1/ Successful Internet companies can usually be characterized by the phases of a deal (economist’s “contract”) they improve the most
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7/ Yelp + ratings on aforementioned sites: post-performance review & incentivization + buyers search for next sellers.
8/ In total, trillions of $ of value have been created by using internet to improve the way people make and perform deals with each other.
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9/ Smart contracts: intentionally apply tech to enable more kinds of deals between more far-flung & differently lawed & cultured people
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Will the legal community allow smart contracts on someone else's terms? https://www.thehutchreport.com/blog-post/2017/6/20/blockchain-smart-contracts-what-happens-if-they-are-not-honored …
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If a court has jurisdiction over the parties—at least in the US—a court will exercise authority and analyze the “deal.” /1
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What if the parties are individuals or small businesses in Guatemala dealing with same in Canada? Or in Albania with same in Zimbabwe?
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It becomes a jurisdiction question and a question of whether a party can enforce a judgement.
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For example, if there is a mistake in the agreement, the Canadian party could attempt to hail the Guatemalan party into Canadian court.
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You've just consumed many times the value of the deal in legal fees. With smart contracts a vast network of such deals will become possible.
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Have 'trillions of $ of value' been 'created', or is it just simply a more efficient system of transferring money.
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Value creation involves all phases of deals (not just performance) and many kinds of performance (not just payments).
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Lost me on that one, Nick
Think it's the term 'creation' I have trouble with. Has that value not just been diverted from elsewhere? -
No. They've improved the productivity of making deals & made possible deals heretofore infeasible. Not a zero-sum game.
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Accept that, but unsure that 'trillions of dollars' have been created that, under the previous system, would have simply not existed.
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Now this (#8) is pure wisdom Nick
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Also how many deals/jobs have been lost due to the Internet? No such thing as a free lunch
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How many deals/jobs have been created due to the internet? Buying and selling software and digital assets > physical assets. More space.
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More space?
End of conversation
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And the consumer/user has obtained what % of all these trillions?
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