Their purpose is untainted. Smart Ks work quite well with or without lawsuits.
"Asking whether smart contracts can be legally binding is like asking whether submarines have gills or blowholes."http://elaineou.com/2016/12/05/can-smart-contracts-be-legally-binding/ …
-
-
-
… for very limited purposes. Traditional Ks have worked quite well for more without code forks.
End of conversation
New conversation -
-
-
The whole point of a "dumb" contract is also…not to go to court. Coders screw up too. Courts can order force to resolve.
-
Traditional Ks are based on suit threat. Courts are local they don't have Godlike abilities to solve most disputes.
-
Smart Ks are based on involun. state change. Consensus makes data it doesn't have Godlike powers to solve most disputes.
-
When you put coins in vending machine that voluntarily causes a state change. Try again.
-
Does the machine execute the state change both sides—customer & vendor—expect? The rules are "set" before coin drops.
-
On public blockchain rules available for all to inspect. (And are generally written no more obscurely than trad K).
- 2 more replies
New conversation -
-
-
Think of law as a reality OS. Smart contracts affecting reality have to run on the OS (which might need some patches).
@NickSzabo4@eiaine -
Wrong. Smart contracts run on machines not in lawyers' brains.
-
Funny, but irrelevant. You can skype a death threat or carve it in stone: law rules interfacing with society.
@NickSzabo4@eiaine
End of conversation
New conversation -
-
-
Then don't call it a contract. Words have meanings, biatches. Also, the smart conracteers are cute in their delusions.
-
It's called a metaphor, and it is very well named. Try learning how to use language.
-
Let's agree to disagree on the "well-named" label. I would have gone for "smart financial instrument"
End of conversation
New conversation -
-
-
but not that coders will correctly express & verify the deal…or that consensus data can reflect all relevant perf and p.
-
Fallible coders & clients plus modeling limits will fail back to the more general legal system. Hence Smart-K=K matters.
-
courts tend to use liq. damages, not 'force' perf. Presumably parties use smart Ks for outcome certainties.
-
Machines & parties will mng money dmgs & collateral far more immediately & w/much better info than courts.
-
A very strong claim!
End of conversation
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.