Times could be reduced to milliseconds by using the right technology even if you don't remove trusted third parties. But what I'm trying to tell you is that you can remove all those trusted third parties without using a blockchain, hence not paying for expensive PoW validation.
I mean that for each coloured coin transaction there is a counterparty transaction in BTC ("going the other way").
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I don't think I follow. How would you restrict transactions involving only the colored coin or trading between issued assets?
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You (ie. the lower-level chain) can't, the cc implementator can. I'm just exploring how you can make a well-behaved cc implementation for assets. This is in no way a claim that all cc are legit, just that it can be and that it can make economic sense to do it.
End of conversation
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