"It’s important to note as well that each of the fields in the contract are totally open for customization. You can make the “Agreed upon 3rd party” the lender. Or you can change the collateral amounts based on trust levels. If you feel like there’s an asymmetry of risk, you can up the collateral on either side of the contract before signing. It’s all in your hands."
Like, I get it, I do: the Fed is out of control (ahem, my username) and inflation yada yada. But in no way is this better from a capital efficiency/economic utility/user experience perspective. I’d rather just book a hotel or airbnb where my credit card can play the role of escrow, or judge and jury (or an actual judge and jury if things really go sideways).
The issue with these trolls is that all that history exists publicly on the blockchain
So if someone is a troll you’ll see their transaction history of multiple blown up contracts and you’ll know to stay away
Not everyone is “rational” given the incentives, but you can choose who you play with based on how they’ve treated others
+ Communities can decide who they let into these groups, or boot people who are multiple offenders
So it’s not all anonymous trolls, there’s context around each person that allows you to filter who is a troll
You (assuming you are the author of the service) challenge people to find a flaw in your game theory.
Here it is. The world if full of trolls.
You have a 1000 dollar camera and I want to borrow it. I put up 1100 bucks and you put up your camera and 100 bucks.
If I'm a troll and enjoy making internet people suffer and happen to actually want a camera.
Then I can get yours and for an extra 100 bucks cause you to personally lose your camera and 100 bucks.
Sounds like the dream scheme for affluent trolls to leverage 100 bucks into 1100 of pain.