4 ms·
Enforcement is only as good as the records available to ascertain the facts. Imagine installment sales where the original seller transfers their right to colle
by digitaltrees 4y ago
Enforcement is only as good as the records available to ascertain the facts.
Imagine installment sales where the original seller transfers their right to collect the remaining balance to two separate companies. How does the original buyer have any confidence that their payments will be applied correctly if they are reliant on and beholden to shoddy records of the seller or some third party?
- pr0zac 4y agoI mean if this were such a big problem with our current system I feel like there would be a lot more financial issues occurring. Counterpoint to that being maybe there actually are already, see the 2008 collapse for instance which happened in part from mismanagement like your example. More importantly though I don’t feel like blockchain prevents shoddiness and human error from causing problems, it just changes the methods available and how they manifest. Badly written contracts, mistyped addresses, and misplaced keys have lost people tons of coins. And the lack of reversibility and centralization makes cleaning up mistakes significantly more difficult. What happens to the buyer when the original seller writes a broken contract to transfer the recipient for the remaining balance that results in the payments being completely irretrievable?