Believing in or giving up to the crypto terminology: 'trustless world' is part of this terminology and it is pure ideology. Guys in this forum are so happy with this cat and mouse game: We live in a trustless world and guess what? We have built a reliable ecosystem! We did what TCP/IP did decades ago with unreliable communication channels, believe it? How smart we are! Our parents should be proud of us!
But TCP/IP was totally a different story: It fixed the problem directly, eliminated the packet lost problem and provided what we desperately needed: a reliable, fault tolerant, peer-to peer communication channel.
If I am understanding you correctly, we are not trying to solve a real problem, we are stuck in an ideological loop?
We fixed the TCP/IP problem because we kept trying to solve it. Crypto terminology as you call it, to me is a tool to do work with. I ask myself the question, how can I use it to solve the problem I now have, or can it?
But when it comes to our ideological terminology and the infamous 'trustless-world', we are in a totally different situation:
We have made the problem by our hands, gradually and brake by brake. I know people are not trustable inherently but machines are, they should be.
Follow the orders, and work the way we have programmed you! It is what a machine is supposed to do . Machines have no purpose, they have no interests, they don't need any incentives to do their jobs, they are simply machines. If the word 'trust' has got any meaning, machines are among the most trustable objects in our world!
But now take a closer look at our contemporary computing technologies, which we have invented and developed leaded by greedy billion dollar corporates like IBM, Apple, Microsoft, Oracle, ...
Look closer and find a simple truth: they are not machines, they are just a big question mark label on a black box and this is the very first origin of our ideological problem: trustless-world it is not about the world, it is about the machines corporate made mixtures of evil hardware and software. World is trustful, these bastard babies of greed and ignorance, these 'computers' are not.
Coping with this phenomenon by applying smart tricks (like St. Satoshi's holly consensus invention and the blockchain) is not necessarily the most smart choice we have ...
Instead I'm proposing to reconsider the whole computing technology and even re-invent it to eliminate the evil, Frankenstein like 'things' we call them computers.
Once we got truly computing machines, innocent, loyal, transparent machines that do their job predictably and honestly, the whole situation will change radically and it is not just about FINTECH but every single crisis in the IT we have today.
I prefer to fix problems in a radical and straight forward way, I prefer to be right rather than smart, in this case, I think we have to ask, in the first place: How did we ended here? This 'dealing with unreliable computing technology' dilemma? This 'computing in the shadows' paradigm?
Elaborate some more on this.
