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replied 2350d
I suppose, but imo the effect of blind trust and faith are quite similar.
replied 2349d
BCH protocol & open source software are trusted bc anyone can check that they work at any time. It is not used on faith.
replied 2349d
They can, but 99.9% of the time they don't. That's the problem.
replied 2347d
Analogous to saying bc you dont grow your own food, you can’t trust it’s safe to eat. The incentives are properly aligned to reward good actors & punish bad actors.
replied 2347d
Those that can find the exploits bc they understand it get rewarded for this effort. This is a job like any other.
replied 2347d
It isnt a problem. There is financial incentive (that scales with the size of BCH market cap) for people to find exploits. As exploits are found they are fixed (making BCH stronger).
replied 2347d
& 0.1% who check gravity is infinitely times more people who can and do check than those checking religious claims (eg heaven, reincarnation).
replied 2347d
I mean, how many people do you need to keep measuring the acceleration due to gravity?
replied 2349d
Given that there is large incentive to hack BCH protocol & steal funds and the fact that it hasn’t been done can be taken as proof the protocol works.
replied 2349d
It might be counterproductive though. You hack it, steal a bunch, it crashes from the news, now what you stole is not worth much.
replied 2349d
true, incentive is not equal to the market cap but is still many millions (10s of millions?) before people catch on. how many people check their crypto holdings (actual wallets) daily?
replied 2349d
True. I would probably skip 5% off each wallet, assuming I could crack all the wallets. Maybe less. Might be awhile before it's noticed or figured out.
replied 2349d
certainly, depends on what the attack/vulnerability is. & of course there have been times where trust is misplaced in untested wallets or other software & crypto were stolen.
replied 2349d
similar to BCH. I (and most people) dont know cryptography but we trust the protocol & software bc it’s open source.
replied 2349d
except you (or anyone) can always double check something you trust. no one can double check things taken on faith.