[HN Gopher] Trust in Blockchain-Based Systems
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       Trust in Blockchain-Based Systems
        
       Author : infodocket
       Score  : 6 points
       Date   : 2021-04-20 22:06 UTC (54 minutes ago)
        
 (HTM) web link (policyreview.info)
 (TXT) w3m dump (policyreview.info)
        
       | arcticbull wrote:
       | While interesting, it's a pretty myopic take on the issue of
       | trust and blockchain.
       | 
       | Blockchains can only offer their guarantees for concepts entirely
       | encapsulated within the blockchain. As soon as a blockchain
       | touches the real world, trust is required and the guarantees
       | break down.
       | 
       | Concretely: cryptocurrencies encapsulate the quantity of units
       | within the blockchain. 1 BTC will always equal 1 BTC. This is why
       | currencies are so far the only thing you can actually use with a
       | blockchain.
       | 
       | However, that doesn't mean you can trust the exchange rate
       | (obviously, given Tether, but also, exchanges) or that you can
       | trust the person you're transacting with. Or that you can trust
       | the other actors not to scam you, steal from you or otherwise
       | negatively impact your relationship with the blockchain. Or that
       | you can rely on the legal system for remedy. Or that the key
       | holder is the rightful key holder.
       | 
       | Further you can't trust that everyone else will regard the
       | blockchain you're using as the source of truth (See: every fork
       | ever).
       | 
       | Blockchains are an interesting thought exercise but ultimately
       | achieve, literally, nothing. Certainly not in a way that's
       | better, faster, or more efficient than a centralized store.
        
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       (page generated 2021-04-20 23:00 UTC)