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71 Do We Trust the Internet? with evelyn douek and Primavera de Filippi (Trust episode 1)

Reimagining the Internet

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Cryptocurrency - Is Bitcoin Trustless?

In his personal opinion, I don't think we yet have a system that is fully trustless. In the case of Bitcoin, there are two specific dynamics. You don't need to trust one single actor, just like a central bank, but you need to trust a lot of actors and of course that means it's harder for those actors to collude. But as we have seen, because of the economic incentives and because of the economies of scales, actually today we just have those few mining pools that are actually controlling a large majority of the Bitcoin network.

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