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> But, but, but ... crypto is "trustless"? You seem to misunderstand what the term trustless means in blockchain. It means that you can verify the transaction

> But, but, but ... crypto is "trustless"? You seem to misunderstand what the term trustless means in blockchain. It means that you can verify the transactions on the network yourself and don't have to rely on any 3rd party to tell you whether a transaction is valid. For example, if you want to sell an NFT to someone for 1 ETH, you don't need to rely on any centralized exchange, price oracle, or API endpoint to do that. You can run your own validator or full node, write and deploy a contract to handle to swap, have both parties verify the contract, and then execute it on chain. The parties don't even have to be two people who have ever met or communicated with each other and can work completely independently to execute the trade. In reality, people do trust others and only the most extreme blockchain supports verify contract code and run nodes, but it's your choice on how much trust you have to rely on. Sure, centralized exchanges can manipulate token prices, but the price can only be manipulated in the short term, and decentralized exchanges can help create a more honest market where prices are based off of real, transparent order books and every trade has a cost, which makes wash trading more difficult at scale.

jqpabc123 3y ago
It means that you can verify the transactions on the network yourself and don't have to rely on any 3rd party to tell you whether a transaction is valid. Wait --- so all this stuff I read about not trusting fiat was just wrong? Seems like a lot of crypto bros are confused too. Sure, centralized exchanges can manipulate token prices, but the price can only be manipulated in the short term You mean like when the price of Bitcoin shoots up to $60K before it falls back to $20K --- and then the cycle starts all over again? Who could possibly object to that? After all, it's only short term. What's a little manipulation among friends?
- PretzelPirate 3y ago
  > Wait --- so all this stuff I read about not trusting fiat was just wrong? Seems like a lot of crypto bros are confused too. You're seeing multiple perspectives and incorrectly attributing them to the idea of "trustlessness". That isn't an issue with cryptobros being confused, that's an issue with you not understanding what trustlessness means. There are plenty of people in the blockchain space who don't trust fiat, but "trustlessness" was never meant to represent that a 3rd party couldn't manipulate the price. > You mean like when the price of Bitcoin shoots up to $60K before it falls back to $20K --- and then the cycle starts all over again? Again, you're focused on price manipulation which was never part of the idea of trustlessness. It was always expected that a market would arise for BTC and ETH because there would be demand due to their decentralized and trustless nature, but nothing was built into those blockchain protocols to stop price manipulation because that isn't a concern. Trustlessness is all about your ability to independently verify the code you interact with and whether a transaction is finalized or not.

jqpabc123 3y ago

It means that you can verify the transactions on the network yourself and don't have to rely on any 3rd party to tell you whether a transaction is valid. Wait --- so all this stuff I read about not trusting fiat was just wrong? Seems like a lot of crypto bros are confused too. Sure, centralized exchanges can manipulate token prices, but the price can only be manipulated in the short term You mean like when the price of Bitcoin shoots up to $60K before it falls back to $20K --- and then the cycle starts all over again? Who could possibly object to that? After all, it's only short term. What's a little manipulation among friends?

PretzelPirate 3y ago
> Wait --- so all this stuff I read about not trusting fiat was just wrong? Seems like a lot of crypto bros are confused too. You're seeing multiple perspectives and incorrectly attributing them to the idea of "trustlessness". That isn't an issue with cryptobros being confused, that's an issue with you not understanding what trustlessness means. There are plenty of people in the blockchain space who don't trust fiat, but "trustlessness" was never meant to represent that a 3rd party couldn't manipulate the price. > You mean like when the price of Bitcoin shoots up to $60K before it falls back to $20K --- and then the cycle starts all over again? Again, you're focused on price manipulation which was never part of the idea of trustlessness. It was always expected that a market would arise for BTC and ETH because there would be demand due to their decentralized and trustless nature, but nothing was built into those blockchain protocols to stop price manipulation because that isn't a concern. Trustlessness is all about your ability to independently verify the code you interact with and whether a transaction is finalized or not.