There’s this basic premise of “trustlessness” in the world of crypto that’s been held as a fundamental pillar of the cultural philosophy that’s grown around the technology...
What if it’s merely an illusion?
In the most basic sense, there is always trust...
First and foremost, those who’ve distrusted centralized organizations have merely reallocated their trust into code.
And of course, those who choose to utilize centralized exchanges or custodians of various sorts put their trust in them.
Yet the idea that switching over investments from centralized to decentralized systems being “trustless” is fundamentally flawed.
We trust that there will be no sort of solar flare that takes out all our electronic systems on which crypto systems run.
Those invested in Bitcoin trust that no one with a multi-billion dollar budget will wage a catastrophic attack to crash the network.
We’ve trusted that no one with advanced access to quantum computers will use them nefariously to simultaneously hack millions of wallets.
Even having done everything within our power to ensure the highest security possible right now, we place an element of trust that no black swan event or foreseeable vulnerability may bring it all to a halt.
W,e have liked to believe that these systems are secure and guaranteed. Yet nothing in life is.
Even doing our best to stay several steps ahead of potential hacks and prepare ourselves against single points of failure, there is a degree of trust in some sort of God to protect us against those who may be even more steps ahead and have destructive intentions.
With so many things outside of our control, perhaps trust is necessary - in the correct things.
Trust in the human race to exemplify both the good and the bad - to prepare accordingly for those who may work against the good.
Trust in the universe/God to guide us in wisely managing life’s mazes of risk.
And perhaps even some trust in centralized organizations run by good people who have measured in place to mitigate risks not available in these emerging decentralized systems...