It's impossible to decentralize storage of a physical thing and create claims on it that are permissionless. It's a physical thing. It's not possible.
It is literally impossible to make gold digital without centralizing it.
Discussion
It's about digitising admiration for gold. The more you're willing to give up to show this admiration, the more admiration you've proven that you have. Which is ridiculous of course. But anyway that's what it's about, not digitising and trading gold itself but digitising and trading admiration for gold.
Wat
There's no law of physics that says it can't be done, you're making that up
The hard part is incentivizing a decentralized jury or other dispute mediator to act in good faith but there's no fundamental reason it would be impossible
Yes... There is. Who is going to hold the gold that gets digitized?
I guess you'd call them custodians, right? Seems like a weird question
And no, there isn't
And how do you decentralize custody of a physical thing so that each economic participant actually owns the underlying asset and not just a claim on it? Not possible.
I guess you could say you just own a claim on it
But that's fine?
Am I missing something here?
If you own a claim on it, where is the physical thing held? A custodian. Now say it with me, a custodian is a.... CENTRAL POINT OF FAILURE. They can, will, and ALWAYS DO, issue more claims on the asset than the actual underlying asset.
You cannot decentralize a physical good to use it digitally.
But the custodian isn't a central point of failure.
If there's a failure at a central point, it would be at dispute resolution, since individual custodians don't matter until then.
You're not thinking this through, you're just saying it can't be done because it hasn't, and trying to make that sound like a law of nature or something
It is in fact a law of nature that you cannot send physical things across the globe at light speed... It requires a custodian, which means that decentralization isn't possible.
You're acting like it's a law of nature that custodians can't be decentralized
And why does it still seem like you can't adjust to the idea that the difficulty is in conflict disputes?
I also still remember that you've trolled me and incited gangstalking against me in the past, this kind of behavior doesn't fade fast nostr:npub1zmc6qyqdfnllhnzzxr5wpepfpnzcf8q6m3jdveflmgruqvd3qa9sjv7f60 nostr:nevent1qvzqqqqqqypzq9h35qgq6n8ll0xyyv8gurjzjrx9sjwp4hry6ejnlks8cqcmzp6tqythwumn8ghj7un9d3shjtnwdaehgu3wvfskuep0qqsw528dr73aeu4n4cxp9use6q3epc88us88rrvn92900h0erpwdt7gw8w59k
Say I digitize gold I own. Now I sounds it. What happens to the underlying physical good? Do I ship flakes at the end of the day to all participants to settle? Seems a little... Impossible to me.
The possibilities are endless since nobody's created this yet
You could have a flat fee for gold token redemptions, or charge for shipping