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I mean sovereignty in the sense of actual control. When you put your money in a bank account, you give up control of it to that bank. The money may legally be y

by darawk 6y ago

I mean sovereignty in the sense of actual control. When you put your money in a bank account, you give up control of it to that bank. The money may legally be yours, but they physically possess it, and can keep you from transacting with it whenever they wish. I in fact just had this issue the other day. I have a company, and due to a clerical error with the state its registered in, my company was listed as being "not in good standing", and because of this, Wells Fargo froze my accounts and wouldn't let me transact for two weeks until I got the whole thing cleared up. That could never happen with a crypto wallet, because I have actual sovereignty over my crypto wallets, nobody can freeze them for any reason.

lottin 6y ago
Ok, that's not sovereignty. Sovereignty refers to the highest authority in a territory. Yes, in traditional banking, customers cede control of the money they deposit with the bank to the bank. They do not cede the ownership of that money, which they continue to own. Now, transferring money without making a deposit is possible with any currency, not just BTC. You make it sound like it's a feature of BTC but it's not. It's a feature of the financial industry, whether it provides this particular service.
- darawk 6y ago
  Highest authority means actual physical control. When your money is in a bank, the highest authority is the bank. Not you. This is the literal definition of sovereignty, and it's used in many digital contexts, not just crypto. E.g. 'self-sovereign identity'. This isn't a word usage made up by crypto, it's quite common, and this is its meaning.
  - lottin 6y ago
    Possession and ownership are two very different things. Physical control can be transferred without loss of ownership. This is what happens when somebody rents a car, or when somebody deposits money with a bank. Sovereignty is a concept very specific to political science. It doesn't make a lot of sense to use it in other contexts. You can use it, if you want, but it's usually a sign that the person using it doesn't really know what they're talking about.
    - darawk 6y ago
      Or maybe it's that you don't really know what you're talking about. People have been using the term in this way for quite a while, and it isn't specific to crypto. It also comports just fine with the dictionary definition. So it seems to me that it's you who's definition is idiosyncratic. But the meanings of words are beside the point. Sovereignty in this sense is a property crypto has that other financial assets do not, whatever word you want to use for it.

by darawk 6y ago

lottin 6y ago

Ok, that's not sovereignty. Sovereignty refers to the highest authority in a territory. Yes, in traditional banking, customers cede control of the money they deposit with the bank to the bank. They do not cede the ownership of that money, which they continue to own. Now, transferring money without making a deposit is possible with any currency, not just BTC. You make it sound like it's a feature of BTC but it's not. It's a feature of the financial industry, whether it provides this particular service.

darawk 6y ago
Highest authority means actual physical control. When your money is in a bank, the highest authority is the bank. Not you. This is the literal definition of sovereignty, and it's used in many digital contexts, not just crypto. E.g. 'self-sovereign identity'. This isn't a word usage made up by crypto, it's quite common, and this is its meaning.
- lottin 6y ago
  Possession and ownership are two very different things. Physical control can be transferred without loss of ownership. This is what happens when somebody rents a car, or when somebody deposits money with a bank. Sovereignty is a concept very specific to political science. It doesn't make a lot of sense to use it in other contexts. You can use it, if you want, but it's usually a sign that the person using it doesn't really know what they're talking about.
  - darawk 6y ago
    Or maybe it's that you don't really know what you're talking about. People have been using the term in this way for quite a while, and it isn't specific to crypto. It also comports just fine with the dictionary definition. So it seems to me that it's you who's definition is idiosyncratic. But the meanings of words are beside the point. Sovereignty in this sense is a property crypto has that other financial assets do not, whatever word you want to use for it.