157 sats \ 4 replies \ @orthwyrm 10 May \ on: Re: "Bitcoin is money built on distrust." When is trust good and when is it bad? culture
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Social trust is good, in part, because it reduces transactions costs. When we trust other people aren't trying to screw us, we can interact much more informally and expend less effort on due diligence.
Bitcoin reduces the number of the ways people screw each other over, which actually makes trust easier.
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I'm thinking about all the time we have to spend reading reviews and looking for possible red flags. That stuff is pure loss, compared to a deservedly high-trust setting where it's not necessary.
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Yes, I agree that "good" forms of trust looks a lot like relationships where there's mutual trust. If trust only flows in one direction, to banks or governments or whatever, that's probably the bad kind.
My fear is that a trust optional society might tend to have fewer relationships, less good trust, than a mandatory trust society.
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