Quote from: NewLibertyStandard on August 06, 2010, 11:55:47 PM

Quote from: creighto on August 06, 2010, 11:42:31 PM

All of these examples involve some kind of two party trust, but not one requires both parties trust a third. Not even the verification of the blockchain.

Trusted third parties are very useful when trading with someone you don't trust.

Yes, but I was pointing out that waiting for verification is not usually neccessary in common usage of the currency. It's the unknowns that call for waiting for verification or the use of a trusted third party.
So most everyday transactions, either online or IRL, can be performed with faith instantly, or with the additional confidence of the local client verification almost instantly. The 10 minute lag isn't really a detriment.