4 ms·

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

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.

4 ms·

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

by jqpabc123 3y ago

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.