Tokenization is the final boss of "you will own nothing…
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Tokenization is the final boss of "you will own nothing and be happy" and nobody is talking about it
Tokenized stocks are just IOUs with extra steps and nobody seems to care
been seeing a lot of hype about tokenization lately. blackrock, the big banks, everyone saying it's the future of markets. people on here celebrating it like it's some big win.
am i the only one who actually reads this stuff?
when you buy a tokenized stock you do not own the stock. you own a token. the token is a claim on some custodian somewhere, who holds the actual shares in an omnibus account. you don't get voting rights, you don't get registered ownership, you get a database entry and a promise.
and the thing is, we already did this experiment. we already moved from paper certificates to street name to omnibus accounts, and every step of the way the retail holder ended up further from the actual asset. tokenization is just the last step. now you don't even have a broker claim, you have a token representing a claim on a custodian's claim.
the robinhood thing in 2021 should have been the wake up call. they turned off the buy button and it was completely legal. now imagine the restrictions are programmable, written into the token itself. "this asset can only be transferred between approved wallets." who approves the wallets? they do.
and nobody has to take anything from you. you never had it. that's the genius of it. you can't lose ownership if you never technically owned it in the first place. you just have exposure, and a terms of service agreement.
idk maybe i'm being paranoid but the "you'll own nothing and be happy" thing used to get mocked as a conspiracy theory and then the biggest asset managers on earth started building the infrastructure for exactly that and everyone clapped.
#technology
Tokenized stocks are just IOUs with extra steps and nobody seems to care
been seeing a lot of hype about tokenization lately. blackrock, the big banks, everyone saying it's the future of markets. people on here celebrating it like it's some big win.
am i the only one who actually reads this stuff?
when you buy a tokenized stock you do not own the stock. you own a token. the token is a claim on some custodian somewhere, who holds the actual shares in an omnibus account. you don't get voting rights, you don't get registered ownership, you get a database entry and a promise.
and the thing is, we already did this experiment. we already moved from paper certificates to street name to omnibus accounts, and every step of the way the retail holder ended up further from the actual asset. tokenization is just the last step. now you don't even have a broker claim, you have a token representing a claim on a custodian's claim.
the robinhood thing in 2021 should have been the wake up call. they turned off the buy button and it was completely legal. now imagine the restrictions are programmable, written into the token itself. "this asset can only be transferred between approved wallets." who approves the wallets? they do.
and nobody has to take anything from you. you never had it. that's the genius of it. you can't lose ownership if you never technically owned it in the first place. you just have exposure, and a terms of service agreement.
idk maybe i'm being paranoid but the "you'll own nothing and be happy" thing used to get mocked as a conspiracy theory and then the biggest asset managers on earth started building the infrastructure for exactly that and everyone clapped.
#technology
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