4 ms·
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 sov
by 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 agoPossession 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 agoOr 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.