Re: ★ ZEIT ★ [COMMUNITY & KNIGHTS] [ULTRA LOW INFLATION BEGINS AUG 11th, 2017]
hey 
smart contracts was an example for other coin features.
the statement was : is zeitcoin for payment just like bitcoin ?
i think the answer is still : yes
same problem like bitcoin acceptance only on a higher level.
wouldn't bet it would work worldwide, but thats part of the experiment
yes, for ethereum. no for i.e. lisk with offside chains
without try nobody will know
greets
smart contracts was an example for other coin features.
the statement was : is zeitcoin for payment just like bitcoin ?
i think the answer is still : yes
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Hmm,
These are my personal opinions , others may differ.
Onchain Smart Contracts will fail because of these issues.
1. Have exactly ZERO Legal Status in any Country in the world.
yes, but didn't bitcoin started the same way and even now is not legal in most countries ?These are my personal opinions , others may differ.
Onchain Smart Contracts will fail because of these issues.
1. Have exactly ZERO Legal Status in any Country in the world.
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2. Do not all allow for 3rd Parties to overturn contracts or rewrite contracts on the basis of their individual laws.
Example: Not all Contracts are Valid in all countries or even permitted . Smart Contracts ignore this and hope for a 1 size fits the world contract system, which is why it will fail.
again yes Example: Not all Contracts are Valid in all countries or even permitted . Smart Contracts ignore this and hope for a 1 size fits the world contract system, which is why it will fail.
same problem like bitcoin acceptance only on a higher level.wouldn't bet it would work worldwide, but thats part of the experiment
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3. The Excessive and overly complicated code causes an incredible increase in block size on a monthly basis.
(Their blocksize increases per month is more than ZEIT for a year.)
(Their blocksize increases per month is more than ZEIT for a year.)
yes, for ethereum. no for i.e. lisk with offside chains
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(The First Small Court that rules a person was underage or under duress or just mentally unable will require a hard fork to correct their so called smart contract.)
The way we see the True Future of Smart Contracts is this.
Special Exchanges will pop up and you will store some of your coins with them.
They will provide verifications that the parties are able to accept legally binding contracts and act as 3rd parties to enforce movement of coins to the different parties. A Specific Time period of 30 or 90 days would be included where they hold the funds , where a party that felt slighted could request a government approved court system evaluate their contract. As such the exchange would hold the funds and return it to the designated parties as so ruled by the designated government court system.
Thinking a blockchain can be a smart contract and replace the world's entire legal system is fool hardy,
For such a thing to truly exits, the entire world governments have to turn over contract sovereignty to a individual designing said blockchain, giving up their rights to dispute forever. I believe we will all see hell freeze over before that happens. Wink
maybe u are right, but i thought the same some years ago and failed The way we see the True Future of Smart Contracts is this.
Special Exchanges will pop up and you will store some of your coins with them.
They will provide verifications that the parties are able to accept legally binding contracts and act as 3rd parties to enforce movement of coins to the different parties. A Specific Time period of 30 or 90 days would be included where they hold the funds , where a party that felt slighted could request a government approved court system evaluate their contract. As such the exchange would hold the funds and return it to the designated parties as so ruled by the designated government court system.
Thinking a blockchain can be a smart contract and replace the world's entire legal system is fool hardy,
For such a thing to truly exits, the entire world governments have to turn over contract sovereignty to a individual designing said blockchain, giving up their rights to dispute forever. I believe we will all see hell freeze over before that happens. Wink
without try nobody will know
greets