I'm not sure who the speaker in the video or if I interpreted your note correctly.
As a historian he should know that every time a fiat currency has been implemented, the trust placed in the authority has been abused. All fiat currencies have resulted in debasement & eventually hyperinflation.
"Don't trust, verify" is a Bitcoin mantra, it's true. It only has a very limited application unless you are able to read all the software code that you're running.
What I found interesting when I started using Bitcoin was that I needed to trust people more. If I paid for something, there was nobody to call to get my money back if the transaction went bad. I had to trust the vendor, but the vendor didn't have to trust me.
I found this shift in the trust dynamic fascinating. It was how I would imagine living on a gold standard to be like.
Yes we don't need to trust the state or private central banks to be honest with the money. We do need to trust members of the community more however. When a breach of trust occurs, there is no recourse or authority to appeal to.
What tends to happen in Bitcoin communities when a new vendor shows up is that it takes time for them to build trust. A couple of people will try the vendor while others watch. If this trust ever appears to be broken, everyone finds out quickly.
Honesty & integrity are so important to Bitcoiners. These qualities are incentivised in people & that shapes each of us to become better humans to each other.
The really interesting trust dynamic shift is when the vendor trusts their customers to pay what they feel it's worth (value for value). This allows the vendor to focus on generating & providing the most value without concern for transactional remuneration. To me, this feels like unconditional giving/love & I get so excited by what this could mean for humans.
Brisket
npub1jm…p6xcq
2024-05-10 20:36:58
in reply to nevent1q…93y6
Author Public Key
npub1jmy8weweqzckna0amz7pn0uhhkxx693l7st23829ewmu43yvjsesfp6xcqPublished at
2024-05-10 20:36:58Event JSON
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"content": "I'm not sure who the speaker in the video or if I interpreted your note correctly.\n\nAs a historian he should know that every time a fiat currency has been implemented, the trust placed in the authority has been abused. All fiat currencies have resulted in debasement \u0026 eventually hyperinflation.\n\n\"Don't trust, verify\" is a Bitcoin mantra, it's true. It only has a very limited application unless you are able to read all the software code that you're running.\n\nWhat I found interesting when I started using Bitcoin was that I needed to trust people more. If I paid for something, there was nobody to call to get my money back if the transaction went bad. I had to trust the vendor, but the vendor didn't have to trust me.\n\nI found this shift in the trust dynamic fascinating. It was how I would imagine living on a gold standard to be like.\n\nYes we don't need to trust the state or private central banks to be honest with the money. We do need to trust members of the community more however. When a breach of trust occurs, there is no recourse or authority to appeal to.\n\nWhat tends to happen in Bitcoin communities when a new vendor shows up is that it takes time for them to build trust. A couple of people will try the vendor while others watch. If this trust ever appears to be broken, everyone finds out quickly.\n\nHonesty \u0026 integrity are so important to Bitcoiners. These qualities are incentivised in people \u0026 that shapes each of us to become better humans to each other.\n\nThe really interesting trust dynamic shift is when the vendor trusts their customers to pay what they feel it's worth (value for value). This allows the vendor to focus on generating \u0026 providing the most value without concern for transactional remuneration. To me, this feels like unconditional giving/love \u0026 I get so excited by what this could mean for humans.",
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