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Thank you for responding! No I think I do understand, this isn’t just TTP. It’s about trustless interaction between peers all mutually agreeing on a universe vi
by randomhodler84 5y ago
Thank you for responding! No I think I do understand, this isn’t just TTP. It’s about trustless interaction between peers all mutually agreeing on a universe view. Mostly exchanging money, for goods and services, one of the oldest human endeavors.
Our abstractions in life all require some degrees of trust and trust delegation so it is a difficult concept to grasp in a pure computation/storage domain.
CEXs (centralized exchanges) are a trusted party, however they are not part of the protocol anymore than any other peer. Email being a decentralized protocol is analogous. The spec doesn’t care if most use big providers.
What is trust? A belief or a delegation of belief to another party or system holding a particular universe view.
That view that cannot be proven by rigorous or universal concepts like A < B.
When commerce can occur without requiring ‘trust of the money’, we have removed a major vulnerability in which parties can manipulate the universe view. So much of the time and energy spent on protecting paper (a universe view) just doesn’t need to be spent.
I get that the value is volatile relative to fiat systems. But we are in a transitionary period and the true value to humanity at last is only just starting to dawn on people. Stop thinking in “Bitcoin”, and start thinking about how you can add value through goods and services and how many sats you will charge.