The Tender For Law

Volume 10

May 20, 2015 5:42 PM

Eamonn O Brien

http://www.fastcolabs.com/3035723/app-economy/smart-contracts-could-be-cryptocurrencys-killer-app

Very easy to read and understand article here, explaining what smart contracts are and their unlimited potential... It even gives examples! I love examples!

What Are Smart Contracts? Cryptocurrency's Killer App

fastcolabs.com

By giving computers control over contracts, we can make business more efficient and make the legal system more equitable.

Read Comments

Eamonn O Brien

The article mentions how templates for smart contracts could be developed and sold in a competitive marketplace much like "themeforest" etc...

So, should really make a go at learning to code :p Might come in handy...

Maximus Legis

From the article "Although you got your mortgage through a bank, that bank won't generally hold onto it for the entire 30-year loan; it will be sold to an investor." reference to securitisation of the promissory" just applying logic, apologies if a shit stain .

Maximus Legis

I lend Eamonn O Brien �1 and he signs an IOU for said amount. Eamonn O Brien at some time in the future knocks on my door and pays me back the borrowed �1 . Should Eamonn O Brien ask me for anything in return at this point?

Alan Day

I'm with Michael. I missed the bitcoin train but realised coding will become very important. So I'm attempting to learn Python from here: http://learnpythonthehardway.org/book/

This one seems ok so far. Concepts are sticking for some reason so I'll stick with it

Eamonn O Brien

Back to your question. If you handed me a pound and then I gave it back then I wouldn't feel im owed anything in return... A simple iou would have no ties with the person's trust account... Maybe I am missing your point I dunno?

Maximus Legis

That was the point. As you know the "money" is created by your promise to pay. Effectively you are borrowing from your future self . The fraud is double in the sense of no disclosure that your promise to pay (promissory note) creates the funds and also the note is security without your permission as this is also not disclosed at the outset. I have a fucked up memory so I hope this is not a shit stain but I try not to discuss stuff that hasn't sunk in Scott Duncan may kick my ass on this :-)

Eamonn O Brien

I followed Scott's lesson on the "reclaiming the value" of the note pretty well. I don't plan on borrowing anything myself anytime soon so prob won't put it into practice myself. Was it Will Bed who was in the process of doing it a while ago? Pete Daoust?

Tara Duncan

Re: the issues. If memory serves there were two. The first is hard to describe, but essentially is like showing someone a clock and then asking them to build a watch. There are cases where (to me at least) the foregoing information was insufficient to extrapolate how to complete the requested tasks.

The second involves the site itself. You can't (or at least could not) proceed to the next task until you complete the current one. In the cases where they said you could input any working code, any working code was not always accepted. You could put your code into a code analyzer and it would come up clean. On the site, however, sometimes the module was broken and needed to be restarted, or your code needed to be rewritten until it exactly matched their expectations. When you are trying to learn something, accurate information is key.

Ceit Butler

Also, a warning in advance; programmr.com has very similar issues. It's an interactive site, the same as codecademy, and the lessons are sort of like this:

Lesson 1 - Variables! Create one. Lesson 2 - Strings! Create one. Lesson 3 - Arrays! Create one. Lesson 4 - Write a complex sorting algorithm to find the lowest subset sum within this really long string of integers!