I believe: Difference between revisions

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 '''TL;DR''': A  feature, not a bug.
-[[Trust]]: a fundamental part of every legal, political, and financial system that has ever existed and one the need for which cannot be dissolved by technology<ref>Not even blockchain]] Especially not blockchain.<r/ef>. Trust converts the single-round [[prisoner’s dilemma]] — in which a rational ''homo economicus'' would throw her conspirator under the bus — to the iterated [[prisoner’s dilemma]], in which the longer term benefits of not doing that outweigh the short termlogical thing is to cooperate, at least as long as your conspirator does.
+[[Trust]]: a fundamental part of every legal, political, and financial system that has ever existed and one the need for which cannot be dissolved by technology<ref>Not even [[blockchain]]. ''Especially'' not blockchain.</ref>. Trust converts the single-round [[prisoner’s dilemma]] — in which a rational ''homo economicus'' would throw her conspirator under the bus — to the iterated [[prisoner’s dilemma]], in which the longer term benefits of not doing that outweigh the short termlogical thing is to cooperate, at least as long as your conspirator does.
 Trust is a moral imperative, not a legal one. It derives its power from the very fact that it is not backed by any obligation. It is not a compulsion; it is a voluntary submission to the mercy of a third party in the hope of a reciprocal submission back.