Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[barota]

[itod]

As far as the law is concerned, I don't see why a clearly defined contract should not hold in law depending on what the application of it is. But I'm not a lawyer so that's not something that I can even speculate about given how absurd some of the loopholes over there are.

I thought the whole idea of the smart contracts is that they don't care about the law, the justice system can not turn them over. Contracts based on math, Honey badger don't care sort of thing, it either executes on the blockchain or not. What's the point of troubling with it if some judge can invalidate it?

[Vin]

Soon...
Today is BlackFriday and there is (luckily?) no big discount on BTC.
But the day is not over.
Lets hope the best  

[gentlemand]

A love letter written on the blockchain with every address having an amount of mBTC equivalent to the value of pi. The nerd is strong in this one!

It's from Jihan Wu to yours truly. We met at a conference where he signed my Antminer and things went from there.

The fact he did it on the BTC chain shows how much I mean to him.

I don't really have the words right now...

[Torque]

As far as the law is concerned, I don't see why a clearly defined contract should not hold in law depending on what the application of it is. But I'm not a lawyer so that's not something that I can even speculate about given how absurd some of the loopholes over there are.

I thought the whole idea of the smart contracts is that they don't care about the law, the justice system can not turn them over. Contracts based on math, Honey badger don't care sort of thing, it either executes on the blockchain or not. What's the point of troubling with it if some judge can invalidate it?

But..but.. what's the advantage for the participants involved if a breach of contract or dispute is not defensible in court? Why not just spit and shake hands on a gentleman's agreement for that matter?

And anything that has legal precedent (99.99% of contracts) can be challenged in court. Smart contract or no.

[itod]

As far as the law is concerned, I don't see why a clearly defined contract should not hold in law depending on what the application of it is. But I'm not a lawyer so that's not something that I can even speculate about given how absurd some of the loopholes over there are.

I thought the whole idea of the smart contracts is that they don't care about the law, the justice system can not turn them over. Contracts based on math, Honey badger don't care sort of thing, it either executes on the blockchain or not. What's the point of troubling with it if some judge can invalidate it?

But..but.. what's the advantage for the participants involved if a breach of contract or dispute is not defensible in court? Why not just spit and shake hands on a gentleman's agreement for that matter?

And anything that has legal precedent (99.99% of contracts) can be challenged in court. Smart contract or no.

Spit and shake hands as much as you want, brother, but only signature with your private key counts in the end!

[Torque]

Spit and shake hands as much as you want, brother, but only signature with your private key counts in the end!

Nope. Go ask a lawyer. No matter which party ends up with the asset at the center of a smart contract dispute, that said ownership can still be challenged in a court of law. Smart contracts will not alleviate or nullify this.

[itod]

Spit and shake hands as much as you want, brother, but only signature with your private key counts in the end!

Nope. Go ask a lawyer. No matter which party ends up with the asset at the center of a smart contract dispute, that said ownership can still be challenged in a court of law. Smart contracts will not alleviate or nullify this.

Riddle me this: Since you and me never signed which jurisdiction is recognized in case of the dispute, and we may be from different countries, do you really believe jurisdiction of my country has power over you?

[gentlemand]

do you really believe jurisdiction of my country has power over you?

If you're American, yes. Or at least they'll send some bombs over.

[vroom]

do you really believe jurisdiction of my country has power over you?

If you're American, yes. Or at least they'll send some bombs over.

we will nuke the shi^H^H^Hprivate keys out of you

[Torque]

Spit and shake hands as much as you want, brother, but only signature with your private key counts in the end!

Nope. Go ask a lawyer. No matter which party ends up with the asset at the center of a smart contract dispute, that said ownership can still be challenged in a court of law. Smart contracts will not alleviate or nullify this.

Riddle me this: Since you and me never signed which jurisdiction is recognized in case of the dispute, and we may be from different countries, do you really believe jurisdiction of my country has power over you?

Riddle me this: Why or when would I ever go into a smart contract with you, knowing this? Lol

[gentlemand]

At some point next year and for better or worse it's conceivable that 1 Bitcoin Gold may well be 'worth' more than 1 ounce of gold Gold.

How will this make you feel and what will the headlines look like?

