Lately, as I think about the future development of the platform, something has been bothering me. Not sure if this has been brought up before, but can anyone explain why should any user ever trust the BitShares platform again if a black swan event were to occur?
It would make the newsrounds everywhere and forever taint the reputation of the platform.
When you consider the business side, it's potentially even worse.. imagine you own a business buying/selling (physical) gold and silver, and accept/receive bitGOLD/bitSILVER for the service, thus registering on the blockchain which of your customers own what... there comes the black swan, and your business is wiped off the ground, you can't tell who owns what any longer, it was all liquidated due to no fault of your own (or your customers)
Or say you run a business operating on the model of a bank.. all your (very non technical) users hold bitUSD, bitEUR, bitWhatever at your crypto-bank, until one day comes the black swan and all of it is wiped away, no warning .. the customers will come for you demanding money, though all of it was lost, again through no fault of either business owner or customer.
If all of the above is correct, then no saver or business owner in their right mind would put their wealth in SmartCoins.
UIAs are hardly any better, if the idea was decentralization and "being your own bank", "not needing third parties".
As a transient thing where the user pays with bitUSD and the merchant takes the bitUSD, it works. But if underneath there is always the lingering and very real uncertainty that due to no fault of your own all of your assets can be insta-liquidated .. then anyone who understands that won't hold any considerable sum in the system.
What did I miss?