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Bitcoin only "solves" one part of trust. The blockchain transaction is perfect but to be of any use there is a corresponding exchange of some service or good or
by irickt 10y ago
Bitcoin only "solves" one part of trust. The blockchain transaction is perfect but to be of any use there is a corresponding exchange of some service or good or title. Even if the transaction is to exchange currencies from two different chains, trust or a trusted escrow or trusted multiparty consensus is needed.
Trust can only be eliminated in narrow circumstances involving low-risk transactions or in environments with some extrinsic enforcing mechanism. For a cautionary tale see https://aeon.co/essays/why-the-hidden-internet-can-t-be-a-libertarian-paradise https://aeon.co/essays/why-the-hidden-internet-can-t-be-a-li...