Re:Smart contracts on Bitcoin
by StavrosK on Thursday January 14, 2021 @04:27PM
(#25782841)
I mean, no? There are two cryptocurrencies, ETH and ETC, and apparently most people think it's fine to revert a transaction for the reason ETH reverted it. The only problem is that people posit "but it's a problem when transactions are reverted, and, look, ETH reverts transactions!", which assumes the problem even though the assumption doesn't really seem to hold.
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>The only problem is that people posit "but it's a problem when transactions are reverted, and, look, ETH reverts transactions!", which assumes the problem even though the assumption doesn't really seem to hold.
But if all we cared about is the "right" thing to be done at the end, why bother with smart contracts? Why not use the courts?
I'm not the right person to ask, as I don't believe that there's a way to somehow make software bug-free enough to deal with huge amounts of money for an indefinite amount of time. However, it seems that enough people think that "do the right thing automatically unless someone steals millions, in which case revert it" is a good compromise.