The main point of the argument against this is final settlement. When a bitcoin transaction settles, you have control of the actual bitcoin UTXO. If your “gold on a blockchain” transaction settles, do you have the gold?

The main point of the argument against this is final settlement. When a bitcoin transaction settles, you have control of the actual bitcoin UTXO. If your “gold on a blockchain” transaction settles, do you have the gold?

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