3 ms·
That’s the thing. Cryptocurrency and blockchains (at least thr way the Bitcoin protocol works) provides for an “easy” way to verify transactions in a low trust
by kemotep 3y ago
That’s the thing. Cryptocurrency and blockchains (at least thr way the Bitcoin protocol works) provides for an “easy” way to verify transactions in a low trust or even no trust environment. However most if not all transactions you engage in need some level of trust. You want to trust that the hotel has a room, the car is not a lemon, a house is not condemned. Putting these transactions onto the blockchain adds nothing to the trustworthiness of these situations and whether you get what they say you are buying and since a lot of advocates push “code is law” the finality of the blockchain will mean you have no recourse. You bought the nft of a house. The house being in ruins is not their problem. The blockchain is the sole source of truth, not reality.
Society should probably be a high trust environment and if it isn’t we should work to fix that.