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A comment on Did I just lose half a million dollars?. Parent comment

Re:Did I just lose half a million dollars? by Scarblac on Sunday January 30, 2022 @04:23AM (#30135307)
Non-smart contracts also have something like the two sides having an understanding of what the spirit of what they agreed was, and they can be discussed in court and interpreted by a judge when all else fails. So not absolutely everything has to be spelled out all the time.

Smart contracts are code and there is no fallback mechanism in case of mistakes.

They probably have to be way more complicated than non-smart contracts?

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Re:Did I just lose half a million dollars? by shkkmo on Sunday January 30, 2022 @09:10AM (#30137323)
"Smart Contracts" are neither "smart" nor "contracts"... so it really is a poor term.
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Re:Did I just lose half a million dollars? by lottin on Sunday January 30, 2022 @10:31AM (#30137979)
"Dumb procedures" is more descriptive IMO.
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Re:Did I just lose half a million dollars? by SilasX on Sunday January 30, 2022 @12:08PM (#30138868)
>Smart contracts are code and there is no fallback mechanism in case of mistakes.

Well, there is, but it's hard to pull off -- you can get the entire network to hard-fork to reverse it, like in the DAO hack response.

https://www.cryptocompare.com/coins/guides/the-dao-the-hack-...

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Re:Did I just lose half a million dollars? by Earw0rm on Sunday January 30, 2022 @06:13AM (#30135931)
This works because of legal precedent.

The equivalent in code is pre-existing libraries, and miles of them. But the law has highly developed ways of ridding itself of cruft and tech debt over time, in a way that lib dependencies really don't.

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Re:Did I just lose half a million dollars? by shkkmo on Sunday January 30, 2022 @09:15AM (#30137365)
Legal precedent is a method for defining laws, not a requirement of a legal system. It is absolutely not essential to solve issues of incomplete, ambiguous, or invalid contracts.

The key factor is: human judgment

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