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Crypto technologically solves the social problem of trust. I‘ll leave the interpretation of this statement up to you ;)
by _Microft 6y ago
Crypto technologically solves the social problem of trust.
I‘ll leave the interpretation of this statement up to you ;)
- zepto 6y agoCrypto really has nothing to do with trust. It provides a mechanism that enables distant parties to be confident that they hold copies of the same document. That’s all.
- Udik 6y agoEnables distant parties to be confident that there is only one specific version of the document that is valid, even when each of the parties could have an interest in creating and spreading its own version.
- zepto 6y agoValid for what?
- _Microft 6y agoThe blockchain, consensus algorithms and the whole shebang are only needed because cryptocurrencies do not want transactions to be mediated by a central authority that would need to be trusted. Crypto is about trust, or rather a lack thereof.
- zepto 6y agoCrypto users may be distrustful, but crypto doesn’t create trust or solve any problems to do with it. It’s just currency for the distrustful.
- Hjfrf 6y agoDespite all that, people mostly trade crypto on centralized exchanges. The users really hate the decentralized aspect of crypto, as shown by immediately giving away their wallet to some "trusted" third party if it reduces fees.
- api 6y agoUsers neither love nor hate decentralization. Users don’t care how it works. They love features like not having to worry about losing their wallet if a piece of hardware dies or having to manually back it up. People hate manual IT management. We are nearing the point at which the idea of doing this will be compared to cranking a car engine by hand to start it. If decentralized systems can’t offer this kind of “it just works” experience then the future is 100% centralized.
- beervirus 6y agoDecentralization was the whole point of Bitcoin. If people just use centralized exchanges, they might as well be using bank accounts.