Since BTC is divisible to any limits and any amount of it could be controlling any amount of smart property. Colored coins, Open Assets etc are all just fancy

Since BTC is divisible to any limits and any amount of it could be controlling any amount of smart property. Colored coins, Open Assets etc are all just fancy names. What we are basically doing is declaring that a bitcoin address X is now associated to some asset A, say a car. Whoever holds the private keys to X owns A. If all the money in X goes to Y then Y is the new owner. - Nothing is binding you to hold your declaration or even check if your declaration is valid, but the central lawmakers. Me and you could both be claiming to own the same A, who is to decide? The law. - Only digital assets can have some inbuilt mechanism that ensure that indeed A owns the private keys to X. We already knew we could save messages in a transaction. I think NASDAQ realizes this joke and thus jumped on it, why not, because the dispute resolution is still central authority and not an algorithm with inbuilt monetary punishment.