Author: Thomas Zander 2015-08-08 06:10:25
Published on: 2015-08-08T06:10:25+00:00
In a thread on bitcoin-dev mailing list, Adam Back and Thomas Zander discuss the notion that Bitcoin's reason for existence is to avoid trusting anyone else but oneself. Zander argues that the idea is untrue and dangerous as it is important to trust everyone while keeping them honest in public ledgers. He says that decentralization and distribution of trust has historical precedent and is known to work. The Internet grew because permissionless innovation was allowed, not by going from one extreme of central trust to the other extreme of no trust. Bitcoin is the first system that has global reach and does not need a central trusted party, allowing innovation without permission. Zander concludes that assuming people will not like Bitcoin and will not use it because they don't fit one’s worldview will ultimately hurt billions of people.
Updated on: 2023-06-10T18:53:26.193901+00:00