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> Cryptocurrencies doesn't remove all trust. It's about removing trust in third parties to send and receive transactions. That's it. And that's a big deal. You
by schmichael 8y ago
> Cryptocurrencies doesn't remove all trust. It's about removing trust in third parties to send and receive transactions. That's it. And that's a big deal.
You still need to trust a wallet, nodes, and miners to perform a transaction.
While attacks on nodes and miners have been rare so far, wallets have been a weak link in the trust chain. Some are malware, some have vulnerabilities, some are targeted by malware, some just have such terrible UX it's difficult to perform your intended transaction correctly.
Even if the transaction is performed on the blockchain correctly, unless it's a donation or governed purely by a smart contract, you need to trust the other party to perform the appropriate action based on your transaction (eg mail you goods)
- yarrel 8y agoThese are problems rather than mysteries in comparison to the intrusion of "trusted third parties" as intermediaries in transactions. Which is to say they are nice problems to be able to have.