I am wondering about the feasibility of smart properties. Just like the various ways by which the DRM implementations have been defeated, what stops people to do the same? We surely can't have a small micro controller attached to an electronic/mechanical device which allows/disallows access to the property, because all it needs is to rip it out and replace it with a modchip which does not allow such a thing.
Case in point: http://en.wikipedia.org/wiki/Xbox_(console)_modchips
Is smart property a real feature of cryptoasset technology, or is it just "wish to have" features?