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Decius comments on Bitcoins are not digital greenbacks - Less Wrong
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There are two aspects to owning stuff: One is knowing who has ownership rights to stuff, and the other is enforcing those ownership rights against people who don't respect them. If you can trust people not to do the second, you still need the first.
I can't parse that, sorry. If you can trust people not to enforce ownership rights, you still need to establish ownership rights? I don't understand the point.
Even if you don't need to lock your bike, you need to have some way of selling your bike to someone else.