2 ms·

Disclaimer: I do not recall my bank undoing my transaction. Ever, that is. But, yes, I assume that banks do undo transactions somewhat regularly. And I do see

Disclaimer: I do not recall my bank undoing my transaction. Ever, that is. But, yes, I assume that banks do undo transactions somewhat regularly. And I do see a difference. With regards to the banks, there are regulatory bodies with necessary tools to oversee banks and force (of course, they do fail occasionally...) them to behave properly. With Ethereum, there is no such body, but I am expected to trust a bunch of people who claim to have developed a currency which requires no trust. The oxymoron in the last sentence is in itself enough for me to prefer banks, thank you very much.

profalseidol 8y ago
> but I am expected to trust a bunch of people who claim to have developed a currency which requires no trust It does require trust just as you require trust from the seeders/peers of a BitTorrent shared file. If these seeders/peers agree that they should modify the said file, you either agree with them or not. If latter, then you end up with a two versions.
- beefield 8y ago
  I don't recall "trustless" being one of bittorrent's main selling points? Further, to accept crypto as payment very much requires trust (or faith or belief or whatever you want to call it) that you later find some third party that is willing to accept your coins as payment, preferably with roughly the same value that you assigned to it in the first place. Awfully lot of trust flying around in a trustless system in my opinion.
  - profalseidol 8y ago
    You'll have to understand that the trust in 'trustless system' is in the technical sense. Think of traditional RDBMS versus blockchain for sharing data between two companies. The former needs trust because it is mutable and controlled by an admin. The latter is more designed to be 'trustless'. I hope your technical ability helps me here in conveying my point to you.

2 ms·

Disclaimer: I do not recall my bank undoing my transaction. Ever, that is. But, yes, I assume that banks do undo transactions somewhat regularly. And I do see

by beefield 8y ago

profalseidol 8y ago
> but I am expected to trust a bunch of people who claim to have developed a currency which requires no trust It does require trust just as you require trust from the seeders/peers of a BitTorrent shared file. If these seeders/peers agree that they should modify the said file, you either agree with them or not. If latter, then you end up with a two versions.
- beefield 8y ago
  I don't recall "trustless" being one of bittorrent's main selling points? Further, to accept crypto as payment very much requires trust (or faith or belief or whatever you want to call it) that you later find some third party that is willing to accept your coins as payment, preferably with roughly the same value that you assigned to it in the first place. Awfully lot of trust flying around in a trustless system in my opinion.
  - profalseidol 8y ago
    You'll have to understand that the trust in 'trustless system' is in the technical sense. Think of traditional RDBMS versus blockchain for sharing data between two companies. The former needs trust because it is mutable and controlled by an admin. The latter is more designed to be 'trustless'. I hope your technical ability helps me here in conveying my point to you.