The Chinese people are harmed if any end-to-end encrypted communications services are blocked to ensure the government is able to spy on them.
316 karma · joined November 26, 2013
...Which was founded by the very person who developed the smart contract language Solidity. Which goes to show how difficult it is to write 100% bug-free smart contracts.
> And the participants to such a contract have agreed that the execution of that software is the entirety of their transaction.
How would such an agreement be communicated or enforced? The same thing happens with paper contracts: when you sign on the dotted line, it's understood that the contract encompasses the entirety of your transaction. However, there always remains the possibility of appealing to the judicial system later to argue that the contract is void/unenforceable.
I think the crux of your argument with Marco is that he is viewing the "outcome" in a larger scope than you are. You seem to be focusing on the "outcome" as only the output of the smart contract, while the is viewing the "outcome" as the real-world consequences of the entire situation, as embedded in our political and legal systems.
I see what you did there :)
In what sense is there a single price in public markets? There is a constantly-shifting order book full of many different prices, and the price of the last trade changes by the second.
If IPOs were conducted as a multi-item second-price auction, then everyone could indeed pay the same, fair price, more in line with what you described than the public post-IPO market.
I see how the second case (waiting six months to convert USD to CAD) involves currency risk. But I don't understand how the first case involves currency risk. If I converted some USD into 1.3MM CAD today, and then held it for six months before paying my vendor, what currency risk did I incur that is eliminated by the futures contract?
Instead, I could have just bought the 0.79 GBP immediately and then waited 3 months, and then I would have profited even more: 0.79 - 0.7 = 0.09 GBP.
What does the existence of the futures market allow me to do that I can't already do in this scenario?
My point was that in cases where production is cyclical or storage fees are nonzero, it might be difficult/impossible to trade on the spot market, or it might be prohibitively expensive to hold the item yourself. But currencies don't have either of these problems.
I understand why futures markets exist for e.g. oranges (seasonal production cycles) and jet fuel (to avoid storing a years' worth yourself). But currencies are available 24/7/365 and have zero storage cost.
Consider, for example, how you would analyze the situation where the guard says to A, completely unsolicited, "Hey, just so you know, B is still condemned to die."
On the one hand, it seems that the author's exact same analysis could be used in this situation: the guard's policy here might be exactly the same as it was in the original situation (where A asks the guard to name one of the other prisoners). On the other hand, perhaps the guard's policy was to only offer this information to A if A were pardoned. Or maybe the guard would have only said this if C were pardoned. We just don't know, so we can't calculate the probability that A is pardoned.