Bad people make good money a hard problem

Part of a collection of essays on TRUST by @futurepaul

So Bitcoiners toil endlessly to vet their systems for vulnerabilities, untested assumptions, and trusted third parties.

But why go through all the trouble?

Well, it turns out there are a lot of assholes in the world. In a sense, our attempts to engineer the prefect money is supersized cope for the fact that people are not fully trustworthy.

Why is it so hard to secure Bitcoin? 24 words and dice rolls and endless paranoia… all because people aren’t trustworthy. Why are Bitcoin blocks slow and small? Because people aren’t trustworthy. Why do we strive for privacy in the way we use Bitcoin? Because people aren’t trustworthy. Bitcoin’s supply schedule, choice of un-flashy cryptographic primitives, slow development process, absurdly redundant verification, “run the numbers” meme, and entire reason for existing: people? Can’t trust ‘em!

Posted Sep 4, 2022