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The system of record ownership of stock does seem prone to abuse and mistake, and I can see why Patrick Byrne and others would like to move this into the blockc
by zekevermillion 11y ago
The system of record ownership of stock does seem prone to abuse and mistake, and I can see why Patrick Byrne and others would like to move this into the blockchain. That might open up new avenues of abuse, of course, and I'm not sure those exploits will be any more predictable than the results of this human abstraction.
- huac 11y agoWell, the results are now absolutely predictable now that there is established case law.
- zekevermillion 11y agoI suppose the benefit of a human system is that we can correct errors that we haven't fully anticipated, by using a general rule such as legal precedent. Remote edge cases in a purely machine system would lead to uncorrectable errors, from time to time. I think an ideal system would combine machine rules to avoid dumb-ass mistakes like mislabeling a share cert on transfer, with human systems to overrule unexpected bad results (e.g., transfers that were obviously not intended by the parties, though processed mechanically).