Minimizing trust is not a good thing. I don't understand where this obsession with it comes from.
EVERY transaction requires trust. I sell you a pair of shoes, you pay in bitcoin, oops! the box is actually full of cat poop, too bad, sucks to be you, you can't get your bitcoin back, shouldn't have trusted me.
Trust in the transaction system is not a dangerous component of commerce. Sure, you can trust Paypal to do the transaction for you (and also get benefits like chargebacks, disputes, and ID verification in return, not to mention the sub-second transaction speed), and what happens if they betray that trust? Well that's what governments are for, the two-ton hammer of the law will make sure you get your money back.
Not to mention, blockchain is the least trustworthy transaction system of the modern age. Over a billion dollars in crypto has been stolen out of people's accounts via exchange hacks and smart contract exploits in the last ten years. This has never happened to any US bank since the introduction of FDIC in 1933.
Trust minimization doesn't equal no trust. Also the trust that a currency works as intended and that a transaction goes through isn't the same kind of trust than trusting a vendor, which is why there will probably always be other systems in place for that particular issue. Some people are interested in that because their trust has been abused by a centralized authority. And we're not only talking about the transaction systems, but also about currency.
All in all it's all about the choice and preferences of individuals.
hannasanarion|5 years ago
EVERY transaction requires trust. I sell you a pair of shoes, you pay in bitcoin, oops! the box is actually full of cat poop, too bad, sucks to be you, you can't get your bitcoin back, shouldn't have trusted me.
Trust in the transaction system is not a dangerous component of commerce. Sure, you can trust Paypal to do the transaction for you (and also get benefits like chargebacks, disputes, and ID verification in return, not to mention the sub-second transaction speed), and what happens if they betray that trust? Well that's what governments are for, the two-ton hammer of the law will make sure you get your money back.
Not to mention, blockchain is the least trustworthy transaction system of the modern age. Over a billion dollars in crypto has been stolen out of people's accounts via exchange hacks and smart contract exploits in the last ten years. This has never happened to any US bank since the introduction of FDIC in 1933.
georgesC|5 years ago
All in all it's all about the choice and preferences of individuals.