Topic: Trust Will Kill Bitcoin (Read 1155 times)
A lack of the need to trust is what makes bitcoin work. If you understand that it is very easy to avoid these issues. Every major or even minor theft or scam was perpetrated by people taking advantage of the trust others placed in them.
There is the "trust" in the BTC transaction mechanics, when you do not need the mediation (no need for "trustee", like in a banking system). This "trust" is highlighted in the article. And there is much more important "trust" when somebody accepting your payment for his services and/or products. Because of this "trust" most of us are accepting BTC. Without the second "trust" there is no need for BTC.
There is no need to trust anyone with bitcoin and that is one of it's most important features. In fact in the early days I think I remember Satoshi referring to his idea as "trust-less cash" rather than bitcoin.
Any additional layers in the bitcoin economy that rely on trust are unnecessary. And that is why I think this article has it wrong. I would not use bitcoin if it required trust. This website may not understand my position as their business (gold sales) relies heavily on trust. When I buy bulk gold I have to go through a whole process of having the gold assayed and tested. When a bitcoin arrives in my wallet the transaction is over and I can be confident that it is authentic. Trust is not wanted or needed in bitcoin.
Any additional layers in the bitcoin economy that rely on trust are unnecessary. And that is why I think this article has it wrong. I would not use bitcoin if it required trust. This website may not understand my position as their business (gold sales) relies heavily on trust. When I buy bulk gold I have to go through a whole process of having the gold assayed and tested. When a bitcoin arrives in my wallet the transaction is over and I can be confident that it is authentic. Trust is not wanted or needed in bitcoin.
Again, you still have to trust the miners and the network that no one has 51% hashrate to double spend and invalidate that transaction.
The miners have incentives not to attempt to attack the network as if they only have a minority of the hashrate any attack would be expensive to attempt and would likely fail.
There is no need to trust anyone with bitcoin and that is one of it's most important features. In fact in the early days I think I remember Satoshi referring to his idea as "trust-less cash" rather than bitcoin.
Any additional layers in the bitcoin economy that rely on trust are unnecessary. And that is why I think this article has it wrong. I would not use bitcoin if it required trust. This website may not understand my position as their business (gold sales) relies heavily on trust. When I buy bulk gold I have to go through a whole process of having the gold assayed and tested. When a bitcoin arrives in my wallet the transaction is over and I can be confident that it is authentic. Trust is not wanted or needed in bitcoin.
Any additional layers in the bitcoin economy that rely on trust are unnecessary. And that is why I think this article has it wrong. I would not use bitcoin if it required trust. This website may not understand my position as their business (gold sales) relies heavily on trust. When I buy bulk gold I have to go through a whole process of having the gold assayed and tested. When a bitcoin arrives in my wallet the transaction is over and I can be confident that it is authentic. Trust is not wanted or needed in bitcoin.
Again, you still have to trust the miners and the network that no one has 51% hashrate to double spend and invalidate that transaction.
I do see your point but trusting a majority is different than trying to discern who is a bad actor. I also have to trust my ISP to not block the network, etc. But I have reason to believe that the miners will act rationally as it is in their best interest to keep the network healthy. Kinda like trusting your cab driver not to drive off a bridge. Sure he could do it, but it makes no sense and is in no ones interest.
If you're so worried about trust, couldn't you use allcrypt or localbitcoins, or anything similar?
There is no need to trust anyone with bitcoin and that is one of it's most important features. In fact in the early days I think I remember Satoshi referring to his idea as "trust-less cash" rather than bitcoin.
Any additional layers in the bitcoin economy that rely on trust are unnecessary. And that is why I think this article has it wrong. I would not use bitcoin if it required trust. This website may not understand my position as their business (gold sales) relies heavily on trust. When I buy bulk gold I have to go through a whole process of having the gold assayed and tested. When a bitcoin arrives in my wallet the transaction is over and I can be confident that it is authentic. Trust is not wanted or needed in bitcoin.
Any additional layers in the bitcoin economy that rely on trust are unnecessary. And that is why I think this article has it wrong. I would not use bitcoin if it required trust. This website may not understand my position as their business (gold sales) relies heavily on trust. When I buy bulk gold I have to go through a whole process of having the gold assayed and tested. When a bitcoin arrives in my wallet the transaction is over and I can be confident that it is authentic. Trust is not wanted or needed in bitcoin.
Again, you still have to trust the miners and the network that no one has 51% hashrate to double spend and invalidate that transaction.
There is no need to trust anyone with bitcoin and that is one of it's most important features. In fact in the early days I think I remember Satoshi referring to his idea as "trust-less cash" rather than bitcoin.
Any additional layers in the bitcoin economy that rely on trust are unnecessary. And that is why I think this article has it wrong. I would not use bitcoin if it required trust. This website may not understand my position as their business (gold sales) relies heavily on trust. When I buy bulk gold I have to go through a whole process of having the gold assayed and tested. When a bitcoin arrives in my wallet the transaction is over and I can be confident that it is authentic. Trust is not wanted or needed in bitcoin.
Any additional layers in the bitcoin economy that rely on trust are unnecessary. And that is why I think this article has it wrong. I would not use bitcoin if it required trust. This website may not understand my position as their business (gold sales) relies heavily on trust. When I buy bulk gold I have to go through a whole process of having the gold assayed and tested. When a bitcoin arrives in my wallet the transaction is over and I can be confident that it is authentic. Trust is not wanted or needed in bitcoin.
If you're so worried about trust, couldn't you use allcrypt or localbitcoins, or anything similar?
LocalBitcoin relies heavily on trust. You have to trust LocalBitcoins, a third party, and the other guy, which is even worse than direct p2p transactions.
If you're so worried about trust, couldn't you use allcrypt or localbitcoins, or anything similar?
I don't understand how trust will kill it. It's people's trust in fiat and governments that will lead to the demise of things.
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But we haven't reached that point yet, we still have to trust each other, trust miners to not perform double spends and 51% attacks, trust the devs to come up with a solution in case something happens.
trusting a 3rd party human can never work.
That is according to this article http://www.ahametals.com/trust-will-kill-bitcoin/
Quote
To cryptocurrency enthusiasts, “trust” is a dirty word. “We have proposed a system for electronic transactions without relying on trust,” Satoshi Nakamoto wrote in the original manifesto proposing the decentralized currency. That’s what made the system better than traditional fiat money
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