This is my issue with A16Z's claim also. So Bitcoin eliminates one of the failure modes of digital transactions -- namely, confirming that a particular ID inde

This is my issue with A16Z's claim also. So Bitcoin eliminates one of the failure modes of digital transactions -- namely, confirming that a particular ID indeed is associated with a particular account value -- in a way that avoids the need for intermediaries. That's great, but that's not the most important failure mode, and only part of what is needed to solve the Byzantine Generals' Problem. The generals need not only to authenticate the sender and content of the message, but confirm receipt and intent to act based on that content to the sender. It's that second step that I don't see Bitcoin solving. We still need intermediaries to handle chargebacks that result from fraud by either buyer (I didn't authorize this) or seller (this isn't what I agreed to pay for).