Should We Put Car Titles and Property Deeds on Bitcoin?

𝐋𝐄𝐀𝐑𝐍 𝐓𝐎 𝐁𝐔𝐘 𝐀𝐍𝐎𝐍𝐘𝐌𝐎𝐔𝐒 𝐁𝐈𝐓𝐂𝐎𝐈𝐍➜➜➜
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In this video, I discuss the advantages and disadvantages of embedding legal documents like car titles or property deeds on the Bitcoin blockchain.

Here are the advantages to putting legal documents on the Bitcoin blockchain:

1) The blockchain is immutable and cannot be censored.
2) Legal docs will remain there forever (that might be good or bad thing).
3) The blockchain provides a pretty good time stamp.

Here are the disadvantages to putting legal documents on the Bitcoin blockchain:

1) It clutters the blockchain with non-financial transactions.
2) There is no real-world enforcement mechanism available to the Bitcoin blockchain.

If you are holding or moving Bitcoin on the Bitcoin network, the Bitcoin network will enforce property rights and consensus rules. That is because BTC is the native token of the network.

By contrast, the Bitcoin network has no way of enforcing real-world property rights of cars, houses, etc. For that, you still need judges, police, etc.

Do smart contracts solve this problem? No-- you still have the real-world enforcement problem when it comes to physical objects like cars or houses.

There's also the "oracle problem." Blockchains are isolated from the outside world. They are very good at verifying stuff that happens onchain like: "did someone sign with the correct private key to unlock BTC from this address?"

But blockchains are not good at importing and verifying real world data. For example, how do we really know that a certain team won Monday Night Football, without having to trust a 3rd party that can be bribed or compromised?

As far as I can tell, the oracle problem has never been solved in computer science-- and Chainlink (LINK) is a joke, being controlled by just 5 signers in a multi-sig that is easy to capture or control.

Not investment advice! Consult a financial advisor.

Have Ordinals And Inscriptions Ruined Bitcoin?
https://www.youtube.com/watch?v=sBvra...

Bitcoin= Free Speech Repository?
https://www.youtube.com/watch?v=DOKwJ...

Should Bitcoin Be Backed By Something?
https://www.youtube.com/watch?v=E6pGm...

Ethereum and legal docs:
https://consensys.net/blockchain-use-...

Chainlink is a joke:
https://twitter.com/ChrisBlec/status/...

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#bitcoin
#legal
#smartcontract

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