Yukon Cornelius said:

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Out of curiosity what do you think that's tangible now won't be? Your money is already digital. Your retirement accounts digital. Etc etc

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I realize that, and I am willing to accept some level of risk because it would be very difficult to live in today's world only dealing with 100% tangible assets.

Yukon Cornelius said:

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No one is saying that haha. Maybe for PE LP they get tokenized but that's still drastically different.

I swear some of yall haven't even watched what Fink has said and jsut making up stuff.

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See..

"Appraisals, finance, engineering and environmental assessments, roof inspections, energy audit, HVAC inspections etc"

Those are transaction fees that usually come out of the pocket of the equity investor.

You have a purchase price. Subtract out the debt portion and you are left with equity. Then add the fees, closing costs, CAPEX, etc and you get total equity.

When you invest in private CRE, you are already purchasing what's called a "unit", which is usually 1% of the total equity. You can purchase as many units as you want, and some groups allow portions of a unit for minimum investment.

If what he's saying is that the firm would allow Blackrock to tokenize the equity units and throw it on the blockchain, either for initial investment or continual trading, I could see that. But it's already a thing for the most part. Just in the form of REITS. Maybe you can't buy stock in an individual deal, but it's the same principle.

Now where he talks about adding in the leases, insurance, operating expenses.. I dont buy that. Those arent investible. They are liabilities against the revenues on the balance sheet.

What happens to maintenance of a building when it is "owned" by 1000s of different people/entities?

Who gets to decide a building needs a new roof and who is going to pay for it?

If I buy a "token" piece of a building how do I collect my share of the rent?

Yes that's what's he's talking about. Throwing the units on chain to be traded. Like I've said in the ETF example and like you mentioned. It really doesn't change the backend of what's happening. The ETFs and REITs don't change. They just get traded somewhere else.

Just to clear up some things. Just because it's on a blockchain doesn't mean anyone can trade it. For example blackrock has a Money market fund they have tokenized. Which he mentions in the clip. It's called BUIDL. You can not go buy into it. Only via blackrock can you get access to it.

So for CRE nothing will change. The same people and funds and partnerships that already have them will be the same people who get access to the tokenized versions.

Yukon Cornelius said:

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I've explained it many times on this board and people ignore the information and just choose to be fearful of it. So at this point my comments maybe a little less forthcoming. However I will try to do it quickly.

1. Here's the full interview. Not a clipped fear baiting soundbyte.


2. He's talking about opening the crypto markets into the traditional markets. The example he uses is an ETF. Now if an ETF were to be tokenized nothing changes on the ETF side. However you essentially create a derivative of the ETF and put it on chain so onchain money can buy and sell it.

The biggest benefit here is reduces settlement time from 2 days to 2 seconds.

It is a method to FREE capital. I don't see that as some bad thing.


3. Let's take a more extreme example of tokenizing your house. In reality right now the deed to every property is sitting in some county clerk office. And we all collectively "trust" the county offices never mess up or lose anything. It's an insanely archaic system to preserve property ownership. Instead you can have deed digitized onchain that is infinitely more secured and preserved. And there would be far less cost associated with title searches etc. it would be a cheaper more secure system. However when people hear "blockchain" they freak out because of all the fear porn produced about it from the last decade of legacy media.

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LOL!

So its MBS on a grander scale. And then we get derivatives like CDS which crash in grand fashion!

I agree

Tolkienize EVERYTHING!!!

American Hardwood said:

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All this sounds like a way to steal your real stuff and give you nothing but smoke and promises in return.

This is Jack and the magic beans in real life. Those beans led to a fantasy world too.

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You are about 55 years late on this. We got off the gold standard in 1971. We've been lost in currency imagination land since.

YouBet said:

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That makes more sense and I should have thought of that.

Anyway, yes, agreed but I'm guessing whoever gets the lead position on this is not doing this in our best interest.

As an avid sci-if reader, Blackrock reminds me of one of those future mega corporations that have evolved into their own self-governing entity and have superseded civil governments. They have their own territory like a civil government with their own security forces and armies and actually compete with civil governments on policy and resources.

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But will they have their own rollerball team?

Waffledynamics said:

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ABATTBQ11 said:

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YouBet said:

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I don't understand what he's even telling us in that video. Everything is already digital when it comes to financial transactions.

All of our net worths are 1s and 0s outside of your cash and metals you are stacking at home.

And what does he mean by tokenizing real estate and making it digital? Is he talking about things like buying digital RE akin to Second LIfe and Meta?

