>Your domain expires and life goes on.
Replace 'domain' with 'identity' and you have a very scary proposition. This is just another form of 'code is law' and doomed for all the same reasons. Bugs and exploits become severe threats to your wealth and well being. As much as we hate to depend on institutions and 'other people', depending on computers program is inherently worse.
If you use your domain for email, you already have this problem.
This problem isn't new at all.
Would you rather have a situation of ownership with responsibility or no ownership at all?
But the stakes are much higher here. You can fix those things if you forget.
You're in trouble if you forget to renew your domain.
And you're in much bigger trouble if your identity is tied to ownership of that domain.
There are also protective mechanisms to prevent your domain from expiring. You can pay a balance in advance. Pay for "renewal insurance", etc. As more people use the system, it will grow even more safety rails.