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Crypto is so strange. You claim ownership over a string of 1s and 0s. Exclusive rights.

ludamad 6y ago
You don't, though. That's more like IP law, where people really do claim rights over the usage of strings. Crypto is more like allocating a string on some servers with a decentralized process
saganus 6y ago
I don't think cryptocoins are about "claiming" ones and zeroes, but instead having the ability to "use" those ones and zeroes, unlike anybody else. Although ultimately the effect is similar to "claiming" them by virtue of being the only one (as long as you don't share the private key of course) that can operate on those one and zeroes (i.e transfering them to some other address). Unlike, say, copyright, where even if you claim ownership, someone else can also operate on it (e.g. piracy), illegally of course, but still can.
johnhenry 6y ago
Applies to intellectual property in general.
Hydraulix989 6y ago
That's not how it works. It's more like there's this shared network of participants that has strong incentives to consistently agree that you own a numeric measurement of "value" and that you have the agreed-upon ability to elect to transfer portions of this value to other participants in the network (because you _know_ a specific private key and can irrefutably demonstrate that you know it even without disclosing it).
gfxgirl 6y ago
Most of my finances are just strings of 1s and 0s. My company pays me. They don't send pieces of paper to my bank. It happens via 1s and 0s. From there, 80-90% of my expenses get paid automatically (rent, most taxes, electricity, internet, gas, water, trash collection) all via 1s and 0s. And cash is slowly disappearing into 1s and 0s as well via phone payment systems.
tremon 6y ago
Banking is so strange. The bank grants you ownership over some pieces of paper that may not even really exist.
webinvest 6y ago
Not too different from the 1s and 0s in your bank account. I bet you use cash for less than 1% of your transactions. Everything else is 1s and 0s.

You don't, though. That's more like IP law, where people really do claim rights over the usage of strings. Crypto is more like allocating a string on some servers with a decentralized process

saganus 6y ago

I don't think cryptocoins are about "claiming" ones and zeroes, but instead having the ability to "use" those ones and zeroes, unlike anybody else. Although ultimately the effect is similar to "claiming" them by virtue of being the only one (as long as you don't share the private key of course) that can operate on those one and zeroes (i.e transfering them to some other address). Unlike, say, copyright, where even if you claim ownership, someone else can also operate on it (e.g. piracy), illegally of course, but still can.

johnhenry 6y ago

Applies to intellectual property in general.

Hydraulix989 6y ago

That's not how it works. It's more like there's this shared network of participants that has strong incentives to consistently agree that you own a numeric measurement of "value" and that you have the agreed-upon ability to elect to transfer portions of this value to other participants in the network (because you _know_ a specific private key and can irrefutably demonstrate that you know it even without disclosing it).

gfxgirl 6y ago

Most of my finances are just strings of 1s and 0s. My company pays me. They don't send pieces of paper to my bank. It happens via 1s and 0s. From there, 80-90% of my expenses get paid automatically (rent, most taxes, electricity, internet, gas, water, trash collection) all via 1s and 0s. And cash is slowly disappearing into 1s and 0s as well via phone payment systems.

tremon 6y ago

Banking is so strange. The bank grants you ownership over some pieces of paper that may not even really exist.

webinvest 6y ago

Not too different from the 1s and 0s in your bank account. I bet you use cash for less than 1% of your transactions. Everything else is 1s and 0s.