Or maybe he's just talking about better connections between crypto and existing digital assets.

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Think of it like an abstraction layer between a consumer and a product, whether it is financial, or in the case of real estate, physical. That layer can be broken into infinitesimal pieces and easily transacted on through tokenization.

As an example with real estate, let's say you own a commercial property. You could tokenize the ownership of that property and keep the whole thing, or you could easily sell off shares via a block chain transaction.

What he's saying with an ETF is basically the same. You tokenize the fund and sell it that way so basically anyone, anywhere can buy it.

So basically everything becomes money and fractionally barterable, as I understand it.

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I'm struggling to understand the benefit of this to anyone but Wall Street. This just sounds to me like a way to make sure nobody actually owns anything and some rich people get to make more money on nothing but made up nonsense.

What is the benefit of other random people having an ownership stake in my property? What is the real benefit of everything being fractionable? I want to buy my property and own it.

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You DO own it. The tokenization of your ownership would simply be a digital way to document and transfer ownership. If you wanted to sell or transfer in part or in whole is up to you, and there are good reasons you might do so. Think partitioning a property between heirs. If one wanted to sell for cash and the other wanted to keep it, the former could simply sell his stake without the latter holding it up. The same goes for the joint ownership of any property. The rights, responsibilities, restrictions, and duties of the tokenized ownership position are held within the token, just like a deed.

The benefit of things being fractionable is that things like fixed assets become more liquid. It's hard to sell something like a $30 million property or business, but you can sell parts of both much more easily.

Signel said:

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He is not wrong. Even the financial sector has finally realized crypto isn't just Bitcoin and "digital money."

I've been on here for years saying that crypto is so much more and will never go away.

Just remember.... most of those wall street fools were saying crypto was fools gold years ago.

" BlackRock CEO Larry Fink has publicly reversed his previous criticism of Bitcoin, now describing it as a legitimate alternative asset and likening it to gold, a significant shift from his 2017 characterization of Bitcoin as an "index of money laundering""

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All this means is "we have secured our position and now we just need to push a little to start it off. "

Yukon Cornelius said:

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3. Let's take a more extreme example of tokenizing your house. In reality right now the deed to every property is sitting in some county clerk office. And we all collectively "trust" the county offices never mess up or lose anything. It's an insanely archaic system to preserve property ownership. Instead you can have deed digitized onchain that is infinitely more secured and preserved. And there would be far less cost associated with title searches etc. it would be a cheaper more secure system. However when people hear "blockchain" they freak out because of all the fear porn produced about it from the last decade of legacy media.

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How would you handle easements, liens, development agreements, property taxes.....?

How would a bank loan money on an asset knowing the asset could be traded without them knowing and with an untraceable purchaser?


Typical situation...

You own a dentist's office in Frisco and you own the fee simple land under the business. Right now you have a deed to the land with a mortgage, there are access easements with the neighboring properties, there is a development agreement with an added Community agreement and joint advertising sign co-owned by the Community and the landowner. There is a series of UCC-1s securing the equipment inside the office, and maybe a partnership agreement referencing an unrecorded partnership agreement and a second lien securing the building you built on the fee simple land.


You think it is a good idea to put this ownership on a token that can be sold in an untraceable transaction? You think recording will go away? I doubt title fees will decrease, I would guess that if it were possible to get title insurance in a tokenized real estate system, it would cost the same for a policy as the land is valued. Untraceable means uninsurable.

All they want to to is radically incrase the number of frequency of possible transactions and then be the gatekeeper that charges fees for those transactions to be completed. And set themselves up to be part of an effective oligarchy of those empowers to conduct such business in generating and maintaining and trading token share ownership. It would be like taxing the public as a private entity.

MouthBQ98 said:

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All they want to to is radically incrase the number of frequency of possible transactions and then be the gatekeeper that charges fees for those transactions to be completed. And set themselves up to be part of an effective oligarchy of those empowers to conduct such business in generating and maintaining and trading token share ownership. It would be like taxing the public as a private entity.

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Bingo. And blockchain is going to require even more processing power and energy, which we already don't have enough of.

You assume just because something is tokenized it is tradable. Thats not necessarily the case. The assets that people are discussing to trade onchain are already being traded.

Your property deed onchain is more of an information preservation idea instead of selling fractional shares of your office space or house. Just because something is onchain doesn't mean it can be traded without your permission etc like a property deed onchain.

