112 sats \ 7 replies \ @DiedOnTitan 11 May freebie \ 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.
Marty’s take is flawed? Marty is criticizing Harari’s take here.
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You are right. I meant to say, Harari's take is flawed.
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Yes. Indeed. I meant Harari's take.
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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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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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