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spicytuna62@lemmy.world ⁨1⁩ ⁨month⁩ ago

Replace “token” with “title” and “monkey” with “car,” and you’ve got a formula most people understand.

I own the title, but I don’t own the car.

Unlike the monkey, you can go find the car in the real world.

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surewhynotlem@lemmy.world ⁨1⁩ ⁨month⁩ ago
But eventually you own the car. You never own the monkey.

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- Jakeroxs@sh.itjust.works ⁨1⁩ ⁨month⁩ ago
  Its not about whether you actually own the thing or not, its the record of you owning it.
  
  Without a central body enforcing it its basically pointless, similar to if you don’t own the title of the car you don’t actually have record of ownership and therefore don’t have the rights to go along with that legally. (In theory lol)
  
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  - surewhynotlem@lemmy.world ⁨1⁩ ⁨month⁩ ago
    If you don’t have the title to your car, and no one else does either, you can prove ownership by possession. Same with NFT, you prove ownership because you possess the wallet credentials.
    
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    Jakeroxs@sh.itjust.works ⁨1⁩ ⁨month⁩ ago
    So what if someone steals your car, what then?
    
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- AA5B@lemmy.world ⁨1⁩ ⁨month⁩ ago
  Plus you can trust that no one else has your car, whereas you have no way of knowing how may times your monkey was copied or how may exist outside the scope of your “certificate”
  
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  - surewhynotlem@lemmy.world ⁨1⁩ ⁨month⁩ ago
    “You wouldn’t download a car…”
    
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    AA5B@lemmy.world ⁨1⁩ ⁨month⁩ ago
    That’s the worst part, where the reality is the opposite.
    
    my car has value because it exists as a physical thing that is useful to me. If I could download a car, it doesn’t take away from anyone, just adds value for me
    
    the monkey could only have value in exclusivity. It is not a material possession nor is it useful to me, but can only have value if I can prevent anyone else from having it. If I could download someone else’s monkey, then they lose any value they think it had
    
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Rivalarrival@lemmy.today ⁨1⁩ ⁨month⁩ ago
A closer analogy is Copyright Registration. You submit a work to the copyright office, claiming to be the original artist. If there is ever a dispute, the submission serves as evidence as to the date and time you claimed the work. If it predates the claims of another, and they can’t prove you transferred the work to them, you win the case.

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