233 sats \ 2 replies \ @Undisciplined 10 May \ parent \ on: Re: "Bitcoin is money built on distrust." When is trust good and when is it bad? culture
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.
write
preview
71 sats \ 1 reply \ @k00b OP 11 May
Harari's advocate might argue that due diligence is an another word for relationship building. So to the advocate, trust optional = more efficient = fewer relationships.
reply
150 sats \ 0 replies \ @Undisciplined 11 May
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.
reply