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Author Topic: In a world where trust fails  (Read 363 times)
Shamm
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March 18, 2022, 09:19:23 PM
 #21

We now live in a society where no one trust each other for a reliable business any longer. A world where greed and selfishness is eating up the world at large, a world where every one thinks about only themselves and what the stand to gain in every process they engage in not minding if others had a stake.

I have come to fully appreciate the innovation of Bitcoin and Blockchain that has opened the door to decentralization. A peer-2-peer network system where everyone is protecting their interest through a consensus mechanism. If it must work we all must make it work kind of mindset. A system where everyone needs each other to keep the vision growing.

Now there will be no need for fear of greed or self centered motives because for the system to  get altered every one must come in agreement like wise the same concept if the vision must continue working. No one has autonomy of the system, no central authority no regulatory agency. Satoshi really saw the future of mankind and taught of this innovation

#Thanks to Satoshi

Nowadays trust must be given to those worthy people surround us cause in these time where ever you go you need to be careful cause scammers is on your back. Do not give your trust easily the sites or any new project don't be greedy cause all things you've want to do if you are greedy then you will fail. Patience is virtue.
Greed are own decisions of a human, but  nowadays because of the crisis many people will released  their greed in order to earn a profit.
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March 18, 2022, 11:27:07 PM
 #22

Trust is a big thing that once it's broken, they becomes hard to replace or arrange back to how they are but bitcoin has solved this for everyone. Unlike the banks that have failed us multiple occasions, you have to deal with their incompetent and sorry for the downtime.
Thanks to Satoshi for I now have more believe in bitcoin than banks that my parents trust their savings and pension funds with, I can tip anyone I want and I don't need to wait for "interbank transfer is currently in maintenance" and lastly thanks to him for making a forum like this, the knowledge I have gathered from this forum.

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March 19, 2022, 01:35:14 AM
 #23

In a different sense, however, the advent of Bitcoin didn't actually remove the necessity to trust. As a matter of fact, most Bitcoin purchases are probably done in centralized exchanges using either banks or centralized payment networks. Those who bought outside centralized exchanges are oftentimes left with no other choice but to trust the other party. In other cases, the escrow.

Many times, purchased Bitcoin are often stored in custodial wallets. That would once again require trust. And when Bitcoin is spent, trust is again given to third party Bitcoin payment service providers.

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Bamjos
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April 10, 2022, 07:58:05 PM
 #24

It's a great innovation humanity has experienced, and I believe people will agree with that. Everyone on this train has the same right and authority and as you've mentioned, the system can't fold up without the consent/agreement of all the users.

But greed can't be eradicated, in fact it's still present in cryptocurrency and other for of trading as well as some other cryptocurrency transactions, we are human, and our nature can't be done away with.
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April 10, 2022, 09:05:11 PM
 #25

Bitcoin is built on trustless protocol. Some of it's trust defects fixed by original Satoshi escrow and the escrow we use now.
Then, no matter how untrustworthy humanity is, there still exist some kind of trust.
In this forum, there is a trust system which guides or predict how likely it is for a user to scam someone.  Bitcoin has introduced us to the world where everyone regulates everything and no one regulates everything and that is why the government is in battle with bitcoin.
Speaking about trust, I have have trusted some unknown people on p2p network, such that I don't need exchanges escrow to do business with them anymore. Amidst the technology, there are still trustworthy people.

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Yamifoud
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April 10, 2022, 10:33:45 PM
 #26

Well, the truth OP is that people hardly give trust each other because of many scam scenarios happening around and this even pushes us all not to easily trust someone.
P2P transactions, the use of an exchange, and even the people you've talked to online can also be questioned. I'm not going to say that TRUST totally fails but if we still see this scam issue continues, many years from now, everyone has probably been asked to do the KYC as a sort of safety precaution that we are dealing with the right and trusted person.



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Finestream
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April 11, 2022, 11:42:27 PM
 #27

Trust is really hard to give especially if you have experienced getting scammed by someone that you have been trusted before. This will develop your mindset to be more clever and defend our assets at all costs.

And the good thing about crypto is we can protect ourselves from these scammers. After learning from my bad experience, it was very important to use legit exchanges upon doing buying/selling transactions, unlike what I did before with just a normal transaction but it ends scamming.
Trading is the hardest thing to develop and it will only be built through the test of time. And especially if you have been a victim of trust issues, i guess its really hard to trust again. However, the advantage of crypto is that it gives a high level of security when it comes to our investments. As long as you always manage to do transactions in legit exchanges, scamming will never be a big deal.

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April 11, 2022, 11:58:29 PM
 #28

Now there will be no need for fear of greed or self centered motives because for the system to  get altered every one must come in agreement like wise the same concept if the vision must continue working. No one has autonomy of the system, no central authority no regulatory agency. Satoshi really saw the future of mankind and taught of this innovation

You misunderstand a few things. First, Bitcoin protocol is not about trusting a community, it's the opposite - actively distrusting everyone and verifying all information yourself. Second, consensus in Bitcoin means using the same rules as other nodes. No one can stop users from adopting different rules, but this would cause a split and existence of separate networks, but without replay protection it gets messy. And third, Bitcoin's paradigm can't be translated into other fields. The broader attempts to implement blockchain are generally a failure. So no, Bitcoin didn't change society by showing people how to cooperate.
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April 12, 2022, 10:39:52 AM
 #29

Trust is like giving someone that power to hurt you but with a strong believe that they won't hurt you.
That's why it hurts when they do.

I believe not all the p2p has worked out very when despite the decentralization. This as a result has imoeded the supposed wide embrace that cryptocurrency supposed to have achieved by now.

But be it as it may, the decentralization in the system has done much good than harm.
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April 12, 2022, 11:20:43 PM
 #30

Trust is like giving someone that power to hurt you but with a strong believe that they won't hurt you.
That's why it hurts when they do.

I believe not all the p2p has worked out very when despite the decentralization. This as a result has imoeded the supposed wide embrace that cryptocurrency supposed to have achieved by now.

But be it as it may, the decentralization in the system has done much good than harm.
TRUST may cause delays as for the mindset of the majority thinks that Bitcoin is a scam, many people got scammed.
Sooner or later, the market will become centralized and exchanges will be found asking for KYC verification just to avoid scammers. In this way, people will think they are safe.
For now, it was sentiment for many and was hard to trust because of many scamming issues. However, this will never stop Bitcoin from growing and also the adoption. Besides, it wasn't the purpose of having this innovation for all to adapt, this still be an option and everyone is free to choose.
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April 13, 2022, 06:28:10 AM
 #31

Trust is a very expressive commodity to give out. Before one give trust, there should have been a track record of dealings that have been carried out and we're successful.

In as much you deal on your Bitcoin personal does not prevent hacker and scammers, from defrauding you. Before you trust someone know the person overtime.
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April 26, 2022, 09:31:39 AM
 #32

trust is a costly commodity in the world of business and investment. what should accompany trust is verification, constancy and research. the p2p exchange has help to cob some fraudulent act to some extent. because you decide the method you want to use but there is risk in it. so you verify. know your forms of exchange, be it the centralized exchange or decentralized exchange(CEX,DEX). most are of the opinion that the dex is preferable against those that have allow greed to break trust.

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