When you go to sell your property all the deed and title information are onchain and can be pulled up instantly. So it ensures accurate information that doesn't require expensive title companies and insurance. That's the benefit. Not to sell 1% of your house.

Fidelity and blackrock have tokenized MMs. Go try and buy them. You can't. If a not as open ended as people think. This is primarily about settlement times.

BusterAg said:

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I agree

Tolkienize EVERYTHING!!!

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That's the way initially read it, too! Ha! That world could use a bit more Shire, Rivendell, Treebeard, and elves!

Dungeon Crawler Carl said:

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BlackRock CEO Larry Fink says this is only the beginning as the tokenization of everything is underway.

Money, property, and even personal identity will soon exist in digital form.

He calls it a major opportunity for BlackRock, saying the plan is to move beyond traditional… pic.twitter.com/lf3uVRtEo8

— Shadow of Ezra (@ShadowofEzra) October 15, 2025

Enjoy your 57 second word salad for breakfast.


TLDW: "We are going to blow even bigger bubbles and you don't have a choice but to go along"

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Rule No 2: Never trust a CEO.
(we already have a Rule No 1)

I see the word "CEO says" and tune out as I know lies are going to drip out of his mouth.

knoxtom said:

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Yukon Cornelius said:

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3. Let's take a more extreme example of tokenizing your house. In reality right now the deed to every property is sitting in some county clerk office. And we all collectively "trust" the county offices never mess up or lose anything. It's an insanely archaic system to preserve property ownership. Instead you can have deed digitized onchain that is infinitely more secured and preserved. And there would be far less cost associated with title searches etc. it would be a cheaper more secure system. However when people hear "blockchain" they freak out because of all the fear porn produced about it from the last decade of legacy media.

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How would you handle easements, liens, development agreements, property taxes.....?

How would a bank loan money on an asset knowing the asset could be traded without them knowing and with an untraceable purchaser?


Typical situation...

You own a dentist's office in Frisco and you own the fee simple land under the business. Right now you have a deed to the land with a mortgage, there are access easements with the neighboring properties, there is a development agreement with an added Community agreement and joint advertising sign co-owned by the Community and the landowner. There is a series of UCC-1s securing the equipment inside the office, and maybe a partnership agreement referencing an unrecorded partnership agreement and a second lien securing the building you built on the fee simple land.


You think it is a good idea to put this ownership on a token that can be sold in an untraceable transaction? You think recording will go away? I doubt title fees will decrease, I would guess that if it were possible to get title insurance in a tokenized real estate system, it would cost the same for a policy as the land is valued. Untraceable means uninsurable.

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Some of y'all get way too wrapped around the axle with these types of announcements.....


Pull back to the 50,000 foot view.


1) the tokenization push will take a decade or so to filter down to a "dentist office in Frisco"

2) Big assets like the (former) Sears Tower are owned by insurance companies and pension funds. These will be the test cases to hash out how the tokens provide liquidity to the property owner.

3) Prior all of this getting into the market place there will most likely be an ASTM or ISO standard that includes auditing and licensing standards and transaction procedures that answer to all of your questions......

W said:

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I'm struggling to understand the benefit of this to anyone but Wall Street. This just sounds to me like a way to make sure nobody actually owns anything and some rich people get to make more money on nothing but made up nonsense.

What is the benefit of other random people having an ownership stake in my property? What is the real benefit of everything being fractionable? I want to buy my property and own it.

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If you have a mortgage on your house, other people already have an ownership stake in your property. If you have a car note, the bank has already securitized it and sold it to investors.

Heineken-Ashi said:

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Yukon Cornelius said:

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No one is saying that haha. Maybe for PE LP they get tokenized but that's still drastically different.

I swear some of yall haven't even watched what Fink has said and jsut making up stuff.

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See..

"Appraisals, finance, engineering and environmental assessments, roof inspections, energy audit, HVAC inspections etc"

Those are transaction fees that usually come out of the pocket of the equity investor.

You have a purchase price. Subtract out the debt portion and you are left with equity. Then add the fees, closing costs, CAPEX, etc and you get total equity.

When you invest in private CRE, you are already purchasing what's called a "unit", which is usually 1% of the total equity. You can purchase as many units as you want, and some groups allow portions of a unit for minimum investment.

If what he's saying is that the firm would allow Blackrock to tokenize the equity units and throw it on the blockchain, either for initial investment or continual trading, I could see that. But it's already a thing for the most part. Just in the form of REITS. Maybe you can't buy stock in an individual deal, but it's the same principle.

