[sebmellen]

Though I’m skeptical of cryptocurrencies as a market, I’m very bullish on the technology long-term for use-cases like this. Having programmable money where every party is able to audit something like a smart contract and see how their deposited money will be treated is huge. We could effectively get rid of pull-model money transfers and instead relegate similar functionality to open smart contract pools.

[mLuby]

Even worse! Now you don't have protection from your credit card company not redress through the courts.

You already have the ability to "audit" the EULA/ToS/PP; it's that link you never click next to the "I agree" button.

The powerful (in money, size, skill, fame, strength, etc.) always try to (ab)use systems to bully the weak. Smart contracts only amplify their ability to do so.

Why would a company, which (reasonably) declines to deploy its limited legal resources negotiating with each user, possibly be interested in deploying its limited engineering resources to negotiate a smart contract with each user—especially when one screw-up can "legally" bankrupt the company? (See The DAO.)

If there can be no negotiation, the options are:

  1. You reject their terms and don't use the service.
  2. You accept their terms and legally use the service.
  3. They accept your terms and you legally use the service. (Usually too risky/costly for them.)
  4. You reject their terms and illegally use the service anyway.

We could legalize option 4, but that is a very bold move—the equivalent of the Chicxulub impact on legal and business practices.