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Bitcoin: Redefining Ownership

Bitcoin: Redefining Ownership

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The traditional way in which our society constructs ownership is inefficient. The Uber-for-X model solves part of the problem by exploiting the unused value of some long-tail assets, but the reason behind the existence of such a huge volume of long-tail assets remains a puzzle. In this essay, I submit that they exist because our conception of ownership is outdated; I propose that individuals only need to own bitcoin. By doing so, we will embrace a full-scale sharing economy backed by Bitcoin, paving the way for a hyperbitcoinized civilization.

Born and raised in China during a decade of a brewing housing bubble, I grew up hearing stories of some property value growing tenfold, or someone suddenly receiving a large sum of money from property developers for dismantling their old houses to build new ones. Indeed, getting the one-time Chinese urbanization dividend on land value was rewarding to many. Yet, apart from the inherent systematic risks of the real estate market, houses are really…

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