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Bitcoin is not trustless. It has as much value as the collective trust in it. Once that trust disappears, the value tanks.

Reality is that you can’t bootstrap trust.



Not to mention the fact that you can hold Bitcoin trustlessly, and you can transfer it to someone else trustlessly, but then you have to trust that they send to you in return what they promised.

See Goharshady, Amir Kafshdar: Irrationality, Extortion, or Trusted Third-Parties: Why It Is Impossible to Buy and Sell Physical Goods Securely on the Blockchain. arXiv:2110.09857, arXiv, 19 Oct. 2021. arXiv.org, http://arxiv.org/abs/2110.09857.


Thanks a lot for the link!




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