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That said, if your dApp/persistent script doesn't control assets or, short of invoking traditional law, incentivize performance, it's not a smart contract and you should call it something else.
Worrying about whether a smart contract is "legally enforceable" reflects a profound misunderstanding. The main relation of smart Ks to traditional courts is that smart Ks control burden of lawsuit. If "possession is 90% of the law", then a good smart K may be "99% of the law".
It shows a profound misunderstanding of what? Also not clear how Rothbardian property law/theory analogies to “9/10ths” presumptions in property disputes are apposite here? Please explain/clarify.
I think his meaning is quite clear: Since smart contracts automatically execute, the liability of legal non-enforceability is overbalanced by their inherent avoidance the legal system to as high a degree as possible.
Indeed, there are many contexts e.g. cross-border financial deals between individuals, in which the costs of legal recourse are usually prohibitive -- the burden of lawsuit outweighs the ex ante (and often even ex-post) benefit of its use to incentivize performance.
Very true. Not to mention the biggest 'transaction cost' of all--which is that when two parties sufficiently distrust one or more of the applicable legal systems, the 'transaction' simply might never occur at all. Trust-minned escrows could seal deals that otherwise wouldn't go.
Indeed, cross-border financial transactions between nearly all individuals are extremely rare, but have IMHO vast potential if their performance could be efficiently incentivized.
The question isn’t whether there’s vast potential. The question is whether “smart contract” & “smart property” terminology are the best tactical/strategic choices for global scaling.
Agreed, a quality smart contract is created with self enforcement. The whole point is the elimination of the 3rd party.
You meant "Contract" as in https://en.wikipedia.org/wiki/Design_by_contract … anyway, didn't you? 
No. (That's another and different metaphorical use of the term "contract", one much further removed from the original meaning than the metaphor in "smart contract").
Ultimately the final tie breaker is a duelpic.twitter.com/hlJm62SwT0
the smartest contract of all
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