> refunds when corporations rip us off?
Easily implemented in various ways. One old scheme is a simple 2-of-3 multisig, where the keys are buyer, seller, and arbitrator. If buyer and seller agree, the arb doesn't have to be involved, otherwise the arb decides where the funds go.
> what about losing 100% of my funds when my key is lost or stolen?
Hence Vitalik's advocacy of social recovery wallets: https://vitalik.ca/general/2021/01/11/recovery.html
> Who enforces splitting of equity when some rich dick beats his wife into submission? The courts don't control any bitcoin keys.
No, but courts have effective ways to make you pay up even when they don't directly control your funds, including putting you in jail for contempt.
> my children would not be able to trade fiat for it
If Bitcoin or whatever isn't available to anyone besides miners, then I don't see why it would have any value at all. Cryptocurrency that succeeds is out in the economy, not locked up in a small group of professionals. There are plenty of cryptocurrencies owned only by a small group of enthusiasts, and they are nearly worthless.
I’m also in the grandparent’s boat and I just want to get another view on this.
Who is the arbiter? Who pays for the arbiter? Do I have to negotiate for an arbiter for every purchase I make? There's a candy store down the street that takes Bitcoin. Am I really supposed to figure out an arbitration scheme just to buy a tub of popcorn?
How do you do it with traditional financial instruments? You probably sign a long-term contract with some agency just as you would if you were signing up for a credit card. Or you could simply not worry about arranging any kind of arbitration for such a low-value purchase, or simply just use fiat currency for those things (there's no reason it can't continue to coexist with cryptocurrencies).
>> If we are not a bitcoin miner, then how will we get the funds to begin with? Right now I can trade fiat for it, but in the future my children would not be able to trade fiat for it (assuming it's as good as you say it is). So, they will become indentured servants to the bitcoin miners.
I don't quite understand the point you are trying to make here? Cash just don't magically appear today either. Why wouldn't they be able to trade fiat for crypto in the future?
With fiat controlled by banks, most liquid assets are frozen during these sorts of disputes for the above reason. A threat of jail in the future also doesn't really help the other person during that timeframe.
Cash does magically appear, actually. It's printed by mints and released via monetary control.
Consider how it'd be easier to catch criminals without the fourth and fifth amendment, but it is thought to be more important that we provide protections against government overreach.
Cash doesn't, but money does. The principal function of central banks is controlling the rate of money creation to ensure that the money supply supports economic activity.
And what about losing 100% of my funds when my key is lost or stolen? All keys are lost/stolen - it doesn't take a rocket degree to have observed that from human behavior.
Who enforces splitting of equity when some rich dick beats his wife into submission? The courts don't control any bitcoin keys.
The problems of bitcoin are proportionately larger than then problems with fiat. The only people saying otherwise are those that are profiting from the opposite perspective.
If we are not a bitcoin miner, then how will we get the funds to begin with? Right now I can trade fiat for it, but in the future my children would not be able to trade fiat for it (assuming it's as good as you say it is). So, they will become indentured servants to the bitcoin miners.