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0 sats \ 3 replies \ @guts 8 Dec \ on: One year later: so why do people ****coin? bitcoin
What's your opinion of colored coins
I think they're dumb.
Owning a certain 'utxo' which grants ownership of some 'property' or meatspace thing... cannot be enforced by a blockchain.
For example. You own a colored coin or 'token' which grants ownership of a piece of property in North Korea. What does that actually mean? Absolutely nothing.
Or... you own a token that 'represents' ownership of something valuable (a car house boat land etc) in a war-torn country. The country politically collapses and you 'flee the country' as a result.
What actual, real-world ownership, rights, and possession does that 'token' grant you then? Zero. Nothing. Absolutely nothing zero zilch
That's why so-called 'real world assets RWA' are stupid because if you 'flee the thing' you supposedly own in meat-space but have the 'token' to show you own it... it is completely worthless.
Cryptographic keys you can take with you. 'Tokens' to represent things don't work that way
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It cannot be enforced by a blockchain but a blockchain is something that is immutable and everyone can verify, which are basically the ideal properties of a contract. Existing contracts on paper also don’t enforce anything by themselves. They are backed by legislation and legislation is enforced by men with guns.
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Ok then... scenario.
The 'men with guns' overthrow the parliament, government, governing body... and civil war breaks out.
You take your 'real world asset' coin that represents land ownership with you on the "last flight out". You land at your destination safe and sound. Do you still have the land?
No. It is in the hands of the new 'men with guns' and there's nothing you can do about it. The 'real world asset' coin is worthless.
On the other hand... your memorize a Bitcoin private key and take it with you on the 'last flight out' of country.
Can the 'men with guns' in the country you just escaped from take your capital, your property, your Bitcoin remotely?
No they can't.
And that's why 'real world assets' and all the 'crypto' assets associated with it are a complete scam pushed by morons. It's all worthless and goes to zero.
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