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Public Keys Are Not Enough
In bit coin, just for the public information alone, you don't have any keyholders. So there's this purely public information that's available to all and everyone can verify it very easily and very cheaply. This is the same information that everyone else has sent on. And if you have a public key that can modify this public information, publicly available information, then it suddenly becomes valuable. That's where tete e value density comes from. Like you always want to use money that has some valued density.