Earlier quoted context omitted.
If the company in your example can be contacted to overturn ownership, essentially degenerating the immutability and irreversibility of the ledger to levels comparable of existing solutions, then what is the actual advantage of this not only inefficient, but inefficient by design method of bookkeeping? I find it hard to reconcile "99.9% of transfers very cheap" with the property that at least proof-of-work and proof-…
> If the company in your example can be contacted to overturn ownership, essentially degenerating the immutability and irreversibility of the ledger to levels comparable of existing solutions, then what is the actual advantage of this not only inefficient, but inefficient by design method of bookkeeping? Currently when you buy a house, you have to go through a decent amount of effort both in time and money to essenti…
If you do not trust the authorities of the locality, e.g. the courts, to properly assign ownership and, more importantly, to defend your claim of ownership through further legal action, then how do you trust the blockchain implementation with its share of elected people and override mechanisms to do the same?
> Yes, it's not ideal that someone can override the ownership [...] Yes, allowing ownership overriding isn't ideal, but I don't think allowing a group to override ownership in a transparent way completely negates all benefits [...]
The assertion already is that mutability and reversibility are necessary and desired properties under the assumption that mistakes and mis-assessments happen, whether through human error or technological failure. The question is, what benefit does a blockchain bring over a regular database under this requirement?
> Ethereum will be moving to proof of stake in a year or 2 (> $10B are locked up until this occurs, so I am very confident it will happen).
I know proof-of-work down to the very detail, I have not yet looked at proof-of-stake. If proof-of-stake exists, and does not share the same problem of massive inefficiency (directly or indirectly), then I still think that a classical database solves these problems more easily, but I cease to care what solutions stakeholders choose. Proof-of-work, on the other hand, makes me and everyone else an unwilling participant in this scheme through unnecessary, and growing, consumption of energy and resources.