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This trust is still partial trust in the system. There are a lot more aspects of the system that need to be trusted with your money. The coders who maintain bit
by labrador 5y ago
This trust is still partial trust in the system. There are a lot more aspects of the system that need to be trusted with your money. The coders who maintain bitcoin, that the miners won't collude, that your wallet won't be drained by hackers and so on...
I'd rather trust my money to an FDIC account. It far more likely I'll lose my Bitcoin through some crack in the system that the United States governement collapses and is unable to give me my money, and at that point, Bitcoin wouldn't help me either.
- przeor 5y agoHistorically, people lost more money in the past by trusting third parties/IOU than trusting Ethereum settling layer. Global trust network was not possible before blockchain tech happend. Whole Switzerland success is built on trust concept in the society. Trust is important.