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0 pointslottin4y ago0 comments

The counter-party to both the borrower and the lender is a dumb contract. A dumb contract is not a legal person, and therefore it cannot initiate legal action, nor legal action can be initiated against it. Furthermore, there's no legal agreement between the dumb contract and its counter-parties, since, again, a dumb contract doesn't have a legal personality which is required to enter into legally-binding agreements.

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kkjjkgjjgg4y ago· 2 in thread

Depends on the service, but I would think (ianal) if somebody publishes a smart contract and says "you can buy my house via this smart contract", then that person is the counter party, not the smart contract.

Of course you can burn your crypto and send it so some random contract. You can also take traditional money, go to the woods and burn it.

lottinOP4y ago

If the borrower and the lender sign a loan agreement with an intermediary, or among themselves, then sure, but this is conventional finance, not decentralised finance. In this situation the dumb contract becomes redundant. It doesn't do anything.

kkjjkgjjgg4y ago

In the case of real estate, it replaces the solicitor. And it facilitates the money transfer, so it also replaces the bank.

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