Smart contracts are evil. They are doing a huge prejudice to the blockchain and the crypto.Terms of a relationship in standard contracts are enforced by laws. How about Smart Contracts on a Blockchain?
Hello,Smart contracts are evil. They are doing a huge prejudice to the blockchain and the crypto.
Basically, smart contracts are using the block chain hype, decentralization, peer to peer and security, to offer to anyone who has almost no programming or crypto knowledge, to do exactly the opposite of what the block chain is.
Smart contracts are by definition centralized, the owner can stop, start, mint at will, do an ico, stop it, redo it, and do whatever he wants, the users of the smart contracts are naked, powerless and can lose everything.
So from the start a smart contracts are a blockchain fraud.
The success of the smart contracts is just because it is an easy way to clean money by the mafia. They buy at the ICO, sell at the introduction and they have clean Bitcoins. Easier than any other washing money scheme.
I am sorry to disagree.Once in the blockchain, as it is decentralized, there is no "owner" anymore and the creator cannot change the contract anymore,
The owner cannot change the smart contract, but the smart contract purpose is to issue tokens. Most smart contracts have function to mint, remove tokens. This is complete centralization. You can call the smart contract functions from outside and ask it to block addresses, move money from one address to another, mint more tokens etc... The functionalities of the smart contract are totally centralized.Hello,
I don't know where you read this, but you are completely wrong. Please don't spread this nonsense.
Smartcontract is a great innovation. It is a tamperproof digital agreement that once created none of the parts control. The smartcontract can be audited and registered in the blockchain. Once in the blockchain, as it is decentralized, there is no "owner" anymore and the creator cannot change the contract anymore, as it is already in thousands of computers (i.e. in the blockchain).
It is a great innovation because the smartcontract will be executed as written. You cannot say "I know I owe you 500 thousand dollars, but I won't pay. You can start a lawsuit against me, which will cost you thousands of dollars and take years, or we can arrange a discount now" . This is very common around the world, and smartcontracts will not allow that (funds will be under custody of the smartcontract, which none of the parts control, and there is no third party also).
There is no fraud in it.
ICOs have nothing to do with smartcontract. ICO is just a new funding method, and you can fund whatever you want through it. The problem with ICO are not the smartcontracts (which are sometimes used during the funding phase to send the tokens to whoever paid ETH), but the people involved and scams attempts.
What you are saying is basically that technology is bad because there are scammers out there. Bitcoin is also used by "mafia" to receive funds and wash money. Is it a fraud as well? Pablo Escobar created a fake Taxi Service to wash money, so let's call all taxis a fraud?