People who keep touting smart contracts as "simplifying contracts" don't understand that litigating contracts is expensive because of human interpretation, not because someone forgot to write something down and get it notarized
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Almost everything that is supposedly going to get solved with blockchain can be solved with some kind of version control hosted on a central server.
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* except for the drugs, the scams, the tax evasion, and payment-blockade-circumvention. I acknowledge that those are valid use case scenarios for bitcoin
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90% of the people who are dazzled by "crypto" right now absolutely do not understand the core technological premise of any of this shit. It's an interesting innovation with an *extremely limited* ability to actually effect any positive change in the world
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Centralized legal authorities also charge filing fees, recording fees, access fees, etc., and though the amounts are relatively small and I agree with you that centralization in those instances is needed, I can see why some might be drawn to the allure of alternatives
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The crypto exchanges also charge those kinds of fees though, for doing trades between coin types, cashing in/out of fiat currency etc. It’s a fee-for-service biz model very like a centralized authority’s filing, exchange, etc fees.
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bingo
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Heck, forget fees, doing it with blockchain, plus the whole "proof of work" thing, is computationally inefficient. Imagine if a central broker charged you $5, but doing it via blockchain, you had to pay a miner $10 *but* they had to set $9 of that on fire as a side-effect.
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Lower "fee" (in the sense that they only collect $1 net), but *much* more costly and inefficient. At least potentially.
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That is a gross simplification. Governments are far from the only central authorities in our world, although they are a big one, you also have eg. SSS's and PS's.
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The problem with central authorities is generally speaking that they introduce single points of failure, for some things that is an acceptable trade-off, but having eg. an SSS without counterparty risk is actually a pretty huge step forward.
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The problem with smart contracts is they aren't contracts, they are scripts. This has cause a huge misunderstanding with the entire lawyer community.
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An essential part of smart contrat, and even crypto currency, is the link with local laws. Blockchain allows only peer to peer laws to be applied, without any extraterritoriality. no powerful intermediate actor can interfere two willing peers doing transactions.
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False, blockchains can be used to structure pretty much any power distribution you want. Need an intermediary to arbitrate if something goes wrong? Use 2/3 multisig.
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I mean technically speaking you're not terribly wrong, censorship resistance (including against States) is the chief value add. Where you're wrong is philosophically, in thinking that's a bad thing. A sound and politically insulated money will change the world.
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So you would change the world by giving power to organised crime and international corporations who also wish to control the government. Good governments works for the people, and politics is the way we have good government and the services they provide.
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Look into the Ethereum/Ethereum Classic story and the basis behind Cardano, you'll start to understand the implications of blockchain technology as a democratic tech
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democracy is government by by the (city)people so you will need to sort out the taxation system to enable governments to continue to provide for the universal and common good
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I am speaking to the principles of democracy, not specifically the form of government
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Lol bro cool story.
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Thanks for adding to the discussion
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