> The core concept of ownership (control over a scarce resource) is violated as soon as you start trading a certificate instead of the original item.
That’s entirely how our markets are run. Nearly all stock is owned by a few trusts and what everyone is trading everyday are “certificates” of the original stock certificates.
Even big ticket items like cars or homes, they really aren’t worth anything without a clean title or deed. On the other hand people buy deeds all the time without ever seeing the actual property.
Stock ownership is backed by the legal system. It also has a ledger that must be settled and sent to the government.
Stock ownership gives you dividends and votes, too. You can sue for these things if they aren't given to you.
Cars and homes are things I can physically interacg with.
Digital certificates of digital goods have none of those qualities. If you do get any legal rights when you own them, it's not any different than copyright, which we've already seen is essentially impossible to enforce for digital works.
That’s entirely how our markets are run. Nearly all stock is owned by a few trusts and what everyone is trading everyday are “certificates” of the original stock certificates.
Even big ticket items like cars or homes, they really aren’t worth anything without a clean title or deed. On the other hand people buy deeds all the time without ever seeing the actual property.