Is Ethereum part of the fishy coins the author is describing?
I think he is implying they could do better as the founders and stewards of these systems. But I don't think he is directly calling them out.
Ray Dillinger: If I'd Known What We Were Starting
91–92 of 92 posts
Re: Ray Dillinger: If I'd Known What We Were Starting
#92Earlier quoted context omitted.
I agree with blockchains that represent something equivalent to money, which would include bitcoins. The problem is using blockchains to represent shares in a company (for example). Ownership of a company can't be "lost", or "unpaid". Legally, someone owns each share of a company, and a court can declare ownership is moved. At that point, your blockchain doesn't represent reality any more (as declared by a court) and…
That's definitely an interesting distinction. In that case, I would expect there to be consensus among shareholders to follow the court's order. That could be enough to force the transaction if the chain is unique to the company in question. However, it would pose issues if the shares are riding on a broader chain outside of their control, like Ethereum. Even if the chain was unique to the company, you could still ha…
You can drive it into a lake, but that counts as theft, the same as if you stole someone else's car.
When it comes to things like houses, a court certainly can declare ownership is changed, there is no option for you to refuse, or have to do anything.