[kirillseva]

> You still have to trust whoever created the rules and wrote the code (from maliciousness and errors).

100% agree with you. Seems like a bunch of people are neglecting this factor or misunderstanding what they are buying into.

Blockchain is not 'distributed trust'. In practice, blockchain centralizes trust. You trust your bitcoin wallet to correctly send money to the addresses that you supply, and correctly generate receiving addresses.

There is only one thing to audit/trust now - the bitcoin protocol and its implementation - instead of studying how modern banking and legal systems work. You trust one thing instead of trusting dozens of middlemen. While this sounds like a non-issue to those who live in "first world" countries like USA and only transact internally, it is a big deal for international transactions and some of the less developed economies.

[raverbashing]

You still have to trust who's getting money into and out of the system. And they're usually related to banks and legal systems.

Most fraud doesn't happen "behind the counter of the bank", but before the money gets there.