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Comment by craftyguy | Hacker News Reader

Let this be a lesson against relying on proprietary walled gardens.

This easily happened even for open sourced or unwalled gardens. The effort for recovery could be too large or too technically challenging.

Open source companies could run on a blockchain and one could have a smart contract to release the source code or access to one's proprietary data upon company going out of business..

They could just as easy use a flux compensator to mangle with the time continuum and use the Bermuda triangle as a energy source for their servers.

Let me know when you ICO.

The ICO closed in 1985. Did you miss out?

Not if you have a flux capacitor.

Strap it on to your computer and start downloading blockchains at 88Gbits a second!

Like this? https://en.m.wikipedia.org/wiki/Explosively_pumped_flux_comp...

This wouldn't work. Flux compensator blocksize capacity can't support the throughput of a mangle tangle even with Merkle pruning. That's assuming that the Bermuda triangle would even come close to providing enough energy for your servers.

The Mister Fusion company made a Mister Blockchain companion product and it solves all those problems.

Well, they will have made it in a few decades, but you can preorder it now, and they'll send one back to you before you preordered.

> could run on a blockchain

git is literally a "blockchain", and has been since before "blockchain all the things" was cool.

I honestly have no idea what you are talking about in the rest of your comment.

You know how there is a trend of open businesses? Basically people who open source their metrics?

I think that things have the potential to go even further. A business could open a bank account and have its transactions viewable at any time or its balance queried.

The business could encrypt customer data and then release the customers' keys to the customer if the business's cash balance drops below a key threshold.

Do you even know what going out of business means?

Hint: It's not cut and dry. The Amiga company is still in business. Radio Shack still exists. MySpace isn't dead. GeoCities got killed, it didn't go out of business.

Smart contracts won't help you here. Blockchains won't help you here. This is a complex legal problem and you're suggesting it's easy, that the Magic of Blockchains will solve it.

Whatever man.

One could precisely define solvency conditions. "If cash minus liabilities exceeds $1million, perform_unwind_operation()" _Obviously_ these conditions could entail more complex business logic

Obviously this idea is getting HNmocked and I'm not going to be able to talk my way out of it, and yes I realize that ideas of property ownership and managing contract disputes are one of the cornerstone of the justice system and society itself.

In that way I am somewhat of a crypto radicalist and I'm talking my book as I do have a long crypto position.

That definition would make a lot of healthy companies arbitrarily bankrupt. Not many companies keep their assets in cash.

Plus this also presumes that people report faithfully, accurately, and that zero mistakes are made.

The biggest problem with immutable ledgers and smart contracts is simple: Shit happens.

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