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Why do you need consensus at all?

• CryptoPunk 7y ago
  For markets to operate, you need a global consensus on the state of ownership.
  • TeMPOraL 7y ago
    I don't think it'll help with anything except perpetuating the artificial scarcity. The most basic proof of ownership is the fact of having that something, and there being no party claiming that you took it from them. Copying bits is so cheap everyone can get a copy from someone else who volunteered their copy and there's no point in even metering that. There's arguably little sense to have a market for digital data, yet we persist at trying. What you're seeking with blockchain is proof of compliance with a complex and somewhat arbitrary set of regulations.
    • CryptoPunk 7y ago
      Bandwidth and storage are both scarce resources and metering them out so producers are compensated is necessary to enable an economically sufficient quantity of both to be produced. I agree that intellectual property rights might reduce overall efficiency due to the artificial complexity and friction it adds.