Why do we need contracts?..
If no law then " CONTRACTS" are worthless < FACT you can put all the spin on any contract smart or not
if no law then no point in a contract..
Do you know a contract even on paper is to help the law
Now you can put rules in code so both parties hopefully agree but still at the end of the day you need the law for a contact smart or not< FACT..
Ok lets give you some problems like this ..
I build you a home i put it in the smart contract to build you a home I build you your home everything is fine you pay me for your lovely home at a cost of 1 million 1 year later things start to fall apart
who do i see to get my monies back ?< THE LAW because if no law your contract is WORTHLESS..
Another problem ..A signed CONTRACT even if it was a SMART CONTRACT how will it of solved the problem without the LAW ?? ..
The story of the fake bomb detectors - BBC News - BBC.com
https://www.bbc.co.uk/news/uk-294598963 Oct 2014 - The sentencing of a British couple for making fake bomb detectors marks the ... The fake "detectors" - sold with spurious but scientific-sounding claims ... After the FBI declared it a fraud in 1996, a British man ..
REMEMBER the person got paid out because everything was all good ONLY TILL LATER ON .
I was happy he was happy only till later on was i not happy but the smart contract payed him out
so who do i see now
..THE LAW<
CONTRACT smart or not NEEDS THE LAW
..
You can set rules in code that people have to abide by BUT still if it's a "CONTRACT" you need the law to enforce it..
Things can happen WAY WAY LATER even though you both thought at the time everything was all good..
Now you NEED THE LAW
..
Yes smart contracts HELP THE LAW ..Save monies on time money is time..
Lawyers per hour cost a few pennies..
BUT still CONTRACTS need the law to enforce them FACT..
Mintpal Scam Artist Ryan Kennedy Charged With Fraud and Money ...
https://themerkle.com › News › Crypto
5 Jul 2017 - Most cryptocurrency enthusiasts remember the Mintpal exchange. ... Kennedy's stolen Bitcoins were worth over 1 million GBP, and propped up ..
THEN SYSCOIN WENT TO A CENTRAL BODY THE LAW and cried like little girls
..
So much for decentralised
YES WHEN THE DEVS SAY SO
..
If no law your contract is WORTHLESS it's not a contract because who enforces it if 1 or both don't agree..
I don't agree i want the police if no law then who do i get?..
All CONTRACTS is to help the LAW < Fact for judges to judge your signed agreement save time..
TIME IS MONEY..