As with so much in the crypto/decentralization cult, this is a mess that, like a religion, heavily relies on belief of unprovable assertions.

Crypto is no less fiat than fiat. So Arthur thinks that he just designs and builds some of the mechanisms that operate in the fiat world and, voila, they work there, too.

Except when something goes wrong.

Let's assume he constructs all that he proposes to. And it works for a while. Then it glitches or even suffers an outage or, worse, unrecoverable failure. What then?

The simple answer is: it ultimately depends on the country/countries and the court systems.

And this is the core flaw of the whole crypto/decentralization cult. Nothing has ever been built that doesn't fail. Or, to the extent something remains in presumed perpetuity, it requires constant change and constant improvement. If one were to apply this to Haye's overall proposal, this would then turn Hayes' himself into a single point of failure and thereby the most centralized of all operations or institutions.

It is downright strange that no one has observed this. Or, this observation is not coursing through the crypto world accompanied by looks of horror or peals of laughter.

Oh well, that just the space.