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It's a flaw in all current cryptocurrencies that they suffer from an opaque, trust-based exchange infrastructure. I'd argue that it's inherent in the sense tha
by lucozade 8y ago
It's a flaw in all current cryptocurrencies that they suffer from an opaque, trust-based exchange infrastructure.
I'd argue that it's inherent in the sense that none of them factored that into their model. As such, I'd argue that the models are inherently flawed because a trustless core is fundamentally compromised if you only have a trustful interface to the rest of the world.
To that end, I agree with your basic point: you need an interface to the outside word that has similar properties to the core model. At least, trustless, transparent, auditable. Probably anonymous as well.
- gibsons77 8y agoYou've just described Bisq
- lucozade 8y ago> You've just described Bisq Not really but they're clearly making an attempt in that direction.
- spookthesunset 8y ago> To that end, I agree with your basic point: you need an interface to the outside word that has similar properties to the core model. At least, trustless, transparent, auditable. Probably anonymous as well. Which is impossible because at some point the entire thing needs to interface with humans and human processes -- neither of which is infallible. The entire premise of Bitcoin, Ethereum and "Code Is Law" is broken at the core. They all try to get rid of "trust" by replacing it with computer code but at some point you need to interact with meatspace and meatspace is not logical, and not at all trustful. In other words, trying to make everything trustless is futile because at the end of the day, you eventually have to trust other people.
- elwell 8y agoIf you don't need fiat, however, a decentralized exchange using a transparent smart contract is ideal (e.g., IDEX).