| >isn't really about lacking a trusted-party It's also about minimizing amount of trust to that party. Only thing bitcoin miners are trusted, is determination of correct chronological order of transactions. >smart-contract approach Yes, and smart contract will just determine whenever transaction was made under threat of violence! >end up including a system of checks-and-balances, appeals, manners of collecting evidence So regular banking, under other name. Also 'collecting evidence' is pretty much incompatible with anonymity, which is cryptocurrency distinguishing feature. >trust is decentralized How is that even supposed to work? Do you expect that every chargeback will be investigated by every mining pool? Or they will have some authority to do it (again, no difference with regular banking) >most folks Most folks are ok with current banking system. Cryptocurrency is a niche product, having completely different trade-offs. |