Trustless

Let’s all call cryptocurrency, NFTs, and web3 (in all of its poorly defined sense) a sunk cost and move on.

Trustless:

But beware of tech bros preaching decentralization. Technology has been promising to eliminate the middleman for decades, only to present new middlemen — in this case, new actors asking you to transfer trust and wealth from one institution to theirs. Crypto enthusiasts spent 14 years and tens of billions of venture capital dollars trying to create a trustless financial system with no middlemen. Status? See above: Celsius.

Crypto’s dirty little secret is that it’s no more eliminated the need for trust than it has replaced the U.S. dollar. (Sorry, Jack.) Its core rhetoric is in the Reaganite antigovernment creed … “Don’t trust the Fed.” Don’t trust anyone, they told us. But this is bullshit. I mean bullshit3. When crypto went mainstream in 2020, it appended a new line: “trust us.”

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About Paul

I’m a Detroit expat recently returned from Tokyo living in Chattanooga. I’m a consulting security professional and father of two. I promise that my views and politics are mine; not yours or my employer’s or anyone’s. I follow no party or affiliation or anything. My things are released under the Creative Commons Attribution-ShareAlike 4.0 International license unless otherwise stated.

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