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In a perfect world, all those problems are solvable with smart contracts, m-of-n transactions, better open-source software and accounting practices, etc. Of co
by lukifer 13y ago
In a perfect world, all those problems are solvable with smart contracts, m-of-n transactions, better open-source software and accounting practices, etc.
Of course, we don't live in the perfect world, and all non-trivial software has bugs. Time will tell if "perfect enough" plumbing is achievable, and whether the Bitcoin experiment is sustainable. I think's a worthwhile gamble, on a micro and macro scale, but no one should get involved with Bitcoin without understanding the risks.
- pjc50 13y agoPeople keep saying smart contracts will help. How does this help "item not delivered" and "item not as described" etc?
- lukifer 13y agoChargebacks can occur through m-of-n transactions. Arbitration becomes a service, with more competition and likely a lower a cost than a credit card's 3%. What's more, it can optionally be eliminated for trusted buyers/sellers (particularly vendors who earn good reputations for returns and customer service). Smart contracts probably make more sense for pure digital transactions that don't involve tangible goods or services.