Bitcoin is the ultimate private property system. As a form of property, it functions entirely independent of traditional legal structures, completely detaching property rights from state. Even Manhattan real estate can't compete with that.https://twitter.com/matt_odell/status/1154761126292467712 …
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I believe it even detaches the concept of property *right*. A right implies ownership is socially enforced (e.g. the state), whereas with bitcoin ownership is cryptographically enforced. Or am I mistaken
@NickSzabo4?
Bitcoin is trust-minimized, not completely trustless. There's still some residual dependence on socially enforced rights to secure censorship resistance, a fixed money supply schedule, etc. to be in the code.
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The protocol is enforcing the property rights in an automated and censorship resistance way, according to simple rules, which turns the social rights problem into an easier problem of making sure the code continues to do that.
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So far we only do this for money, in the form of trust-minimized cryptocurrencies. I have had some ideas about how to extend this to some other forms of property, in particular off-chain property that can be digitally controlled in an "entangled" way: https://nakamotoinstitute.org/proplets-devices-for-controlling-property/ …
End of conversation
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Yes, not trustless. Trust is dispersed among the population of full nodes that agree to a set of consensus rules. Trust in any single node is de minimis, however.
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You also have to trust that your exchange won't rip you off.
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