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So the worry is that you need govt courts and police to enforce rules? That's not a great argument. The number of private police today is far greater than govt employed ones. Most international trade disputes are settled by private arbitration and not the govt courts. What's the real worry?

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The problem is that at the point where there is a trusted party to arbitrate disputes why do you need a blockchain? It seems ironic that it seems like we need some trusted governance over a system that is literally built upon the idea of distributed trust.

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