A proplet-enforced distributed legal system can't work w/o a legal tender that's constant-value in space & time for communication between contracts. Constant value means proportional to the system's energy that's available (under contract) to control the matter (under contract).
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How else will disparate contracts in time & space communicate on equivalent power terms to control the proplets? As MEM's controlling mass over a distance, an energy has to be assigned. Issue fiat to dilute the terms of contracts or rely on BTC to inflate power of old contract?
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Regarding Mt Gox hack 5 yrs ago - Japanese law says he gets to keep the BTC and Victims get the Fiat. So Victims get $200 BTC, perp gets $7,500 less $200, per BTC profit. I don’t know how you resolve dispute when the ‘exchange’ is highly unequal, after Time.
End of conversation
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Fascinating thoughts
@NickSzabo4 . Need to re-read few times to get the important nuances. Are there any analogies in biology that you are aware of? Concept of ownership and its enforcement. Wonder since it has been subjected to millions of years of stress tests.Thanks. Twitter will use this to make your timeline better. UndoUndo
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That looks good & addresses my concern, but as written it's not general enough: it should include restriction of trade & currency w/ external systems of law so that it can beat them, like China does. Also needs to restrict monopolies & externalities.
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