Re:That which does not kill Bitcoin makes Bitcoin stronger
by pjc50 on Thursday February 27, 2014 @03:22AM
(#7311014)
People keep saying smart contracts will help. How does this help "item not delivered" and "item not as described" etc?
Re:That which does not kill Bitcoin makes Bitcoin stronger
by lukifer on Thursday February 27, 2014 @05:45AM
(#7311461)
Chargebacks can occur through m-of-n transactions. Arbitration becomes a service, with more competition and likely a lower a cost than a credit card's 3%. What's more, it can optionally be eliminated for trusted buyers/sellers (particularly vendors who earn good reputations for returns and customer service).
Smart contracts probably make more sense for pure digital transactions that don't involve tangible goods or services.
Of course, we don't live in the perfect world, and all non-trivial software has bugs. Time will tell if "perfect enough" plumbing is achievable, and whether the Bitcoin experiment is sustainable. I think's a worthwhile gamble, on a micro and macro scale, but no one should get involved with Bitcoin without understanding the risks.