Re:Half of ICOs Die Within Four Months After Token Sales Fin...
by darawk on Tuesday July 10, 2018 @03:51PM
(#17501470)
I haven't changed my position at all. The transfer does not require trust. Both the transfer and the storage do not require trust.
> I don't trust my bank for precisely that reason
Yes you do, unless you don't have a bank account. The fact that you presumably have a bank account with a non-zero balance is evidence that you trust them not to steal your money.
If this is really what you're saying, then you've completely changed your argument 180 degrees to match that of me and the above commenter (which is cool!), because earlier you said the exact opposite. Specifically, when the above commenter said "you have to trust the network to maintain the value", you rebutted that that "is clearly not the point. The transfer itself does not require trust. That is the value." Now that you've concluded that the actually is trustless storage rather than in trustless transfer, yes, I think we are in agreement!
Notwithstanding the above, by the way, it simply isn't true that "I am forced to trust my bank because they could forge a transaction on my behalf". It's actually the opposite... I don't trust my bank for precisely that reason. Rather, as I stated above, the reason I nevertheless end up ultimately trusting my bank is that I trust the government will have my back if the bank decides to screw me over illegally. Again: it has nothing to do with the bank's capabilities or lack thereof, and everything to do with the legal system.