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georgesC | 5 years ago

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.

discuss

order

hannasanarion|5 years ago

When has the centralized authority, the banking system, ACH, Visa, Paypal, etc. ever "abused trust" by failing to record a transaction?

And why is that very minimal trust in the ability of your money to get from one account to another worth risking all your money by putting it in an account with a single point of failure with no recourse in the event of a breach?

In 88 years, no bank in the Untied States has ever lost a customer's money. To date, there are more bitcoin exchanges that have lost their users' money than there are that haven't.

djoldman|5 years ago

There are a multitude of examples of PayPal closing or suspending accounts without the consent of the account holder. Banks are free to attach conditions and fees to accounts that are not necessarily easy to understand if one is not financially illiterate. Many people are "unbanked." See: https://en.m.wikipedia.org/wiki/Unbanked

I think it's clear that the concept of a wallet or account that can be created at any time in almost any place almost instantly, that can send and receive something of value securely is a valuable contribution.

georgesC|5 years ago

Those entities can abuse your trust if they decide to censor or cancel the transaction for some arbitrary reasons. Same can apply in the context of money, rules of said money can change, a person won't be necessarily always ok with that (we're talking about your own currency/savings), you don't have much control and much choice.

As a developer I appreciate the ability to skip the use of a third party, I just wish there were more users in this network, but the network grows.

And this is not about the united states in particular. I'm not from the US, I'm glad if you didn't had any problems with your monetary system and banks, and I hope it continues for the good of everyone.