3 ms·

What are you saying the mistake is?

• pdpi 8y ago
  The “unique capability” of nakamoto consensus is the exact opposite of trust between parties — it’s that it operates without trust.
  • mgummelt 8y ago
    It doesn't operate without trust. It just makes it so you no longer have to trust banks. But you still have to trust the network.
    • pdpi 8y ago
      Sort of — the trust in the network is reduced to: 1. I trust nobody has >50% of the hashing power. 2. I trust network participants to be economically rational actors This is both a much smaller, and much more explicit, set of things you need to trust than regular banking. At any rate, the bigger point is that the a16z post describes trust as a positive, whereas the correct attitude is to treat trust as a negative quality of a system. Cryptocurrencies are not designed to engender trust, they're designed to avoid it wherever possible.