When Smart contracts aren't so smart

Hey all

I wrote earlier about an example of a scam ICO. Well, I feel its a scam anyway. However, not really writing to just discuss with you guys about why I think that. I was writing about what happens as we will soon see, practical application extends into tangible life.

The last steemit blog was a very good example. The reason why is its complex nature of contract is in consistent in a manner that benefit to the third party is merely incidental. This happens today in our comfy tangible world, namely in Family Court Systems like when families divorce. Sad deal. To provide an example, Victor and Tina split up they have a daughter Ignis. So when Victor no longer resides in the home the state most likely will come and ask Victor to help make financial contributions to Tina and Ignis since his income is no longer present. Because the state receives federal funds for the arrangement for Victor and Tina, the benefit to Tina (the funds) is merely incidental.

I love block chain technology and know that it IS our future. Fiat will soon die. We, soon will experience inflation. GDP will stagnate. So, if its going to be our future we need to put safeguards in place. We, need to safeguard our rights, freedoms and responsibilities as people into a block chain and we need to control our governance.

Thankfully, there are parties already stepping up to this challenge. If you have twitter, follow @JDsupra , @ Blockchain_Law, are two great pages to support.

Just my thoughts...