[Torque]

At some point next year and for better or worse it's conceivable that 1 Bitcoin Gold may well be 'worth' more than 1 ounce of gold Gold.

How will this make you feel and what will the headlines look like?

Probably the same way that a BCH is worth more than 1 ounce of Gold. Like wtf, what a farce. 

[barota]

Soon...
Today is BlackFriday and there is (luckily?) no big discount on BTC.
But the day is not over.
Lets hope the best  

I mean bitcoin will crash in moon
Bear and dump

[Rosewater Foundation]

At some point next year and for better or worse it's conceivable that 1 Bitcoin Gold may well be 'worth' more than 1 ounce of gold Gold.

How will this make you feel and what will the headlines look like?

Probably the same way that a BCH is worth more than 1 ounce of Gold. Like wtf, what a farce. 

It's the battle of the crazy cartel bosses. Who can pump their fork the highest?

[sirazimuth]

eternal love letter found in a reddit comment, really awesome:

https://blockchain.info/block/0000000000000000016f615859ca5cb88bb3983777df6f9f5ecbd57261cad454

Here's the text:

DayahDover11111111111111112JYRq2 0.00314159 BTC
YourPersona1ity1sUnmatched43YzMv 0.00314159 BTC
Your1nte11igenceJustShines4B7QFA 0.00314159 BTC
YouCanDoThingsFewPeop1eCan1G6NPV 0.00314159 BTC
AndYoureA1waysJustGorgeous2x1SyG 0.00314159 BTC
YouAreRea11yMyEntireWor1d116eypT 0.00314159 BTC
GivingMyLifeMeaningAndFun13pcr5P 0.00314159 BTC
Dayah7Px1kbs5x5cQbQMHtMm9wnUWJYTG 0.00314159 BTC
LoveYou1111111111111111111GPc4r 0.00314159 BTC
Forever11111111111111111113RMwCB

A love letter written on the blockchain with every address having an amount of mBTC equivalent to the value of pi. The nerd is strong in this one!

quite clever actually...
he was going to tattoo her name on his arse cheek
but thought maybe this would achieve the same effect
without repercussions, just in case she decided to bugger off with the milkman...

[fluidjax]

Spit and shake hands as much as you want, brother, but only signature with your private key counts in the end!

Nope. Go ask a lawyer. No matter which party ends up with the asset at the center of a smart contract dispute, that said ownership can still be challenged in a court of law. Smart contracts will not alleviate or nullify this.

Riddle me this: Since you and me never signed which jurisdiction is recognized in case of the dispute, and we may be from different countries, do you really believe jurisdiction of my country has power over you?

Riddle me this: Why or when would I ever go into a smart contract with you, knowing this? Lol

I think that there is a very narrow use case for smart contracts, multi-sigs, ICOs (probably a few more)  but as soon as the contract involves something happening in the real world, you need some oracle to give that information back to the contract.
This then becomes a weak point, a point where the outcome of the contract is not determined by the code, but by an external human entering the data into some system. This really negates the reason for having a smart contract, you may as well use the normal legal system, the rules have been honed over 1000's of years and are very good & fair.

[bitcoinPsycho]

OMG  the 2 hour optimism chart is saying $8500 by Sunday.can't wait

[HairyMaclairy]

Smart contracts are primarily for the financial system.  And the financial system is just starting to create crypto currency denominated financial instruments. JP Morgan issued a 7 day Ethereum denominated bond on the Ethereum blockchain last week.

The challenges Ethereum has are it’s currently too damn expensive to pay miners fees (called gas) to run smart contracts and the blockchain is bloating really fast.  So If the current price rise continues, Ethereum will restricted to high value financial instruments, pushing Ma and Pa onto Qtum or Eos or whatever.  

Here is one contender for a Bitcoin smart contract language, I don’t really know anything about it:  http://www.rsk.co   More info here:  https://www.coindesk.com/opening-testnet-to-public-rsk-announces-3-5m-funding/

I haven’t dug into the detail but isn’t Tether just a smart contract on Bitcoin?

[HairyMaclairy]

OMG  the 2 hour optimism chart is saying $8500 by Sunday.can't wait

Which chart is that?  I don’t know it.