But corporations are creations of the state, and by proxy, so are stocks and bonds that these corporations release.  How, for example, can you ensure that the corporation that you invest in isn't going to deny that you are even an investor without the threat of the force of the courts?  Sure, you could sue in a common law court, but how would you get the losing party to pay the judgement if they don't even recognize the authority of the court? Bitcoin works because there is no counterparty risk that is always central to any particular Bitcoin transaction.  But stocks and bonds are just promises, and are primarily counterparty risk.