[robjeiter]

Fully disagree. Tokenization enables better financial markets. Bitcoin is the useless asset since it's proven that productive assets (think stocks) are better store of values than unproductive ones (think gold). Ethereum in that sense is productive because you can stake it for a yield and collaterize it natively to borrow against it and you can tokenize anything on top of it.

[leishman]

If tokenization requires a trusted party to issue the tokens (think stocks) then no blockchain is needed

[wslh]

There's an intermediary scenario to consider: when multiple trusted parties are involved. This is basic computer science, and software engineering: crash and byzantine fault-tolerant systems.

On a related note, blockchains often obscure the true consensus mechanism behind layers of complex jargon. Upon closer inspection, consensus is still built on trusted parties, just not the same ones typically found in the traditional economy. In Bitcoin, for example, you not only have the relatively few powerful miners but also the Bitcoin Core developers, who wield significant influence over which changes are incorporated into the Bitcoin node. For example, enabling the OP_CAT opcode again [1][2].

[1] https://www.reddit.com/r/CryptoTechnology/comments/19bik6z/u...

[2] https://www.reddit.com/r/Bitcoin/comments/19adyi0/should_op_...

[kinakomochidayo]

Then that means stablecoins aren’t needed.

And yet, reality disagrees with your logic and stablecoins are on track to be used even more.

Tokenization on Ethereum will end up being way more important and useful than pet rock Bitcoin.

[hocuspocus]

Why would you need a blockchain for tokenization?

[oa335]

> Bitcoin is the useless asset since it's proven that productive assets (think stocks) are better store of values than unproductive ones (think gold).

This has hardly been proven. Gold has been recognized as source of value across several millennia and multiple cultures. I would bet that 1000 years from now gold will still have value, whereas stocks are only valuable in as much as the rights that they represent can be enforced by a court and implicitly the state backing it.

[EVa5I7bHFq9mnYK]

We are <one mile-sized asteroid made of gold> away from gold losing all its value. One such asteroid has been discovered already. It's called 16 Psyche, 140 miles in diameter and made largely of gold and other precious metals. To compare, all gold ever mined on Earth fits into a 22-meter cube.

[kinakomochidayo]

If it’s truly digital gold, that will only lead to the demise of the chain as a result of block rewards going down and not enough transaction fees to support the miners. Bitcoin truly has a security budget issue.

[oellegaard]

except you cannot melt it and wear it to show off

[losteric]

Why bitcoin instead of doge or any of the other digital golds?