On: Stochastic – Create and manage contracts backed by...

[realPubkey]

So the contract is written in plain text an not even mentions who gets paid what and when.

Is this system a joke? Not a single judge could decide based on this.

[r32a_ → realPubkey]

This is an example contract proposal.

Contractors must login to place a bid on this contract with their public key.

Real contracts on the application have very thorough proposals.

This is just a proof of concept.

[grenoire → r32a_]

Wait, is the implication that you are holding the contract's budgeted funds on an account that belongs to you as a 'verification?'

[Klathmon → grenoire]

I'm not affiliated, and I've only taken a cursory glance at it, but it seems like a normal multi-sig escrow service.

It's not an account that "belongs to them", but an account that belongs to multiple people (using multi-sig contracts) so that any single party can't decide to spend it.

The idea being that if you didn't fulfil the contract, you can't take the money and run. If I didn't fulfil the contract, I can't prevent you from taking the money, and if this service goes down, the 2 of us can still decide who gets the money on our own terms without them.

Basically this idea locks away money in an account "owned" by 3 people, and in order to send the money somewhere else, 2 of the 3 need to agree on where it's going.

[Klathmon → realPubkey]

That's like blaming a paper mill because someone wrote something stupid on a piece of paper.

This is a service that lets you write whatever you want as your "contract". Saying the system is a joke because some people write bad contracts is stupid.