> trusted party to reconcile the state of the paper with the state of the real world that's called enforcement of the law, that can rely on force, if necessary

> trusted party to reconcile the state of the paper with the state of the real world that's called enforcement of the law, that can rely on force, if necessary. a blockchain has the same value of paper (on paper) but it can be shut down by cutting electricity and, most of all, has no way to enforce what's stored on it. Because no trusted party is willing to make the effort, there is no way a bunch of individuals are going to come together and declare war (to whom?) to make it stick.