Libertarians in La-La Land
Here : "'Smart property,' for example, refers to physical property whose ownership is registered in the blockchain and thus controlled by whoever has the private key. In other words, property rights can be cryptographically defined and self-enforced by code. The owner can sell it simply by transferring the private key to another party." Sure Ronald! When some men with guns show up to take my land, I can show them my "cryptographically defined" property rights, and they will say, "Ooooohhhh! We didn't know you had a private key showing you own this land! Well, we'll just scurry off then." Imagine if Native Americans had only had "cryptographically defined" property rights: the Europeans would have just sailed on back home, wouldn't they? UPDATE: In the comments, rob has made me wonder if Bailey only meant "self-enforcing" in reference to things like a computer or automobile, that could be rendered inoperativ...