Thread by @marcrjandrew

This @tomaspueyo piece is awesome and visionary.

Everyone interested in #Bitcoin and #web3 should read it.

But I want to tug on a short thread. 👇

Help me understand why many argue Bitcoin creates trust.

unchartedterritories.tomaspueyo.com/p/the-end-of-n…

Tomas says this, about the promise of blockchain:

"Historically, how did you trust that your cab was legit? 🚕🚕 Because it had a license. From the government.

How did you know to eat in that restaurant? Because it was certified to be safe. By the government. 👨‍🍳👩‍🍳"

But now, blockchain can replace the function of the state, and so the state is headed for obsolescence.

Is this correct?

A blockchain reliably stores information.

But how and why do we trust the information stored in the chain?

The two examples - taxi and restaurant regs - create trust because they certify standards. Which are enforce by the authority of the state.

I understand that Bitcoin could prove the driver or restaurant manager have a licence.

But what guarantees the integrity of the license?

Bitcoin (or any blockchain) works to solve the problem of trust when two parties are exchanging money.

But that seems a long way from building trust and social capital in a society.

Yet @tomaspueyo (and others) often go that far.

My question is: can blockchain technology build social capital?

It can store the rules.

But how does it give the rules authority?

🤔🤔