RE: Grow up Big Brother Bitcoin is Not a Threat!
Its issues like sanctions that will make using smart contracts very complicated in scenarios where you dont know who will be the other parties to the contract. The Office of Foreign Asset Controls publishes the SDN (Specially Designated Nationals) list that no US or western world company (most nations have a similar list with the same people on it) may make any contract with, nor send or receive money.
If you make the contract one-on-one, then thats OK because you can check the credentials of the other party, but in situations where you distribute contracts onto P2P and select many contract partners on other arbitrary factors, this could become a compliance nightmare for any company. For individuals, we probably feel comfortable to cover our tracks and not worry, but companies are going to feel blocked from crypto-contracts for this reason.
Id really like to hear if this kind of compliance issue is going to be covered, the only way I see it right now is if everyone on a smart contract platform goes through KYC/AML. I hope Im wrong and some smart cookies figure it out.
Excellent point! Rumor has it that smart cookies are working on this, in perhaps unexpected ways. Some other interests would hope it only muddies the water to buy more time in hopes of garnering better controls of , what to they, seems a threat if not in their absolute control. The genie is out of the bottle and they know it, and this situation is many things to many different parties and perspectives, but I fear that, for the moment like you, what other option there is other than AML and KYC compliance to minimise reputation damage and risk exposure. Guess we will have to wait and see my crystal ball is cloudy at the moment. :)