Now where he talks about adding in the leases, insurance, operating expenses.. I dont buy that. Those arent investible. They are liabilities against the revenues on the balance sheet.

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All of the due diligence items I mentioned contribute directly to the overall performance and value of the building, They aren't just transaction costs. Think of the building as a machine instead of just concrete, glass and steel that sits there slowly increasing in value over time because the occupancy is steady at 90% year after year.

When you roll in ALL of the operational expenses into a digital ledger (from energy use down to the landscaping budget) you can get the true value of a building in real time. (i.e. - Chiller needs replacement - the how, what and when repair and expense is recorded on the ledger, Asbestos testing comes back hot and the property owner hires someone to abate it - it goes on the ledger, the adjacent property next door impacts your property from a dry cleaner PERC spill, all of the soil testing and remediation efforts paid for by the neighboring property, goes onto the ledger, etc.). With AI and some detailed accounting a property owner can get EXTREMELY granular in real time.

The token isn't just a financial instrument. It's also a GIS for the asset on the parcel of land that records everything that goes into determining its true value.

Old school multifamily slumlords will freaking hate it. Pension funds and insurance companies who have investors and fiduciaries will love it.

Well said

Dungeon Crawler Carl said:

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Heineken-Ashi said:

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Yukon Cornelius said:

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No one is saying that haha. Maybe for PE LP they get tokenized but that's still drastically different.

I swear some of yall haven't even watched what Fink has said and jsut making up stuff.

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See..

"Appraisals, finance, engineering and environmental assessments, roof inspections, energy audit, HVAC inspections etc"

Those are transaction fees that usually come out of the pocket of the equity investor.

You have a purchase price. Subtract out the debt portion and you are left with equity. Then add the fees, closing costs, CAPEX, etc and you get total equity.

When you invest in private CRE, you are already purchasing what's called a "unit", which is usually 1% of the total equity. You can purchase as many units as you want, and some groups allow portions of a unit for minimum investment.

If what he's saying is that the firm would allow Blackrock to tokenize the equity units and throw it on the blockchain, either for initial investment or continual trading, I could see that. But it's already a thing for the most part. Just in the form of REITS. Maybe you can't buy stock in an individual deal, but it's the same principle.

Now where he talks about adding in the leases, insurance, operating expenses.. I dont buy that. Those arent investible. They are liabilities against the revenues on the balance sheet.

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All of the due diligence items I mentioned contribute directly to the overall performance and value of the building, They aren't just transaction costs. Think of the building as a machine instead of just concrete, glass and steel that sits there slowly increasing in value over time because the occupancy is steady at 90% year after year.

When you roll in ALL of the operational expenses into a digital ledger (from energy use down to the landscaping budget) you can get the true value of a building in real time. (i.e. - Chiller needs replacement - the how, what and when repair and expense is recorded on the ledger, Asbestos testing comes back hot and the property owner hires someone to abate it - it goes on the ledger, the adjacent property next door impacts your property from a dry cleaner PERC spill, all of the soil testing and remediation efforts paid for by the neighboring property, goes onto the ledger, etc.). With AI and some detailed accounting a property owner can get EXTREMELY granular in real time.

The token isn't just a financial instrument. It's also a GIS for the asset on the parcel of land that records everything that goes into determining its true value.

Old school multifamily slumlords will freaking hate it. Pension funds and insurance companies who have investors and fiduciaries will love it.

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You can already get deeply granular. Don't need to turn your investment into a crypto asset to do that. And sorry, fees paid as part of part of due diligence do NOTHING for the performance. They might affect the purchase price if a retrade is sought by the buyer, and might reflect the value of the CAPEX included in the equity if they determine something needs fixing / replaced / addressed that was otherwise unknown, but dont at all contribute to or affect the performance. And those fees are already estimated and included in a budget provided to investors. As things materialize from DD, those budget items are updated and pro forma adjusted. You don't need tokenization to do this, and it absolutely doesnt make anything easier.

Signel said:

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He is not wrong. Even the financial sector has finally realized crypto isn't just Bitcoin and "digital money."

I've been on here for years saying that crypto is so much more and will never go away.

Just remember.... most of those wall street fools were saying crypto was fools gold years ago.

" BlackRock CEO Larry Fink has publicly reversed his previous criticism of Bitcoin, now describing it as a legitimate alternative asset and likening it to gold, a significant shift from his 2017 characterization of Bitcoin as an "index of money laundering""

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Fiat - governments print money out of thin air
Bitcoin - nobody can print money out of thin air
Crypto - anybody can print money out of thin air

There is a reason why people call crypto ****coins.

