> the government would just say that old token was no longer authoritative and that some new token is... which is no different from how a standard title or deed

> the government would just say that old token was no longer authoritative and that some new token is... which is no different from how a standard title or deed also can't be blindly trusted So why do we need blockchain in the first place? Just upload a digitally-signed file to a conventional file repository. In the end, you're trusting a third party, centralized peer, not the chain, to hold the de facto truth. > And yet, forging your sheets of paper or invalid transfer signatures on the real sheet of paper (how classic titles and deeds work, as in when I signed over ownership of a car once) is way easier than forging this blockchain record You don't need blockchain to have a better replacement than paper. Digital signatures in a centralized repository can do it faster, cheaper and with reversibility as a feature.