Wait, they didn't hand out real money?! Was it even possible for the projects to convert those tokens to real money?!
> That's why they don't work.
Strongly agree!
> Real-life capitalism also suffers this problem with regards to land
The two problems are related but different: land property titles are not auction-based. They're far more expensive than a domain name (and that's a problem that land can even be sold), but it's still a first-come-first-served system. If you had auctions for land, you can be sure only the richest people would own land at all (which is already the case to some extent, but the situation would arguably be worse).
Yes, you can trade the tokens with people who are willing to pay money for the tokens. Same as any cryptocurrency-tokens.
The problem with land titles is very similar to the problems with domain auctions. The problem is unchecked first-come-first-served. Whoever happened to put a fence around that bit of land 300 years ago got to own it. Now 300 years later, we don't get the same privilege because all land in existence was already fenced around. Instead we have to beg someone who got some land from someone who got some land from someone who got some land from someone who got some land from someone who got some land from someone who got some land from someone who fenced it off back at the beginning. And it is the same with most cryptocurrencies, and it will be the same with Handshake names.
More like: Whose henchmen ran off the farmers working that land at the beginning, or alternatively declared it their own and started demanding taxes at swordpoint from those farmers.
Thanks for the explanation, i understand your point better. To be clear, i'm also strongly opposed to private property, i just didn't understand that's the point you were trying to make.
Wait, they didn't hand out real money?! Was it even possible for the projects to convert those tokens to real money?!
> That's why they don't work.
Strongly agree!
> Real-life capitalism also suffers this problem with regards to land
The two problems are related but different: land property titles are not auction-based. They're far more expensive than a domain name (and that's a problem that land can even be sold), but it's still a first-come-first-served system. If you had auctions for land, you can be sure only the richest people would own land at all (which is already the case to some extent, but the situation would arguably be worse).