Honestly curious. What is the dissonance that you see there?
Digital fiat currency is indeed bank databases. Similarly, stock markets and stock ownership are also stored in permissioned databases. Both are highly regulated and enforced by law. For people in countries with a high level of rule-of-law, and a stable financial system, I’d argue that this works reasonably well.
I also think that blockchain and other crypto currencies can be very useful. Especially for people in countries where rule-of-law is not as important and corruption is high.
> For people in countries with a high level of rule-of-law, and a stable financial system, I’d argue that this works reasonably well.
I agree, but that's not always obvious at first glance. For example, I would've said Canada qualifies as a stable rule-of-law country with strong property rights up until a couple weeks ago.
Digital fiat currency is indeed bank databases. Similarly, stock markets and stock ownership are also stored in permissioned databases. Both are highly regulated and enforced by law. For people in countries with a high level of rule-of-law, and a stable financial system, I’d argue that this works reasonably well.
I also think that blockchain and other crypto currencies can be very useful. Especially for people in countries where rule-of-law is not as important and corruption is high.