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by arcticbull 2570 days ago
> It has nothing to do with trusting the government, or driving a car. It has to do with transferring ownership information of an asset with intrinsic value between 2 parties, ensuring payment without relying on (possibly expensive) escrow

The government is the entity that recognizes the change of ownership, it's not something you can do without their approval. Your change of ownership is being filed with the government and is available at their discretion - they can choose to block it. Car registration isn't for your benefit. If you require the government's approval you may as well store it in their database. I just saved you a blockchain :)
1 comments
rickycook 2570 days ago
And yet again you've missed the point... So I don't understand how the ownership and transfer of ownership of vehicles works in the US (where, BTW, I do not live, and have no need to understand).

Let me say it again so it's really obvious:

It has to do with transferring ownership information of an asset with intrinsic value.

Stop arguing the specifics of the admittedly flawed example that I came up with between starting to type, and ending typing the sentence.

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arcticbull 2570 days ago
I respect that may have been a poor example, but I think you’re missing my point, which is that the information on the blockchain isn’t relevant if it’s not in sync with state off the blockchain, doubly so when not backed by law.

Ok your car is registered on the blockchain and you fail to pay your bills. Now it belongs to your lender. Well, the blockchain says one thing but the lenders tow truck says another. So what good is it? Blockchain technology does not address this critical component which is the faith that reality reflects the consensus on chain.

The reason the only thing that has any traction at all is cryptocurrency is that the entire concept is encapsulated on chain. The second the chain becomes a record of the real world it falls over because the world won’t change to reflect the blockchain and the blockchain won’t change to reflect the world. Only cryptocurrencies have intrinsic value captured on chain, and I am being generous when I say value.

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