Re:That which does not kill Bitcoin makes Bitcoin stronger
by pjc50 on Wednesday February 26, 2014 @07:20PM
(#7309334)
What? The conventional system is made of contracts, dispute, and credit. We've been doing it for centuries. It's not fraudproof but in western countries is usually very reliable ("high trust society"). Admittedly it's hard to export, or push into areas where the culture is low-trust.
Re:That which does not kill Bitcoin makes Bitcoin stronger
by GFK_of_xmaspast on Wednesday February 26, 2014 @10:39PM
(#7310251)
A generous interpretation of the GP's contract is the current system is weighted in favor of the larger players.
The existing financial (and legal) system is terrible at enforcing contracts, settling dispute, and establishing credit.
> There's no way cryptography and peer-to-peer consensus protocols will provide verification for goods and services.
Crypto-currency is one of the key pieces needed to build a better system. I strongly believe crypto-contracts are also needed. They give us the instruments to tackle the problems you mentioned. The ethereum white paper (https://github.com/ethereum/wiki/wiki/%5BEnglish%5D-White-Pa...) does a good job at explaining how contract enforcement can be coded into the blockchain.