Code is Law? Not Quite Yet

[eye4bd]

Code is Law? Not Quite Yet

After The DAO experiment failed, a heated policy debate ensued about how to go forward with the development of ethereum's blockchain.

The positions ranged from holding on to the immutability paradigm with "code is law" as the most important rule to follow, to a more human approach of asking ethereum’s miners and developers what measures should be taken.

Only little time, however, was spent on the question what a smart contract is actually capable of performing.....

http://www.coindesk.com/code-is-law-not-quite-yet/

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[European Central Bank]

I think some time pretty soon these guys are gonna discover that law is actually law. and the real law don't give a shit about how nice the code is if the law's being broken.

[BitcoinNational]

code is law

BTC
LTC
XMR

Who else holds these principles ?

[The Sceptical Chymist]

I think some time pretty soon these guys are gonna discover that law is actually law. and the real law don't give a shit about how nice the code is if the law's being broken.

Thank you, I said pretty much the same thing in another thread.   That phrase is just total bullshit.  Law is what governments make, not what coders code.

[bathrobehero]

I think some time pretty soon these guys are gonna discover that law is actually law. and the real law don't give a shit about how nice the code is if the law's being broken.

No single coin that is tied to any country (especially the US) should, and probably won't ever succeed long term - and rightfully so.

You can't have decentralization if a coin is a registered trademark or otherwise tied to a company and therefore depend on that countries laws. In fact, I'd personally go as far as saying that developers of any half decent coin should thrive to be completely anonymous from the beginning and stay that way. Just imagine what would happen if Satoshi would "appear" and we'd know it's him without a doubt...
Knowing the devs introduces politics and preferences to coins which are both unnecessary and opens up attack vectors.


Anyway, to be on topic, I think The DAO being a mistake was one thing (it was clearly an experimental project) but allowing a single smart contract to tie so much of Eth's supply was a terrible idea to begin with. But not as bad as bailing out an experimental project because it opened the floodgates - by which I mean the Eth team could fork again (and will do so eventually) if they don't agree with an ideology or a group of people or even you personally.

Code should be law. If code is not law then what are we doing here?

[European Central Bank]

Code should be law. If code is not law then what are we doing here?

but it never will be, not for serious business. there are laws that are hundreds of years old that might catch out smart contracts and they're not changing any time soon. even if a smart contract platform is fully anonymous and transnational, the people who use it are stuck in various jurisdictions.

now that's not really an issue for casual transactions. if there was a bulletproof solution for my everyday transactions with other people on the internet then i'd certainly find a use for it. but I couldn't do that if I had any type of corporate structure without reverting to regular law.

the smart contract designers should be targeting regular users, not big business.

[Gaugh]

With the top banks in the world and governments making plans to develop their own coin, anonymity is one of the last things on their mind. And the government being what they are, might find a way to enforce their coin on the masses.

[bathrobehero]

With the top banks in the world and governments making plans to develop their own coin, anonymity is one of the last things on their mind. And the government being what they are, might find a way to enforce their coin on the masses.

A single Bitcoin is worth about $570 at the moment. Therefore I'd say Bitcoin is already pretty enforced on their worlds.

Not much would change if banks and governments would have their own silly controlled cryptos. It's not like they could ever cooperate and try to push one coin to rule them all along with cash.
They would all want to have their own, controlled coins to rule over the rest and will fail miserably.

Cryptos can't work in a centralized manner and governments/banks can't work in a decentralized manner.

[eye4bd]

With the top banks in the world and governments making plans to develop their own coin, anonymity is one of the last things on their mind. And the government being what they are, might find a way to enforce their coin on the masses.

Hi
Of course, they will give hard try to achieve mssess, if succeed upon creating any coins! I have no doubt about that.
Even they will force people to accept that centrelized output. I think soon we will able to see that prosses! They will start that system for rewarding themselves. Not for ordinary human beings!

Thanks!

[Minecache]

Code should be law. If code is not law then what are we doing here?

but it never will be, not for serious business. there are laws that are hundreds of years old that might catch out smart contracts and they're not changing any time soon. even if a smart contract platform is fully anonymous and transnational, the people who use it are stuck in various jurisdictions.

now that's not really an issue for casual transactions. if there was a bulletproof solution for my everyday transactions with other people on the internet then i'd certainly find a use for it. but I couldn't do that if I had any type of corporate structure without reverting to regular law.

the smart contract designers should be targeting regular users, not big business.

Anyone who comments in this way has never studied law nor the intelligence to. I make a B2B or B2C contract which you are free to read and agree on or not. That CAN be coded. You are either a banker/lawyer apologist/shill or a complete and utter retard.