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The contract pays a physical asset custodian for storage, property taxes or whatever other costs. So blockchain specifically provides a financial incentive for

by nailer 3y ago

The contract pays a physical asset custodian for storage, property taxes or whatever other costs. So blockchain specifically provides a financial incentive for a custodian. Eyeballs thing is true, but hasn’t stopped cryptography being effective in other areas for example, Netflix, Disney+, Hulu, Apple TV etc seem to be doing well despite the electrons reaching my eyeballs unencrypted. The same applies to collectible images, videos and code.

XorNot 3y ago
> The contract pays a physical asset custodian for storage, property taxes or whatever other costs. So blockchain specifically provides a financial incentive for a custodian. How does a smart contract ensure the custodian is doing any of the things it assumes they are? What is the actual mechanism meant to be, that resists someone inputting "yes I definitely have this car here" when they do not?
- nailer 3y ago
  This is correct, blockchain does not stop Fraud. I don’t think anyone is asserting that it does.
  - XorNot 3y ago
    So then what value is the smart contract bringing to the situation?
    - nailer 3y ago
      There are many situations mentioned, but the same value proof of digital ownership brings elsewhere. Happy to answer for a more specific case if you want to provide one.
      - XorNot 3y ago
        You haven't mentioned any situations. You haven't described what a smart contract is doing more usefully then a regular legal contract, of the type you would need to have to prevent fraud against your smart contract for the status of goods.
        nailer 3y ago
        Yes I have. There are six mentioned here. I’m happy to go into detail on one of them if you like. Just tell me which. https://news.ycombinator.com/item?id=35970568 https://news.ycombinator.com/item?id=35970568 Current generation L1s don’t use the term smart contract anymore because they have almost no resemblance to actual contracts. Rather they are on chain financial programs. I definitely make no attempt to compare on chain programs to legal contracts. I have repeatedly stated that software cannot prevent fraud.
        XorNot 3y ago
        You have repeatedly failed to explain what a smart contract is going to be doing that is providing any value in any of those situations, since as you say, "software cannot prevent fraud". Since trust in legal power prevents fraud, which is what a conventional contract represents, why would I need a smart contract at all to deal with any of those circumstances? Specifically, what value is Blockchain providing that is not provided by a simple database run by the trusted party who would be necessary to execute any part of the actual physical interactions where all the value is provided?
        nailer 3y ago
        > You have repeatedly failed to explain what a smart contract is going to be doing that is providing any value in any of those situations Completely agreed, I have not done that. As I’ve mentioned repeatedly, I just want you to pick one of the six use cases so I can answer your questions. I’m going to respectfully end this conversation as I’ve tried to engage you in good faith and you’re not going to tell me what you want or simply don’t understand what I am asking.

by nailer 3y ago

XorNot 3y ago

> The contract pays a physical asset custodian for storage, property taxes or whatever other costs. So blockchain specifically provides a financial incentive for a custodian. How does a smart contract ensure the custodian is doing any of the things it assumes they are? What is the actual mechanism meant to be, that resists someone inputting "yes I definitely have this car here" when they do not?

nailer 3y ago
This is correct, blockchain does not stop Fraud. I don’t think anyone is asserting that it does.
- XorNot 3y ago
  So then what value is the smart contract bringing to the situation?
  - nailer 3y ago
    There are many situations mentioned, but the same value proof of digital ownership brings elsewhere. Happy to answer for a more specific case if you want to provide one.
    - XorNot 3y ago
      You haven't mentioned any situations. You haven't described what a smart contract is doing more usefully then a regular legal contract, of the type you would need to have to prevent fraud against your smart contract for the status of goods.
      - nailer 3y ago
        Yes I have. There are six mentioned here. I’m happy to go into detail on one of them if you like. Just tell me which. https://news.ycombinator.com/item?id=35970568 https://news.ycombinator.com/item?id=35970568 Current generation L1s don’t use the term smart contract anymore because they have almost no resemblance to actual contracts. Rather they are on chain financial programs. I definitely make no attempt to compare on chain programs to legal contracts. I have repeatedly stated that software cannot prevent fraud.
        XorNot 3y ago
        You have repeatedly failed to explain what a smart contract is going to be doing that is providing any value in any of those situations, since as you say, "software cannot prevent fraud". Since trust in legal power prevents fraud, which is what a conventional contract represents, why would I need a smart contract at all to deal with any of those circumstances? Specifically, what value is Blockchain providing that is not provided by a simple database run by the trusted party who would be necessary to execute any part of the actual physical interactions where all the value is provided?
        nailer 3y ago
        > You have repeatedly failed to explain what a smart contract is going to be doing that is providing any value in any of those situations Completely agreed, I have not done that. As I’ve mentioned repeatedly, I just want you to pick one of the six use cases so I can answer your questions. I’m going to respectfully end this conversation as I’ve tried to engage you in good faith and you’re not going to tell me what you want or simply don’t understand what I am asking.