The recent events on ETH/TheDAO bear a lot of parallels with the proposal discussed here. Of course when I wrote https://steemit.com/bitshares/@cyrano.witness/before-entering-into-a-smart-contract--read-the-fine-print I didn't dream of someone screwing the DAO. However, that's what happened: someone read the "fine print" of the DAO contract, and used it to his advantage.
Today, I read this comment from @cube, which got me thinking:
Yes, "the intent of the parties" is the key.
I agree. Whenever a disagreement about the interpretation of a contract is brought before a court, the court will take a step back and try to find out what the original intent of the parties was when the contract was set up. The precise wording of the contract is relevant only insofar as it sheds some light on that question - which is usually the case, but the truth is bigger than the wording of a contract.
I think in our case here, the intent is quite clear:
SmartCoins are guaranteed to be worth at least their face value
- https://bitshares.org/technology/price-stable-cryptocurrencies/
Even some newer documentation that postdates BSIP-0016, like EstefanTT's writeup or Chronos' first video states that bitassets can be redeemed for their equivalent value in BTS. Which will no longer be true after BSIP-0016 has been accepted. The 1:1 settlement guarantee is the big print, and IMO that's clearly the intent of our BitAssets smart contract.
@cube @datasecuritynode @clayop @Harvey @abit @ebit @bitcrab - please reconsider your vote on 1.10.286.
Thanks.
This is a good time I suppose to explain why @datasecuritynode choose to vote this way.
From what was observed, the Worker through which a polling of the community was taken on this particular change was done, and it was given support.
It's been seen the arguments for and against this and a similar perspective of what has already been expressed regarding social contracts and the intent are shared.
It's believed in this instance that as a Committee member, the vote should go the way the majority of stakeholder voters are choosing to go on this particular matter.
In the end, if it turned out to be a bad decision, it can always be turned around again.
This ability to move and adjust to conditions is what gives the network amazing capacity.
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ON EVERYTHING' it has been floating around in my head how far from a departure the network as a whole has gone from that, and in turn so has a lot of other things as far as the value proposition in Bitshares.
