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Reduction of complexity somehow yields mobility and fractionalization of a complex physical asset? Why is this a good thing when you skip all the protection, ne
by what-the-grump 4y ago
Reduction of complexity somehow yields mobility and fractionalization of a complex physical asset? Why is this a good thing when you skip all the protection, nearly 500 years of property law and understanding all so you can digitize something into meaningless bits?
Replace NFT with deed, and what you think we can’t execute the transfer quick enough? No we can but we don’t because, we want to title search, violation search, inspect, appraise, survey the freaking thing you are about to blow your life’s savings on.
There is a reason why people continue to lose millions and billions on NFTs and crypto and why systems to slow and prevent rampant fraud exist.
There is no real technical problem with a real estate transaction that has not been solved. I closed on my house remotely, in 6 weeks, never having met anyone except my broker. 6 weeks were spent doing due diligence inspections.
I have an NFT of the Brooklyn bridge to sell you, cheap, 200 million dollars.
- hnthrow1010 4y agoThe "quiet part" that crypto builders won't say loudly about this is that they aren't trying to solve technical problems with real estate transactions. They're trying to make it so you can have real estate transactions with the authority being based on consensus of an unelected and unaccountable group of programmers/miners/validators running a blockchain, instead of the authority of a local government. The "problem" they have is really political in nature, not technical. At least, I cannot see any other reason why they would care about this when there seems to be even less interest in trying to deploy permissioned blockchains operated by governments.