Smart contracts disregard applicable law


Business conditions evolve daily. Unforeseen cases will always arise which were not previewed when designing any smart contract. Assuming that no human intervention will solve recurring complexities, is doomed to fail.

Recent months are cluttered with scammed consumers who refuse to forfeit their rights to have applicable law enforced. No anonymous platform owner should remain delinquent through the excuse of executed smart contracts.

Legal system since the Roman Empire has been built upon sucession of rights earned by advocates. Victims of fraud have the right to sue, expecting reimbursement for wasted time and money. No technology is above the law.

Traditional finance supplies various mechanisms for reverting fraudulent transactions. Decentralized finance thrives on glorified, unpunished hacking. World's governments must urgently stop fashionable money laundering.

Businesses using bitcoin as unit of account have recently increased pricing of goods and services. Continued depreciation of bitcoin and other cryptocurrencies leads to inflation, just as in fiat currencies. Myths are being demolished.

If Federal Reserve hikes interest rates long enough, savings rewards offered by banking system to depositors may increase. Staking would face formidable competition. Central Bank stablecoins will upgrade trustworthy legacy finances.

Rubén Rivero

Caracas, Venezuela

Fotografía Johan León - 40 Grados Bajo el Sol