Quote from: OlegGichan_05 on July 20, 2017, 02:05:41 PM

Quote from: Rigorous on July 20, 2017, 01:28:22 PM

I would say it's the opposite: fiat is based on trust, in other words perhaps intimidation, that's why some countries can print money with little negative effect. The future of cryptocurrency will be its trustless systems.

You mean people won't trust cryptocurrency or won't have to?

Won't have to. Trust is the weakest link, it's easily corruptible.

In a trustless system, however, things are quite a bit more complex. For starters, one can not rely on a report by any single entity. Cryptocurrency developers take an even stronger view — that one can not rely on a report by any number of entities. The reason for this is simple: we assume that there is little to no cost to creating any number of colluding malicious entities, which means that faced with conflicting information deciding whose report to believe may be impossible.

The assumption that one can’t trust anyone’s reports leads to the conclusion that one has to be able to confirm things for oneself.

https://keepingstock.net/explaining-blockchain-how-proof-of-work-enables-trustless-consensus-2abed27f0845