Video Transcript:
If someone tokenizes their property and they have ownership of their property and then they lose their keys their digital keys not the actual key uh how do they trade and transact their property because in one sense possession is 9/10en of the law and what would be required is some form of modification or adjustment to extract the ownership information out of said private and public key pair and shift it to a new one which in of a sense breaks down the entire premise of having this asset on a blockchain and this is where it comes to Bitcoin bitcoin uniquely uses blockchain a form of timestamping of transactions that it complexifies the cost to add the next block of transactions with a cost of energy you have to brute force find the next block and that creates the pricing system of the money not just the data units of how much everyone has in a block but the actual cost to produce what am I trying to explain well there’s this transcendence aspect that the very valuable thing in of itself is stored in the blockchain whilst every other use case of a blockchain is trying to use blockchain technology as this accounting ledger and ownership structure of physical things because Bitcoin and by extension mining are the only two natively digital things in terms of commodities and everything else is just using blockchain i can’t I can’t explain it because it doesn’t make sense because the actual thing that you want is out of the blockchain as in if I give you a piece of gold uh or say I give you a token that represents a piece of gold and the gold goes in a vault you’re still trusting that someone has the actual gold in the vault and there is no intrinsic connection between the actual gold in the vault the physical thing and the digital asset that references your ownership of that gold they can be separated disconnected and disappeared and so yeah every every problem associated to these massive campaigns and promotions and startups trying to make onchain assets all the assets are in the real world so possession is 9/10en of the law and tokenized real estate the financialization of real estate uh brought us to 2008 so there is a takeaway
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