Bitcoin is technically trustless or trust-minimized? Explain your answer in the comments.
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@NickSzabo4 “ trust and third parties are security holes”, do you have an opinion on this, because I see both phrases used and I am curious which is more accurateShow this thread
We should minimize trust so as to move closer to the trustless, an ideal that can however never be fully achieved. The hard work of reducing vulnerability is never done.
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Also, treating it as a binary issue trusted vs. trustless leads to the common rejoinder, "but you still have to trust A or B with C in situation Z, so the whole exercise is pointless." There's plenty of point in *reducing* vulnerability even if it can never be absolute 0.
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I use trust minimized after seeing Nick Szabo use it. The term has greater credibility. Trustless is easily deconstructed. Trustless is an ideal which never be truly achieved. Trust minimized reminds us to always strive for that ideal and never assume its been achieved.
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But isn't the system completely trustless right now? Who are we trusting actually?
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Basically Smartcontracts interacting outside blockchain (for example getting data that triggers it). Can we really believe the data feds it? It is called the "oracle problem". If you rely in a 3rd party, can't be trusted (can be haked, etc). Closest thing is
#chainlink approach
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