1. How does global settlement on a Smartcoin get enforced? For example, how to you forcibly remove the long holding from a users' account? Or would each Smartcoin (or series of Smartcoin) have a unique identifier that would remove its ability to settle at any future date, thereby devaluing its market value?
2. Keys can get lost, accounts abandoned, or users forget or die. The problem is when we have counter-parties on the other side of their positions. Say for example, somebody owns a big % of bitUSD and disappears. The shorts could never fully exit their positions. The best they could do is try to offload their short position to others by bidding a high enough price on bitUSD in the market so another short self-creates a position to meet their bid. Is global settlement intended to deal with this situation, or are there less drastic solutions?
[Edit, actually make that 3 questions...]
3. What is the procedure for shorts agreeing to force a global settlement? Does this present any legal problem of control on the market?