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Re:It Looks Like Nobel Economics Laureates Don't Like Bitcoin by theoh on Thursday November 30, 2017 @11:06AM (#15816802)
I'd guess that approximately zero Nobel-winning economists are keen on the idea of proof-of-work replacing trust. That is the ultimate issue here.

For the important transactions you mention, presumably an escrow service is needed. This reintroduces the requirement for trust in a third party.

Re:It Looks Like Nobel Economics Laureates Don't Like Bitcoin by popinman322 on Thursday November 30, 2017 @11:18AM (#15816914)
You can get a little safer than escrow via multisignature wallets; you need M-of-N signatures before bitcoins can be sent. You can tie the extra signatures to machine-interpretable signals like the state of a tracked package (when it hits delivered the funds are automatically released, etc.).

Still some trust involved, but the third party can't pocket your money directly.

Re:It Looks Like Nobel Economics Laureates Don't Like Bitcoin by theoh on Thursday November 30, 2017 @02:13PM (#15818592)
Presumably you mean "second party", because the concept here is that there is no middleman. EDIT: to clarify, I'm sure there are cryptographic solutions which prevent an escrow agent from doing anything beyond releasing the funds. A system of escrow that involved total trust in the third party escrow service would be an extremely basic proposition. I'd have to research it but it seems like a protocol probably exists; maybe part of the techniques to which you referred. Still, both parties in the transaction count on the escrow service, which is the trust I am talking about.

The example system you mention, which involves having faith in (for example) a courier's delivery notification service, seems to me underline the ubiquitous implicit relationships of trust we implicitly rely on currently, generally being of the form "individual trusts institution/infrastructure".

It hardly needs saying that cypherpunks don't like that unreciprocated trust, or even deny its importance to their own security.