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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.
by 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 agoSort 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.