112 sats \ 7 replies \ @DiedOnTitan 11 May \ on: Re: "Bitcoin is money built on distrust." When is trust good and when is it bad? culture
Marty's take is flawed. Banks deserve zero trust. They have betrayed trust at every turn. To the contrary, there are many aspects of Bitcoin that are, in my opinion, built on trust:
  • The source code is open. While I have not read every line of code, I trust the consensus of the core developers who have. Since when has full transparency equated with distrust?
  • I trust that Bitcoin will not be inflated and that it will never exceed 21MM. Those who run nodes, myself included, will not allow this foundational aspect to change. I trust other node runners to do the same. This creates a deflationary economy. Things get cheaper over time. It's weird, but profound at the same time. This will lead to people saving money and to just stop spending on utterly wasteful crap. This will reduce profligate consumption and waste in all areas. A massive positive for humanity and our biosphere.
  • I trust that transactions on the blockchain, at least a few blocks deep, cannot be altered. To the best of my knowledge, these transactions are cryptographically and thermodynamically immortal.
  • I trust that there are no backdoors, but I have not verified this. Yet.
  • I trust that the double spend problem has been solved, although I admit, I do not have perfect clarity on this aspect - an area I periodically study.
  • I trust that Bitcoin is a far better monetary system than fiat.
I could go on.
Now, with regard to areas of our monetary system I do not trust? Read Broken Money and Lyn Alden will enlighten you on where things stand there.
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60 sats \ 1 reply \ @teemupleb 11 May
Marty’s take is flawed? Marty is criticizing Harari’s take here.
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0 sats \ 0 replies \ @DiedOnTitan 11 May
You are right. I meant to say, Harari's take is flawed.
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50 sats \ 1 reply \ @Kontext 11 May
I think you mean Harari's take? Marty is specifically saying we shouldn't trust the banks :D
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10 sats \ 0 replies \ @DiedOnTitan 11 May
Yes. Indeed. I meant Harari's take.
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50 sats \ 1 reply \ @k00b OP 11 May
Did you miss our Broken Money Book Club? A bunch of us read it together.
I wasn't saying we should trust or distrust anything in particular. I just asked a bunch of questions because I think the topic is more nuanced than people treat it.
Great list of places where trust exists in bitcoin too!
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102 sats \ 0 replies \ @DiedOnTitan 11 May
Yes, I missed the Broken Money Book Club - and I really like book clubs. Life got in the way the past couple of weeks. Back in the saddle now. Yeehaw!
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0 sats \ 0 replies \ @Fabs 11 May
+1.
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