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> “it would explain basically all the difference between the per capita income of the United States and Somalia”. In other words, without trust — and its vital
by untilHellbanned 10y ago
> “it would explain basically all the difference between the per capita income of the United States and Somalia”. In other words, without trust — and its vital complement, trustworthiness — there is no prospect of economic development.
Well said. It's the same problem with Bitcoin. While it is cool to think about trustless digital currencies I think what we're seeing over the last 5 years about probably about 20 is establishment of trust in blockchains. It's all a human psychology thing, not about technology. It's not gonna happen overnight. It may also never happen in the same way many countries never have gotten their sh*t together.
- adrianratnapala 10y agoThis is a little backwards. Trust might be the cause of societal wealth. But it is also an effect of the system of laws. Americans are not more trusting/trustworthy because they are more cuddly and friendly -- Somalis probably have and deserve more of that kind of trust. The kind of trust that makes America rich is the kind of trust you place in strangers who know they are doing commerce under the rule of law. The promimse made by Bitcoin and such is to add a new component to that sort of enforcement -- increasing trust.
- JoeAltmaier 10y agoIronic that bitcoin has been subject to such corruption and crime, despite the fundamental blockchain security.