Ethereum contracts are turing complete. The payout function can be contingent on either the buyer or arbitrators releasing the funds. The arbitrators can be determined before hand or rely on an external contract that offers arbitration services. The possibilities are truly endless.
> The payout function can be contingent on either the buyer or arbitrators releasing the funds.
How long is the discovery period? What about "returns"? What if the arbitrator is working with the seller and scams me? When does "I have a big gun and I am not afraid to use it" come into the function?
> The arbitrators can be determined before hand or rely on an external contract that offers arbitration services.
And how much will those services cost? Who vets the arbitrator? What is my recourse if arbitration fails?
> The possibilities are truly endless.
Yes, I agree. This is just built for a place that does not yet exist.
why do people in the ethereum community throw around the phrase "turing complete" with such abandon? can't you just say that you can create smart contracts with contingent on conditions? I don't see what this has to do with a turing machine besides the fact that you can script if-else in a contract?
If the arbitrator hits the "approve payout" (or "deny payout") API endpoint (or however this works), the e-currency gets cyber-delivered (or not) into my VR-wallet or whatever. I mentioned in another comment the headache that reputation systems required would bring.
No reason an arbitration clause couldn't be included in the contract.