT is tantamount to accepting some legal terms). But we'll have to see.
- dmitriid 4y ago
  There's literally nothing contractual in "smart contracts". They enforce nothing. It's just code. Ticketmaster's tickets are actually more of a contract because the ticket you get is actually covered by laws, Ticketmaster provides certain guarantees etc.

nurettin 4y ago

By literally, I obviously meant that the word contract was in their name. I don't mean they are covered by state enforcement. If an NFT falls in the woods and nobody is there to hear, it has not fell.