1/ On Real Estate You invest in real estate - the largest and most tangible asset class in the world. You don't believe in any of this NFT mumbo jumbo. What you are just buying a token? The JPG is somewhere else? What are you even buying?
12:41 AM · Oct 26, 2021
2/ I regret to inform you (or, actually, am happy to inform you) that you are just like us. You trade in in paper-based tokens with no intrinsic value whatsoever Your assets are way off-chain. Your "ownership" of land, houses and apartments is a 100% made-up social convention
3/ Wait what? Imagine you are off to buy a house, on a nice piece of land, somewhere in the suburbs. Or a 1BR in NYC. Or a farm in the heartland. Or a ranch in Montana. Maybe the Bitterroot Fishing Cabin (15 acres, 226ETH) livewaterproperties.com/prop…
West Fork Bitterroot Fishing Cabin - Live Water - Montana Real Estate
The West Fork Bitterroot Fishing Cabin sits on 15 beautiful acres with stunning mountain and river views, offering walking access for fishing.livewaterproperties.com
4/ What does it mean to buy that ranch in Montana? What does that process actually entail? Well, most likely you will "wire" money to the seller (Some bits will change in a computer somewhere and you will transfer some social credits / claims on other people's resources)
6/ Then you will take that piece of paper to the "clerk and recorder's" office in the "county" that the property is located. (You had gone there before to confirm that the title was clean, that the seller wasn't lying to you.) Now you are back to give them the piece of paper.
10/ Does that deed automatically build a fence? No Does that deed give you superpowers? No Does that deed keep out people, animals, fish, storms or snow from your property? No Does that deed do anything at all in the physical world where your property is located? Of course not
14/ There are stories, perhaps apocryphal, about how Native Americans signed over land to colonialists because they thought it was laughable that someone could own the plains and the mountains and the streams. It seems hard to imagine today, but let me help you imagine it.
15/ Imagine the vast Pacific Ocean, far out in international waters, and imagine that I assert that 1 acre of that ocean is mine. And, I don't know, I sign a contract with @krybharat saying so and get @6529er to "notarize" it. And I declare myself supreme ruler of that 1 acre.
17/ Something like that must have been the 18th and 19th centuries on the vast American frontier. Endless mountains, forests, plains and rivers and a ragtag bunch of guys on horses riding around declaring "I am the supreme ruler of this mountain" If you were around, you'd laugh
22/ And digital ownership will work the same way, with social convention. The token is the title deed. What that specific token means is all social convention. The one difference is we have less need for guns. At least digitally, we enforce our rights with math, not bullets
23/ If someone trespasses in my house, I might need muscles or a gun to get them out. It would be hard for someone to digitally trespass on my tokens Of course, they might go after the keys IRL, but that is a derivative approach. The digital tokens themselves are quite safe
26/ The breakthrough is to understand that everything else in society is exactly that way too. There is a piece of paper, in a filing cabinet, in some small office in Montana, that we all agree represents the land, trees and water in this picture below. It is weirder tbh.
28/ My view is that existing laws are perfectly sufficient for tokens to represent art. In the event that, for some reason they are not, we can make additional laws. There was a time, for example, when we did not have e-signatures and now we do. It is OK to learn new things.
29/ I can see from the replies that this thread is going to disconcert a lot of people. "but I have rights to my property" Yes ser you do, but where did those come from? The universe itself or because a couple of hundred years in Montana we decided a human can own a stream?
30/ Do the stream and the mountain know that they are owned? Do they care that they are owned? It is just a game among humans - "this is *my* stream and I can fish here and you can't" And we are playing a cryptographic game, I can move Fidenza 313 token and you can't.
31/ People are passionate about property rights and I am glad they are. I suspect society works better with the feeling of "ownership" The goal of project open metaverse is to ensure you have property rights in a digital world too That you are not a serf on someone else's land