/biz/ - Business & Finance

The off chain data problem cannot be solved.
Take at look at this joke: https://www.reddit.com/r/ethtrader/comments/6w5wcn/important_update_mayweathermcgregor_smart_contract/

Ethereum hasn't improved in this aspect for over 3 years. Vitalik continues to bury his head in the sand to work on TPS all while the elephant in the room is that blockchains cannot handle non mathematical consensus.
This has many implications. Any API used for data is also not meant to be used for smart contracts with money on the line. these websites submitting gold value, stock market information, movie prices, train times, etc are not anticipating it. their intern submitting the data doesn't give a fuck.

Then we have the chainlink and Angur mess. endless second layer "solutions" with new coins bloating the network in a never ending spiral. In emergency situations, this can never solve things in a timely manner. it wont work. and AI wont solve it either becase the "truth" is malleable as we have learnt, and turn smart contracts into a philosophical dead end.
Imagine my house burns down, and i have a mortgage smart contract on a financial blockchain. who determines to what degree the damages are? who decides that beyond this point its irreparable? who assesses this damage and comes to an agreement? if it's the risk taker who provided the loan, then wahts the fucking point of the smart contract?

Smart contracts will always need a centralized appeal to authority or government. So the question begs, why not use a database or a private blockchain at best?