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"Trustless" systems require you to trust miners. I think miners are pretty much the last people you would want to trust.
by jhwang5 9y ago
"Trustless" systems require you to trust miners. I think miners are pretty much the last people you would want to trust.
- v64 9y agoI agree that the current system involving miners is fraught with political implications. But that doesn't mean the system is broken, it just means it needs to be improved (proof of stake, for instance).
- hndamien 9y agoYou don't have to trust the miners. They act as randomly selected notaries to the chain that have provably fronted considerable resources to accurately notarise the transactions in exchange for being paid handsomely (in specie). If they want to lie when they finally have the opportunity to get paid, and subsequently be caught lying because they don't have enough resources to rewrite the chain then they can, but this would be a pretty foolish errand which would still result in the fact you don't have to trust them.