Let's start with a basic observation. You cannot eat crypto, enjoy it like art, wear it as jewelry, use it as an energy source, or edit a picture with it. It is merely a database record. This begs an obvious question: why would anyone hand over food, energy, labor, or anything practically useful for it? No rational reason exists. That is why every traditional database or paper record traded on the market (such as stocks, bonds, patents, copyrights, trademarks, and e-money) is a legally binding instrument. The issuer, counterparty, or debtor is legally bound by contract and civil law to pay a specific amount of fiat money to the record holder. If they fail to do so, courts order asset freezes, wage garnishments, or forced liquidations. However, the fiat money paid out to these record holders is also just a record, written either in a bank database or printed on a paper bill. That's why there's another legally binding component.The banking system issues fiat records as debt, so millions of private and public sector debtors are legally obligated to acquire those records. To do so and avoid foreclosure, repossession, or bankruptcy, they must offer real goods, energy, food, labor, services, and other practical benefits to those holding the record. Returning to our original question: enforceability is the single factor that forces people to trade food, energy, or anything practically useful for a mere record. Yet in crypto, that very enforceability has been intentionally removed from the equation. People have embraced a utopian illusion that others will continue handing over real, practically useful resources simply because a record is decentralized and immutable. Like all utopias, it will collapse under the weight of basic reality. In this case, that reality is simple: without the threat of legal compulsion, people will not just hand over practical utility for numbers on a screen. -Software-41
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