So why not just use the existing legal system? What benifit does adding Satoshi’s Glorious Blockchain to the mess add? A nice thick layer of hype, speculation and outright fraud?
All code has bugs and unforeseen unhandled corner cases. When code is law, all bugs and unhandled cases become law too. Do you want your law to veer into unhandled territory because your developers didn’t consider some random edge case?
Ergo, smart contracts are a completely broken idea. Sorry.
This application doesn't make the current legal system obsolete! I don't envision anyone using Stochastic to do a multi-million dollar contract at least for the foreseeable future!
We are not doing an ICO, we are not even holding people's Bitcoin we only hold part of the keys to a contract, how can you consider this application a fraud, it's currently free to use. We may add paid features later on but it's free right now.
I agree with you on the topic of code is law can be a bad thing. But it can also have some positive aspects, like removing trusted 3rd parties!
We are using Bitcoin Script, which unlike Solidity (Ethereum's smart contract language) it is very dumb, very strict and limited for the exact reason you stated.
If code is not law, how does it remove 3rd parties? Every “code contract” of any real importance is going to be “exploited” because, again, all code has bugs and unhandled cases. Meaning a contract for anything real will wind up in some kind of human-needing state.
Sorry, smart contacts are pretty worthless. The only real use ethereum has is for creating ICOs, which are all scams. You could argue that ethereum is a world class platform for running scams. How will this be anything different? If the language is bastardized so it is not Turing compete and is thus impossible to build anything complex, what point does it have?
Again, this has nothing to do with the type of smart contracts you are referring to. There's no code on the blockchain involved. The contract in this case is an actual contract, a legal document between two parties.
You should actually click the link. It's a job/contract board where you pay with Bitcoin. The only "smart" part is that you can lock up your funds to show that the money exist but the actual execution is still centralized and backed by the existing legal system you talk about.
Not saying the service is good or bad but your rant is off topic!
I think people are going to find out we dont actually want decentralization on lots of fields.
I love Bitcoin and the concept of decentralized currency, but a decentralized logistics system, media, files, etc... sound like it will run into major issues when disputes happen or changes need to be done.
Not to mention the cost of blockchain is far more expensive than having a centralized database.
Our goal is to make tools and services around Bitcoin that showcase some of it's features. There is more to Bitcoin than just HODL and trading.