HumpitPuryear said:

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MouthBQ98 said:

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All they want to to is radically incrase the number of frequency of possible transactions and then be the gatekeeper that charges fees for those transactions to be completed. And set themselves up to be part of an effective oligarchy of those empowers to conduct such business in generating and maintaining and trading token share ownership. It would be like taxing the public as a private entity.

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Bingo. And blockchain is going to require even more processing power and energy, which we already don't have enough of.

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Unless it is truly decentralized, blockchain is unnecessarily slow and inefficient. Just use a SQL database. Amazon wrote a paper on this years ago when all the VCs were going crazy about "blockchain technology."

Unless you want less counter party risk and faster settlement times. Everyone in this thread is getting hung up on some bizarre unrealistic hypothetical of trying to trade fractional shares of a deed onchain.

Not necessarily true. And our power shortages is manufactured due to shutting down nuclear energy.

Depends on the application. If it's just data queries then yes. If it's trading billions to trillions of dollars worth of assets in a day then it's revolutionary fast.

I think to a large degree because crypto was first adopted by retail most of the applications seem to focus from a retail perspective.

Here's an intra department presentation within JP Morgan about how they see blockchain. I've shared this before. I doubt anyone will actually watch it. But if one did it would show what Fink is talking about.

Ya well no one is putting any assets on the Bitcoin blockchain because of the religious nutjobs within that community that have prevented any development on the bitcoin network.

Yukon Cornelius said:

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Depends on the application. If it's just data queries then yes. If it's trading billions to trillions of dollars worth of assets in a day then it's revolutionary fast.

I think to a large degree because crypto was first adopted by retail most of the applications seem to focus from a retail perspective.

Here's an intra department presentation within JP Morgan about how they see blockchain. I've shared this before. I doubt anyone will actually watch it. But if one did it would show what Fink is talking about.

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Thanks. I'll watch it. I have to say that I view anything guys like Fink and Jamie Dimon (aka Jeffrey Epstein's banker) say with extreme skepticism. As an example, I don't believe for one second that either of them "changed their minds" about Bitcoin.

Yukon Cornelius said:

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Ya well no one is putting any assets on the Bitcoin blockchain because of the religious nutjobs within that community that have prevented any development on the bitcoin network.

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Who are these religious nutjobs? There is a lot of development going on on layers 2 and 3 that will allow it to scale.

Until/unless you can buy Whataburger, shop at Home Depot, buy event tickets, eat a restaurant, pay for a car wash, all basic daily tasks and purchases and pay with bitcoin or other crypto, it is just another fad "asset" that has to be converted to fiat currency to be useful.

Adoption has been so slow and/or limited I think it will flame out and never reach critical acceptance IMHO.

Jarrin Jay said:

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Until/unless you can buy Whataburger, shop at Home Depot, buy event tickets, eat a restaurant, pay for a car wash, all basic daily tasks and purchases and pay with bitcoin or other crypto, it is just another fad "asset" that has to be converted to fiat currency to be useful.

Adoption has been so slow and/or limited I think it will flame out and never reach critical acceptance IMHO.

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If the conversation was does Bitcoin or another crypto replace the dollar I would agree with you. But that's not at all what Larry Fink is talking about.

He's talking about putting blackrock ETFs onchain so they can be traded 24/7 with near instant settlement times.

BTKAG97 said:

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What happens to maintenance of a building when it is "owned" by 1000s of different people/entities?

Who gets to decide a building needs a new roof and who is going to pay for it?

If I buy a "token" piece of a building how do I collect my share of the rent?

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I can understand tokenizing car titles, stock certs, land deeds, etc. But sharing private property via NFTs doesnt really work with land or equipment. Maybe artwork and other store of value assets.

Also, there is no difference between "digital gold", "imaginary gold" and "fake gold". Saylor calls BTC "digital Manhattan" or "digital beachfront property". At some point, people will realize you cant digitally jump in the ocean, and then digitally lay out on your beach.

The feds successfully shifted BTC from a decentralized currency that bypassed the gov and banking system, to a speculative store of value asset. No one wants to think about why that is. All that matters now is that BTC must appreciate in perpetuity. It started as a libertarian dont tread on me freedom currency that bypassed custodians, to now having Larry Fink as its "best spokesman".