Thus another of my ideas, proplets: http://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literature/LOTwinterschool2006/szabo.best.vwh.net/proplets.html …https://twitter.com/zawy3/status/1024941475140907009 …
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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.
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Aside from the "legal" aspect, I am curious to hear your response to this.l outside of BS. The later example of Mt. Gox seems like a good foundation for the statement of why some stable-esque value would be needed.
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Mt Gox ex. is esoteric. Imagine stores trying to price their goods in it. Supply, production, or salary contracts? No way. BTC will remain as esoteric as Gold unless it can form a basis for constant value via something like "Vitalik's" bounded estimatorshttps://blog.ethereum.org/2014/11/11/search-stable-cryptocurrency/ …
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Hadn't read this one. Looking forward to seeing if there is anything in here to refine my work with
@DigitalReserve . The bounded estimator seems very similar to how we use uncollaterallized debt and its interest to feed back into the monetary policy
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This shows smart contracts & proplets need something drastically different from or in addition to BTC. Your response of disbelief without argument is indicative that I'm correct. BTC is merely digital gold. Contracts require a known, consistent value to communicate w/o an oracle
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Constant quantity is not constant value in an expanding economy of contracts.
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