[greiskul]

It's amazing how quickly code-is-law becomes regular law is law when the code allows all your money to be stolen. And that is the nail in the coffin of this ideology, proponents of blockchain claim one day your house deed will be on the blockchain. What happens when people hack your house away from you then?

[rattlesnakedave]

Code is law. The issuer of tokens backing rwas should be able to figure this out and reissue.

[anamexis]

So, the issuer of tokens is law

[chrisco255]

If the code allowed the issuer such flexible control, then yes. But many tokens have immutable implementations that can no longer be altered after deployment.

[TimJRobinson]

The only people that think code is law are hardcore libertarians / anarchists, which was the majority of crypto in 2011 but obviously isn't now.

The most likely way houses and other real world assets will exist is via a 2/3 multisig on the tokens. The 3 participants being: Government, Management Company, User.

If you lose your keys or get hacked you can go to the government + company responsible for the assets and get them back. If the company screws up the users can work with the government to get their assets back.

The advantage of this over a traditional government database is transfers can be made much more efficient because the government doesn't have to be involved in every transfer, they only step in if things go wrong.